LAS VEGAS, Feb. 14, 2005 (PRIMEZONE) -- United Development International (Pink Sheets:UDVE), reaffirms today it has funds in place to begin its rough diamond purchase program in Venezuela, South America. The company, along with its contracted buyer, is coordinating travel plans to Venezuela for no later than the beginning of March 2005 to initiate the first purchase with $300,000.00USD. The company is anticipating a 12 to 15 percent profit on this investment for every purchase. Also, at this time, the company will deliver all funds derived from each purchase back into this project to maximize profitability. The company is expecting to initiate a minimum of one purchase per month.
The company forecasts tremendous profitability in purchasing and selling rough diamonds with its contracted agent in Venezuela. Our agent has over twenty years experience in mine direct purchasing of rough stones. Exploration and research into developing cutting and polishing of a certain percentage of quality stones purchased to further expand profitability is ongoing.
At this time, United is focusing its efforts to ensure Venezuelan activity is successful. The company is extremely excited about this focus and needs to ensure proper representation in Venezuela occurs. United will also be viewing the El Grillero gold mine site in Venezuela to formalize a relationship for gold production while initiating the diamond purchase program in the country.
The focus on Venezuela requires tremendous attention. The company has divested its interests in Guyana, South America as well as terminated all agreements and negotiations on the previously announced Central British Columbia mine as a commitment to this focus.
The company also wants to clarify information from a previous release. On January 18, 2005 reference to drilling results on the English Bay property in Saskatchewan, Canada should have read .55 ounces per ton not 5 ounces per ton. This also changes the data delivered in that release as well plus this data should have been shown as potential production figures.
United Development International, quoted on NQB Pink sheets as "UDVE".
CAUTIONARY STATEMENT: This news release may include forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act as amended, and/or the U.S. Private Securities Litigation Reform Act of 1995. All statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements that involve various risks and uncertainties. All forward-looking statements in this release are expressly qualified by this notice.