GLOBAL INVESTMENT UPDATE: PetroSun Subsidiary to Commence Field Testing for Algae-Based Biodiesel Production

Vancouver, December 4, 2006 - Global Developments, Inc. (PINKSHEETS:GBDP), a publicly traded venture capital company, is pleased to provide the following update with respect to PetroSun Inc., an oil exploration company in which Global holds an equity stake. PHOENIX, AZ--(MARKET WIRE)--Dec 4, 2006 -- PetroSun, Incorporated (PINKSHEETS:PSUD) announced today that Algae BioFuels, a wholly owned subsidiary, will commence the field testing stage of the cultivation of algae for biodiesel production during the first quarter of 2007. The test site will be located in Arizona. Algae BioFuels will install a biodiesel refinery in Arizona upon the successful completion of the field cultivation trials. The initial phase of the refining process will produce up to ten million gallons per year. The refining capacity will be increased after the initial phase of production and refining has been evaluated. Algae BioFuels is also conducting a feasibility study of production and refinery sites in Australia and New Zealand to complement future PetroSun operations in those regions. Extensive research has been conducted to determine the utilization of microalgae as an energy source, with applications being developed for biodiesel, ethanol, methanol, methane, and even hydrogen. Independent studies have demonstrated that algae is capable of producing in excess of 30 times more oil per acre than the current crops now utilized for the production of biofuels such as corn and soybeans. Biodiesel produced from algae contains no sulfur, and is non-toxic and highly biodegradable. The Office of Fuels Development, a division of the Department of Energy, funded a program from 1978 through 1996 under the National Renewable Energy Laboratory known as the "Aquatic Species Program". The focus of this program was to investigate high-oil algae that could be grown specifically for the purpose of wide scale biodiesel production. Some species of algae are ideally suited for biodiesel production due to their high oil content, in excess of 50%, and extremely rapid growth rates. One of the biggest advantages of biodiesel compared to many other alternative transportation fuels is that it can be used in existing diesel engines, which relieves manufacturers of having to make costly engine modifications. Biodiesel can also be mixed, at any ratio, with conventional petroleum diesel. As a result, the hybrid alternative fuel can be used in the current distribution infrastructure, replacing petroleum diesel either wholly, or as a diesel fuel blend with minimal integration costs. About PetroSun PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2006. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae. The Company's cutting-edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, creates long term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona. For more information about PetroSun visit the company's website at About Global Developments Global Developments, Inc. is a publicly traded venture capital company. It was formed to create a unique investment vehicle representing a growing portfolio of innovative and emerging growth-oriented companies. Global acquires its portfolio companies either as wholly or partially owned subsidiaries, or as an investment where Global is the lead investor. As a result, Global maintains substantial management and operational 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 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 Contact: Global Developments, Inc. Leighton Dean (604) 685-7552 Source: GLOBAL DEVELOPMENTS, INC.