Update

For Immediate Release: 16 March 07

                           CLS HOLDINGS PLC ("CLS")                            

               UPDATE RE: BULGARIAN LAND DEVELOPMENT PLC ("BLD")               

Further to our announcement of 20 February 2007 and following the Extraordinary
General Meeting held by Bulgarian Land Development plc on Wednesday 14 March to
approve the Placing of 15 million ordinary shares, CLS is pleased to announce
that it has acquired 7,211,787 ordinary shares in BLD at £1 each.  Accordingly
CLS is now interested in 11,461,787 or 28.65% of the issued share capital of
BLD.   

 

CLS is also pleased to confirm that its Chief Executive Officer, Per Sjöberg,
has been appointed as Non-Executive Chairman of BLD.

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For further information, please contact:

Sten Mortstedt, Executive Chairman

Per Sjöberg, Chief Executive Officer

CLS Holdings plc

www.clsholdings.com

Tel. [phone]

Ben Simons/Adam Reynolds

Hansard Group plc

Tel. [phone]