Released_By: USANews Press Release Network
Date: 6/25/98
Time: 2:45:27 AM

Granite Development Corporation announces a new president, secretary and change of Head Office to Albuquerque, New Mexico.

Mr. William J. de Pedraza was appointed new President and Director. Mr. Pedraza is an Industrial Engineer with considerable real estate experience.

Granite Development Corporation, an emerging real estate development company, acquires and develops three distinct types of properties throughout the United States. Property that has all entitlements in place: income producing residential facilities, residential lots for development and sale.

Marin Land Trust, a subsidiary of Granite Development Corporation controls an Engineering and Architectural Real Estate development enterprise engaged in the development of New Mexico Properties and Sonoma, California properties for residential single dwelling units. The Trust was acquired in 1996 with its current management.

Granite Development Corporation with William J. de Pedraza, President, is negotiating to consolidate real-estate properties in the state of new Mexico, for development for residential use of single family dwelling lots. The designation of these assets into the company will enable the company to provide risk balanced financial guarantees for various investments and real estate projects. As the assets grow, the company expects to participate in high yield investments and real estate development programs. The company expects to be compensated for its services and so earn returns on its assets and real estate development projects.

The company invested in 1,100 subdivided residential lots in Valencia County, New Mexico. The lots are 20 miles south of Albuquerque. The company has entered into a joint venture agreement to build homes on the property The Rio Del Oro Properties includes an eighteen-hole golf course. shopping center, and the campus of the University of New Mexico of Helen, New Mexico. There have been over three hundred homes built in the Rio

Del Oro subdivision over the past ten years. Home prices range from $120,000 to $200,000. The area is surrounded by mountains and the Rio Grand River passes through the properties on its journey south.

The company is reviewing other corporate opportunities which will add asset value and cash flow to the financial statement in the next twelve months, including a division to sell and export building products

The company announces a * 10 to-One split of stock effective December 15, 1997. This will make it easier for the company Raise funds for expansion in the corporate market.

The company was incorporated in Nevada on January 15, 1986. An S-18 initial public offering was completed in April 1986. The company's shares trade over-the-counter under the NASDAQ OTC - Bulletin Board - GRAD.

Granite Development Corporation, a real estate company which provides centralized management and administrative support for its several wholly owned subsidiary corporation, or divisions.

The executives of Granite Development Corporation and its subsidiaries have previous experience in acquisition, management, sales, and development of real estate properties.

To date, the company has had minimal revenues and a reasonably high asset base and minimal debt. Its primary activities have included acquiring a management team to compile management and marketing plans for each of the company's developments.

Granite Development Corporation * Special Note: For every 10 shares of the old Granite shares, you will receive 1 share of the new Granite stock.

New GRADD CUSIP Number Extra (D) in symbol for 30 days to indicate change # 387345 20 0 Effective Dec. 15, 1997

For Further Information Contact: General Securities Transfer Agency 3614 Calle Del Sol NE Albuquerque, New Mexico 87190 Phone (505) 265-6658