VANCOUVER, British Columbia, May 2, 2007 (PRIME NEWSWIRE) -- On Monday April 23, 2007, World Hockey Association Corp. (Pink Sheets:WHKA) issued comments in response to a press release issued by Global Developments Inc. (Pink Sheets:GDVM) on the same day. All comments by the WHA were factually inaccurate.
In addition to inaccurate statements regarding the town of Osoyoos, the WHA press release also made the following statement:
"The legal matter of K-1 Sportswear vs. WHA in Minnesota does not concern the present management of the WHA nor its Florida Corporation. It appears to have been an issue concerning the previous owners of the WHA and the current World Hockey Association is not liable for any unpaid bills they may have had."
Global Developments Inc. contacted the attorney representing K-1 Sportswear by e-mail and received the following response:
"The Minnesota judgment was against the WHA's Canadian operation over which Ricky Smith has complete operational control. Mr. Smith assumed all outstanding contracts when he purchased the league and has benefited from this contract by purchasing sportswear for his teams as well as other promotional apparel. He then chose to breach this contract when it was no longer convenient. To suggest that he has limited knowledge of this agreement because it was 'an issue concerning the previous owners' is very misleading."
Because the World Hockey Association failed to answer the complaint, the Minnesota District Court rendered a default judgment agreeing with all the facts as set forth by K-1 Sportswear. As of the time of this press release, those facts remain undisputed by the World Hockey Association.
About Global Developments Inc.
Global Developments, Inc. was formed to create a unique investment vehicle representing a growing portfolio of innovative and emerging growth-oriented companies. Global acquires its portfolio companies primarily as wholly or majority owned subsidiaries. As a result, Global maintains substantial management control, thereby giving it the ability to provide significant oversight and guidance in building value and creating liquidity events for its shareholders. Global invests in companies with solid management, operational excellence, and the potential to grow substantial revenue streams. Please visit http://www.globaldevelopmentsinc.com for more information.
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Global Developments, Inc. please refer to its Web site at http://www.globaldevelopmentsinc.com.