CHOWCHILLA, Calif., May 24, 2004 (PRIMEZONE) -- Global Diversified Industries, Inc. (OTCBB:GDVI), focused on the modular building industry with emphasis on the education market, is pleased to report it has recently secured $1.4 million in equity capital. The funds will be used to improve the balance sheet and working capital ratios of the Company and its wholly owned subsidiaries. The majority of the equity was secured through disbursement of (144) "restricted" stock.
Global Diversified Industries, Inc. Chairman and CEO Phil Hamilton states, "The timing of this equity injection into the Company is ideal because it allows us to commence our new fiscal year with increased momentum, which we carry forward from our first full year of operation." He added, "The capital will provide us the flexibility to meet our current business model of securing the most comprehensive and diversified product offering in the California education sector, along with improving our production facility with the efficiency required to maximize profits."
About Global Diversified Industries, Inc.
Global Diversified Industries, Inc. is a holding company with two wholly owned subsidiaries, Global Modular, Inc. and MBS Construction, Inc. Both are engaged in the modular construction marketplace with an emphasis on educational projects. They incorporate the latest in construction software, allowing them to better manage projects incorporating cost vs. profit ratios, construction and manufacturing schedules, purchasing, receiving and other facets of industrial management. The company's work is found in Northern and Southern California, with numerous projects on budget for school systems throughout the state.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.