CHOWCHILLA, Calif., May 12, 2004 (PRIMEZONE) -- Global Diversified Industries, Inc. (OTCBB:GDVI) focused on the modular building industry with emphasis on the education market, is pleased to report its wholly-owned subsidiary Global Modular, Inc. has entered into a joint venture with a portable classroom leasing entity to lease portable classrooms to California schools. This expanded scope of service will commence with an order from a Central Valley California school district for seven portable classrooms to be leased for five years.
Since many schools have not secured appropriate bond passages to finance their growth and modernization projects, they are forced to procure their classroom and other additional space by means of leasing instead of direct purchase. This new business venture will provide Global Modular, Inc. the vehicle to compete with several of the industry dealers who specialize in the classroom-leasing arena. The venture will provide Global Modular, Inc. with better financing options to pass along to customers.
Global Diversified Industries, Inc. Chairman and CEO Phil Hamilton states, "We are excited to provide our customer base with additional financing alternatives than purchase or lease-to-own. The California portable classroom-leasing sector generates over $100 million annually which we are strategically planning to capture an attractive portion of the market share. The results of this aggressive campaign should contribute significantly to our bottom line since our subsidiaries should experience increased manufacturing output along with increased site related work resulting from lease transactions."
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.