SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 52317 / August 23, 2005
24 August – LAWFUEL – The Law News Network – The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading of the securities of Global Development and Environmental Resources, Inc. (“Global Development”) at 9:30 a.m. EDT, August 23, 2005 and terminating at 11:59 p.m. EDT on September 6, 2005.
The Commission temporarily suspended trading in the securities of Global Development because of questions raised regarding the accuracy and completeness of information in company press releases and on the internet concerning Global Development’s officers, operations and products. Global Development, a non-reporting issuer, is quoted on the Pink Sheets under the ticker symbol GDVE.
The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff of the Securities and Exchange Commission in Washington, D.C. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Global Development’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
Any broker, dealer, or other person with information relating to this matter should contact Christine Lynch, Branch Chief, Southeast Regional Office of the Securities and Exchange Commission at (305) 982-6312.