VANCOUVER, B.C., April 23, 2007 (PRIME NEWSWIRE) -- Global Developments Inc. (Pink Sheets:GDVM) announced today that the counter-claim filed in Nevada Federal Court by the World Hockey Association Corp. (Pink Sheets:WHKA) is just one more example of WHA CEO Ricky Smith using a public forum to fabricate allegations against others to hide his own misdeeds.
In a statement issued today, Global Development's Board of Directors stated, "Mr. Smith is an amazing storyteller. He takes a series of unrelated events and weaves them into fictional tales of intrigue and conspiracy which are short on facts and long on imagination. It's a classic technique of diverting attention away from the real culprit: Mr. Smith himself."
They added, "The evidence we have amassed against Mr. Smith and the rest of the defendants is incontrovertible. Mr. Smith would have you believe that others issued 100 million shares illegally. Yet we have treasury orders issued by Mr. Smith, letters signed by Mr. Smith, and e-mails sent by Mr. Smith directing the shares to be issued, discussing how much money he was making off the trades, and then joking about how sharply the share price was dropping. While he would have you believe he was an innocent bystander, the evidence is clear that he masterminded the whole affair."
"But of course, anyone who has dealt with Mr. Smith and the WHA in the past will already know that this is just his normal way of conducting business. We know of at least 3 examples where Mr. Smith has reneged on his commitments:
1. K1 Sportswear Inc. vs. WHA - In September 2006, the WHA is ordered in Minnesota District Court to pay the Plaintiff, K1 Sportswear Inc., $45,875 for breach of a jersey merchandising contract;
2. Town of Osoyoos vs. WHA - In February 2007, Osoyoos Town Council passed Motion 14/07 effectively ending the WHA Junior West hockey in Osoyoos citing a "breach of contract", a result of unpaid bills in the amount of over $11,000.00 to the town, as the reason for the termination. For the full story visit www.desertconnections.ca/morgue/0206.20070208
3. Charter Bus Lines vs. WHA - In February 2007, Charter Bus Lines cancelled their charter agreement with the WHA for unpaid transportation costs of approximately $70,000.
"In addition to unpaid bills for ice time and transportation, we know the WHA has failed to pay billeting fees for their players, traveling expenses for road trips, and salaries for their coaches. Global Developments Inc. is just one more creditor or financing partner who has been duped by Mr. Smith."
Global Developments Inc.'s Board of Directors ended by stating, "Although we know it will be costly, we are looking forward to seeing Mr. Smith in court because it's about time someone exposed him for who he really is."
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