SOURCE: Global Developments, Inc

February 02, 2007 09:27 ET

GLOBAL INVESTMENT UPDATE: PetroSun Announces Field Testing

VANCOUVER -- (MARKET WIRE) -- February 2, 2007 -- Global Developments, Inc. (PINKSHEETS: GDVM), a publicly traded venture capital company, is pleased to provide the following update with respect to PetroSun Inc., an oil exploration company, in which Global holds an equity stake.

PHOENIX, AZ--(MARKET WIRE)--Feb 1, 2007 -- PetroSun, Incorporated (Other OTC:PSUD.PK - News) announced today that the field testing of the cultivation of algae for biodiesel production has now progressed to the final stage prior to the construction of a commercial cultivation facility. This final stage will consist of producing adequate algae paste to test the output and economics of several biodiesel refinery manufacturers now under consideration by Algae Biofuels, a wholly owned subsidiary of PetroSun. The Company will own and operate the production and refinery facilities.

Algae BioFuels is considering sites in Arizona, New Mexico, California, Louisiana and Michigan for its initial commercial cultivation of algae feedstock in the United States. Australia and China are the leading candidates for production and refinery operations in the foreign marketplace.

The Company has modified its initial plan to locate its biodiesel refinery in Arizona to include other areas of the United States that prove to be commercially viable in the cultivation process. "Should the cultivation process prove to be successful outside of the U.S. Sunbelt, Algae BioFuels model is to locate production and refinery sites near major cities and truck routes to reduce the cost of biodiesel in those areas," said Gordon LeBlanc, Jr., CEO of PetroSun. "We view this as an opportunity to produce a renewable energy product that will assist in providing a healthier planet for future generations."

The consumption of diesel fuel in the U.S. for on-highway use is 39 billion gallons per year and increasing over 3% annually. This represents 22% by sales and volume of the total U.S. transportation fuel market. The cost of diesel fuel has increased dramatically the past few years as a result of higher oil prices and refining costs due to the Ultra Low Sulfur diesel laws. Algae-based biodiesel contains no sulfur, is non-toxic, highly biodegradable and is not subject to a commodity risk as is crude oil, corn and soybeans.

PetroSun will be posting additional information on Algae BioFuels on its website at under Renewable Energy.

About PetroSun

PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2007. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae. The Company's cutting edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, creates long term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona. For more information about PetroSun visit the company's website at

About Global Developments

Global Developments, Inc. is a publicly traded venture capital company. It was formed to create a unique investment vehicle representing a growing portfolio of innovative and emerging growth-oriented companies. Global acquires its portfolio companies either as wholly or partially owned subsidiaries, or as an investment where Global is the lead investor. As a result, Global maintains substantial management and operational control, thereby giving it the ability to provide significant oversight and guidance in building value and creating liquidity events for its shareholders. Global invests in companies with solid management, operational excellence, and the potential to grow substantial revenue streams.

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