Company Changes Name to 'Global Diversified Holdings, Inc.'
Appoints Phil Hamilton as New CEO & Chairman
LOS ANGELES/PRNewswire/ -- Global Foods Online, Inc., (OTC Bulletin Board: GFDO - news), announced today that it has completed its name change to Global Diversified Holdings, Inc., and is in the process of obtaining a new CUSIP and trading symbol. The name change was effected to better describe Global's core business, which is designing, manufacturing and marketing modular buildings. The Company also announced that Phil Hamilton, the current President of Lutrex Enterprises, Inc. -- a recently acquired subsidiary of Global -- will be the Company's new Chief Executive Officer and Chairman of the Board. Mr. Hamilton possesses over 20 years of direct experience in the construction and modular building industries, and his background includes top management positions at privately held modular construction companies with gross revenues exceeding $50 million per year.
Mr. Hamilton briefly outlined the growth strategy that he and his management team are in the process of executing. ``Global Diversified's goal is to become a major player in the modular industry within a short period of time while developing a strong profit margin for our shareholders. We have an experienced management team in place that is capable of implementing a controlled fast-track growth strategy within this industry. We are planning to achieve growth over the next three years through key acquisitions within the industry, as well as increased sales within our existing companies. The market need for new classrooms in California is truly phenomenal as evidenced by a recent quote from California CEO magazine: 'The Department of Finance estimates that $18 billion is needed over the next five year's to construct classrooms for K through 12 and higher education facilities.' To this end, we have created Global Modular, a wholly owned subsidiary that has been formed to provide both domestic, as well as international marketing services for Global's manufacturing platform. Global Modular will focus on marketing to schools, as well as to buyers of commercial and residential modular structures. Global Modular was just awarded a major contract with a large California School District. Global has completed and delivered the first group of classroom buildings for this contract, and we anticipate achieving sales of approximately $13 million in 2002 with continuing fast track growth over the following 2 years. The Company plans to specialize in 'high gross profit' products, such as our two-story classroom design, which are in high demand at this time. The Company is also currently pursuing International housing contracts, which we believe can provide significant future upside growth potential to the Company.''
About Global Diversified Holdings, Inc.
Global Diversified Holdings, Inc., formerly known as Global Foods Online, Inc., is a holding company comprised of several wholly owned subsidiaries including: Lutrex Enterprises, Inc., a company comprised of assets for building modular structures; Majestic Modular Buildings, Ltd., a former wholly-owned subsidiary of publicly traded Majestic Companies, Ltd. (OTC Bulletin Board: MJXC - news) that builds and markets modular classroom and related modular structures, and; Global Modular, Inc., a newly formed Company that will serve as the marketing services arm for Global Diversified Holdings, Inc.
SOURCE: Global Diversified Holdings, Inc. formerly Global Foods Online, Inc.
