Global Diversified Industries, Inc. Gearing Up for Potential Industry Wide Influx in Business.Business Editors MODESTO, Calif.--(BUSINESS WIRE)--April 2, 2002 Global Modular, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Global Diversified diversified (di·verˑ·s Industries, Inc., is positioning itself to capture a significant portion of an industry wide anticipated influx in business for later this year and the next several years. Recently, California's State Assembly approved the placement of $25.3 billion worth of education bonds before the voters on the November 2002 and 2004 ballots. A $13 billion bond proposal will go before the voters on the November 2002 ballot, followed by a $12.3 billion bond proposal on the 2004 ballot. Both bond measures are expected to be approved by voters, because the passing of Prop-39 in the 2000 election lowered the threshold to necessitate ne·ces·si·tate tr.v. ne·ces·si·tat·ed, ne·ces·si·tat·ing, ne·ces·si·tates 1. To make necessary or unavoidable. 2. To require or compel. only 55% of the total vote needed to pass the proposition. Both bond measures combined are about three times higher than the record $9.2 billion education bond passed in 1998. The Office of Public School Construction estimates more than $21.1 billion in state bonds are needed in the next four years for grades K-12 school construction alone. To cope with population growth, the State Department of Education estimates that California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). will need more than 2,500 classrooms each year for the next four years, which equates to more than 10,000 classrooms. These 10,000 classrooms targeted for population growth remedies do not include additional classrooms needed for class size reduction objectives. Phil Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. for Global Diversified Industries, Inc., stated, "Upon bond measure approval, school districts will probably waste no time placing orders to relieve their overcrowded o·ver·crowd v. o·ver·crowd·ed, o·ver·crowd·ing, o·ver·crowds v.tr. To cause to be excessively crowded: a system of consolidation that only overcrowded the classrooms. classroom dilemma. Global Modular believes the modular manufacturing company who is set up to provide schools with portable classrooms in the most timely and cost effective manner will reap the benefits from new orders, thus, producing the potential for increased profits, production backlogs and increased market share. Global is positioning itself to handle the potential increased business while staying focused on profitability." About Global Diversified Industries, Inc. Global Diversified Industries, Inc. is a holding company that operates two wholly owned subsidiaries: Lutrex Enterprises, Inc., a modular manufacturer, and Global Modular, Inc., a sales and marketing company exclusively representing Lutrex Enterprises, Inc. Note: Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve 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 statements. |
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