(EMAILWIRE.COM, June 06, 2005 ) Lake Harmony, PA -- Gulf West Property Development, Inc. (Pink Sheets: GLWP), which announces that it has signed a binding "Letter of Intent" to acquire an assignment of assets for 730 acres of prime developmental property located fifteen miles east of Tampa, Florida with an appraised undeveloped raw land value of $32,000,000. Additionally, the land will generate approximate revenues of $1,500,000 annually for the next five years. For more information, go to http://www.vlcn.com/glwp6605.htm.

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