CHOWCHILLA, Calif., June 4, 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 commenced measures to be removed from the Berlin-Bremen Stock Exchange.
Since a new rule took effect April 1, 2004, which was designed to stop "naked short selling" in U.S. markets, it appears the practice has now moved to Germany. According to industry analysts, more than 200 U.S. companies have been added to the German Stock Exchange without their knowledge or consent. Several companies, mostly small ones that trade on the U.S. over-the-counter bulletin boards, say the German trading practices has led to turbulent swings in their stock prices. Recently, Global Diversified Industries, Inc. realized they were one of the companies listed on the Berlin-Bremen Stock Exchange without any prior consent or authorization.
Global Diversified Industries, Inc. Chairman and CEO Phil Hamilton stated, "We have authorized our legal counsel to take all appropriate measures to have Global Diversified de-listed from the German exchange." He added, "We want to ensure every investor that Global Diversified will take every reasonable action to protect their investment against manipulative selling tactics by international exchanges."
Hamilton recommends to any potential investors looking to purchase shares of Global Diversified Industries, Inc. that they should only purchase their shares from the Nasdaq Over-the-Counter: Bulletin Board (OTCBB) under the symbol GDVI, as shares traded on the Berlin-Bremen Stock Exchange or any other foreign exchange are not currently recognized or authorized by Global Diversified Industries, Inc.
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.