CHOWCHILLA, Calif., April 20, 2004 (PRIMEZONE) -- Global Diversified Industries, Inc. (OTCBB:GDVI), a company focused on the modular building industry with emphasis on the education market, is pleased to report that its wholly-owned subsidiaries Global Modular, Inc. and MBS Construction, Inc. have received signed contracts from several California school districts from previously issued letters of intent.
The value from the latest group of contracts is over $1 million and includes an excellent mix of product fabrication and site related construction work. Since the original letters of intent were issued, two districts have expanded the scope of work resulting in a 35% increase in contract value over our original proposal.
Global Diversified Industries, Inc. Chairman and CEO Phil Hamilton stated, "We are pleased the school districts reacted so quickly on securing school board approval for these projects. The "letter of intent" process benefited both our subsidiaries and the school districts by allowing us time to procure materials and incorporate the fabrication in our production schedule ahead of the signed contracts. No time was wasted on commencement of the projects." He added, "We are expecting several more contracts to be signed within the next two weeks, providing momentum to our existing backlog."
About Global Diversified Industries, Inc.
Global Diversified Industries, Inc. is a holding company controlling two wholly owned subsidiaries.
For investor information contact: Paul Knopick 949-707-5365 pknopick@eandecommunications.com. Source: Global Diversified
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.