Global Development Resources, Inc.-Formerly ELI Eco Logic Inc.- Announces Private Placement, Share Consolidation, Name Change and Graduation to Tier 2 of the TSX Venture Exchange.

TORONTO -- Global Development Resources, Inc. (TSX VENTURE:GDV) (formerly ELI Eco Logic Inc.(TSX VENTURE:ELI.H)) (the "Company") today announced the completion of its reorganization as detailed in the Company's press releases of December 21, 2004 and January 14, 2005.

The Company has issued 10,000,000 units at $0.30 per unit for gross proceeds of $3.0 million. Each unit consists of one common share and one common share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.40 until May 16, 2007. Insiders subscribed to 7,666,667 units for gross proceeds of $2.3 million. In connection with the $700,000 raised from non-insiders, a cash fee of 7% or $49,000 was paid to Lucas Ewart.

The Company has changed its name to Global Development Resources, Inc. and has consolidated its shares on a 5:1 basis.

A total of 9,956,366 common shares and 7,666,666 warrants held by insiders of the Company will be subject to a Tier 2 Value Escrow imposed by the TSX Venture Exchange. These shares and warrants will be released on a time basis over three years.

A copy of the Company's Form 5A Filing Statement is available to be viewed on SEDAR. The Company will commence trading on the TSX Venture Exchange on Tuesday, May 24, 2005 under the stock symbol GDV.

Global Development Resources, Inc. (TSX VENTURE:GDV)