CHOWCHILLA, Calif., June 1, 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 qualified for a U.S. Department of Treasury approved tax credit. The tax credit program allows for qualified equity investments and/or long-term loans capped at $10 million to receive a 30% ($3 million) tax credit. The program is orchestrated by a Southern California investment-banking group.
Global Diversified Industries, Inc. Chairman and CEO Phil Hamilton stated, "This federally approved tax credit will provide significant benefits to our financial statement. By reducing our tax liabilities, it will contribute to our bottom-line profit margins." Hamilton added, "This tax credit provides the vehicle for raising up to $10 million in funding.
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.