SOURCE: Global Realty Development Corporation

January 09, 2007 06:45 ET


CORAL SPRINGS, FL -- (MARKET WIRE) -- January 9, 2007 -- Global Realty Development Corporation (OTCBB: GRLY) today announced that it has satisfied a $2.4 million judgment with Sapphire Development and will file with the courts in both the United States and Australia for the immediate release of all sanctions showing satisfaction of the judgment.

Global sold one of its Australian real estate properties for approximately $9.2 million on January 5, 2007 with a profit of approximately $2.2 million and net cash flow of $5.3 million.

Robert Kohn, CEO of Global stated, "We are pleased to be able to put this action behind us, which will now allow us to improve our balance sheet and move forward with all of our other initiatives".

About Global Realty Development Corp. - GRD

GRD is focused on pursuing opportunities in the entertainment and gaming industries, with recent acquisitions of MJD Films and the majority interest in the TFM Group, an International Television, Film and Music partnership. GRD also has four Australian subsidiaries primarily engaged in the acquisition and development of real estate in Australia.

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statement of GLOBAL officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future GLOBAL actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and GLOBAL has no specific intention to update these statements.

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