Galardi Extends Offer to Purchase Units
                       in Sierra Pacific Development Fund


     NEWPORT BEACH, CA, DECEMBER 1 -- John Galardi,  who has offered to purchase
any and all limited  partnership  units in Sierra  Pacific  Development  Fund, a
California limited partnership, announced today that he was extending that offer
until 5:00 P.M., Pacific time, on December 22, 1997.