Global Development &Amp; Environmental Resources, Inc. Amends Federal Lawsuit
Global Development & Environmental Resources, Inc. (PINKSHEETS: GDVE) announced today that it recently amended its Federal Lawsuit filed against various parties that originally supplied the shell that Global reversed into. The Company is currently responding to motions from the Defendants challenging jurisdiction and other threshold issues.
As previously disclosed, the Company has continued its investigation into the shell and your Board has many unanswered questions and issues. The Board is considering the various options available to it to protect the Company’s assets and the shareholders.
On the advice of our attorneys, these issues cannot be disclosed at this time but will be made public as the litigation unfolds.
Global’s CEO Phil Pritchard commented, “We recognize that our shareholders are waiting for action from the Board and we are working to resolve the issues and take the steps necessary to improve the reputation and standing of your Company.”
Information on Global Development & Environmental Resources can be found at www.gderinc.com.
About Global Development & Environmental Resources, Inc.
Global Development & Environmental Resources is an Environmental Services and Land Development Company. The Company provides turnkey risk assessment, engineering and construction development, environmental and related services to both public and private clients in numerous industries on four continents. Global offers integrated services that help clients take an infrastructure project from concept to completion.
“SAFE HARBOR” NOTE:
Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Since such statements involve risks and uncertainties, the actual results and performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein; however, readers should carefully review reports or documents the Company files from time to time with the Securities and Exchange Commission.
Company Contact: Jitu Banker 949/258-6633
SOURCE: Global Development & Environmental Resources, Inc.