CLARKSDALE, Miss., Aug. 28, 2006 (PRIMEZONE) -- Superior Development Group, Inc. (Pink Sheets:SDVG) ("Superior Development"), a Real Estate Development Company, announced today that it was awarded a $45 million development contract with Gulf Coast Housing Acquisition Partners, Inc. ("GCHAP"), a Special Purpose Acquisition Corporation that is focused on the rebuilding of residential properties in the Gulf Coast region devastated by hurricane Katrina.
Under the terms of the agreement, Superior Development will serve as the project developer for all property-related construction and/or rehabilitation activities for GCHAP and will earn development fees estimated to be $45 million during the construction/rehabilitation of properties acquired by GCHAP over the next 12-36 months.
Derrick Neal, Chairman and CEO of Superior Development, stated, "Affordable housing is the main concern facing the recovery effort in the aftermath of hurricane Katrina and we anticipate that GCHAP will begin to acquire property within the next 90 days in the Gulf Coast region and we expect to begin rehabilitation of existing property or start new construction immediately afterwards."
Mr. Neal also said, "The Gulf Opportunity Zone Act of 2005 contains significant economic incentives to provide affordable housing solutions to residents of the Gulf Coast and we are pleased to serve as the master developer for GCHAP under this agreement, as they begin to rebuild and redevelop housing on the Gulf Coast."
"As we mark the one year anniversary of hurricane Katrina, let us all be reminded that there is still much work to be done to restore the Gulf Coast and Superior Development is dedicated to helping the residents of the Gulf Coast rebuild their lives, homes and communities."
For complete details of the contract, investors should go to www.pinksheets.com under Latest Financial Reports and click on the Company's trading symbol SDVG -- Notice of Material Event.
About Superior Development Group Inc.
Superior Development Group, Inc. is a publicly traded multi-faceted real estate development Company that primarily develops affordable single and multifamily housing communities. The Company operates through subsidiaries which purchase raw land or undervalued properties, improves them and profits from the investment through development fees, sales income or rental income. In addition to prospective real estate housing opportunities Superior Development has also entered into the Resort Hotel and Casino business with the planned acquisition of Triad Resort LLC, a Nevada Limited Liability Corporation.
Additional information about Superior Development Group, Inc. is available online at www.superiordevelopmentgroup.com
About Gulf Coast Housing Acquisition Partners, Inc.
Gulf Coast Housing Acquisition Partners, Inc. is a Special Purpose Acquisition Corporation that was formed to acquire, develop, sell and lease residential real estate properties. Additional information about GCHAP is available online at www.gulfcoasthap.com
This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's public filings. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.