CORAL SPRINGS, FL (PR NEWSWIRE) March 5, 2008 Global Realty Development Corp. (OTCBB: GRLY) (the Company), today announced that it has sold to Bayview Concepts Pty. Ltd. (Bayview) all shares owned by the Company in its five Australian real estate subsidiaries (the Australian Subsidiaries).  Under the terms of the transaction, the assets of the Australian Subsidiaries will be valued at their current book value for purposes of the sale of shares transaction; the Company will pay all taxes outstanding and due from the Australian Subsidiaries; Bayview will assume all outstanding mortgages on the properties owned by the Australian Subsidiaries; and all outstanding inter-company transactions between the Company and the Australian Subsidiaries will be paid in full by the Company. The aggregate purchase price to be received by the Company, after the Company's payment of certain liabilities and taxes, is $4,000,000 US dollars, $1.4 million of which was paid by Bayview on February 25, 2008 and the remaining payments of $600,000 and $2 million are due on March 31, 2008 and September 20, 2008, respectively. On March 4, 2008, the Company filed a current report on Form 8-K with the Securities and Exchange Commission announcing the material terms of the transaction.

Peter Voss, CEO of Global Realty Development Corp stated, The Company was hindered in its capital-raising activities because investors repeatedly expressed confusion about the Company being in three completely different lines of business.  Potential investors constantly stated they were only interested in our potential in the Pachinko gaming business.  Therefore, our Board of Directors has determined that our primary focus will be on Japans $250 billion Pachinko industry, and we believe that this is the best choice for increasing shareholder value.

Mr. Voss stated further, The Company is presently known in Japan as Global Realty Development Corp. and we will continue in the short term with that branding continuity while working with a marketing consulting firm to develop a new name and brand image for the public company.

About Global Realty Development Corp.
Global Realty Development Corp. (GRD), a publicly held company based in the United States (OTC:BB, symbol GRLY), is focused on the development of doing a roll-up of Pachinko Parlors in Japan and gaming in other parts of the world outside the United States.   Pachinko is a $250 Billion industry in Japan with over 300,000 employees and approximately 16,000 Pachinko Parlors.

Safe Harbor Statement
Investors are cautioned that this press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, including Global Realty Development Corporation's ability to maintain its listing with the OTC, and the various factors set forth from time to time in Global's previous filings with the SEC, including Global's most recent Form 10-Q. Global Realty Development Corp. undertakes no obligation to publicly update or revise the forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Contact

Robert Kohn, CFO
954-509-9830
Email: rkohn@grdcorporation.commailto:rkohn@grdcorporation.com">rkohn@grdcorporation.com>
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