American Asset Development, Inc. (fka AADI)

[otterman]

And now we know why:

June 26, 2006 - 2:15 PM EDT

Empyrean Holdings, Inc. Implements Reverse Split

Empyrean Holdings, Inc. (OTCBB: EPYH), a diversified national holding company, confirmed that the company will implement a 1 for 50 reverse split of its common shares. Effective the close of business today every fifty (50) issued and outstanding shares of Empyrean common stock shall be converted automatically to one (1) share of common stock. Fractional shares that result from the split will be rounded up to the next highest share number. The new trading symbol for Empyrean that takes effect from the open of business tomorrow will be EMPY.

The company is not requiring its shareholders to surrender their certificates and has established no deadline for the exchange of certificates. Stockholders of record and brokerage firms holding certificates on behalf of their clients will be notified by Empyrean's transfer agent on the procedure to obtain new certificates.

CEO Robert Lee stated, "Our goal is simple -- to act in the best interest of our shareholders. Some problems caused by a former business associate have been aggressively dealt with and our recently added management is fully committed to maximizing our future. We believe that reversing the stock to an appropriate price level will improve our ability to secure a bright and exciting future for the company. It will provide Empyrean with a more efficient and effective capital structure that will assist us to raise the future capital we need at a reasonable cost. A considerable amount of work is currently in progress to finish and execute our Corporate Development Plan which will be required to improve the bottom line of the company. We have several excellent opportunities available to us and we are giving priority to obtaining the resources necessary to participate in the real estate projects offered by our affiliate, United Construction Group (www.gounited.net)."

Note: "Safe Harbor" Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.



Source: Market Wire (June 26, 2006 - 2:15 PM EDT)

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