Prime Estates & Developments, Inc. Examines the Possibility of Adding Forests in Its Potential Real Estate Portfolio

Prime Estates & Developments, Inc. (OTCBB: PMLT.OB) ("Prime”), a real estate investment and management company headquartered in Chicago, Illinois, announced today that besides its efforts to locate, finance, and then acquire and manage distressed properties that could have a significant income and a high growth potential, also examines other types of real estate such as forestry. Prime desires to create a diversified portfolio of real estate assets in order to reduce its investment risk. In its real estate portfolio, Prime examines the possibility of adding forests, or signing joint venture agreements with companies or individuals that own management rights of forests, in order to take advantage of the economic benefits that can derive from these forests, including the so called "carbon credits.” A carbon credit is a generic term for any tradable certificate or permit representing the right to emit one ton of carbon dioxide or carbon dioxide equivalent. We could sell carbon credits that derive from forestry to commercial and individual customers who are interested in lowering their carbon footprint.

"The protection of the environment is a serious issue, and the impact that the real estate properties that we will acquire or develop have to the environment is very important for Prime Estates & Developments Inc.,” said Mr. Panagiotis Drakopoulos, CEO of the company.

In addition to potential future forest property acquisitions, Prime Estates & Developments, Inc. ("Prime”) intends to acquire and operate mainly commercial real estate and real estate related-assets in the United States, and other opportunistic real estate markets such as Bulgaria, Romania and Greece.

Given current economic circumstances in the real estate industry, our investment strategy may also include investments in real estate-related assets that we believe present opportunities for significant current income. Such investments may also have what we believe to be opportunities for capital gain, whether as a result of a discount purchase or related equity participations. By related equity participations, we mean that we may not acquire 100% interest in a property but rather a fractional share such as an interest in a joint venture, which would also present an opportunity for capital gains when the entire property or our interest in the property is sold.

We may acquire a wide variety of commercial properties, including office, industrial, retail, hospitality, recreation and leisure, single-tenant, multifamily and other real properties. These properties may be existing, income-producing properties, newly constructed properties or properties under development or construction.

In addition, our investment strategy may include development projects that we will build or participate in building for sale or lease. For example, depending upon a variety of economic factors such as cost and availability of construction financing and land and labor costs in a specific region in which we intend to operate, we may determine that it may be more profitable to construct real estate ourselves and either lease it and hold for eventual resale or resell directly rather than to acquire existing real estate.