CLI Cls Holdings Plc

    Release date: Tuesday 28th March 2006

Embargoed until: 07:00

                 CLS HOLDINGS PLC ("CLS") ANNOUNCES INVESTMENT                 

                       IN BULGARIAN LAND DEVELOPMENT PLC                       

The Board of CLS is pleased to report that it has invested in Bulgarian Land
Development plc ("BLD"), a residential and commercial property developer whose
founders have considerable experience in the Bulgarian property market. CLS has
invested �4 million in the Company and will own 16% of the share capital of BLD
on BLD's admission to AIM on 28 March 2006. BLD has raised �23 million through
a placing by Seymour Pierce Ltd. Henry Klotz, who is responsible for CLS'
Swedish property business, will serve as a non-executive director of BLD.

Bulgarian Land Development plc offers CLS the opportunity to invest in
Bulgaria's rapidly developing property sector with the benefit of considerable
experience within BLD's management team. BLD will focus initially on
residential and tourist developments in Bulgaria's Black Sea area whilst
maintaining the flexibility to invest in other residential property development
projects elsewhere in Bulgaria, particularly in Sofia, the capital, and also in
commercial property opportunities in Bulgaria.

This investment establishes a modest foothold for CLS in the fast growing
Bulgarian property sector and provides CLS with important access to a strong
local network and an experienced team of highly respected individuals to assess
the potential for further opportunities in the future.

Executive Chairman, Sten Mortstedt, commented:

"I am excited at the opportunity that BLD represents for CLS to enter into the
Bulgarian property sector with people experienced in the area."

                                   - ends -                                    

For further information, please contact:

Sten Mortstedt, Executive Chairman

Per Sj�berg, Chief Executive Officer

CLS Holdings plc

+44 (0)20 7582 7766

www.clsholdings.com

Adam Reynolds/Ben Simons

Hansard Communications

+44 (0)20 7245 1100



END

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