U. S. Securities and Exchange Commission
                            Washington, D. C.  20549


                                   FORM 10-QSB


[X]     QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934

        For the quarterly period ended September 30, 2006

[ ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934

         For the transition period from                to
                                        --------------    ------------------

                          Commission File No. 000-33005


                     PREMIER DEVELOPMENT & INVESTMENT, INC.
              -----------------------------------------------------
             (Exact name of Registrant as specified in its charter)

                   NEVADA                               52-2312117
      -------------------------------              -------------------
      (State or other jurisdiction of                (IRS Employer
       Incorporation or Organization)              Identification No.)


              1605-145 County Rd. #220, Orange Park, Florida  32003
         ---------------------------------------------------------------
                    (Address of Principal Executive offices)

                                 (813) 200-3341
                       ----------------------------------
                           (Issuer's telephone number)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes [X]     No [ ]

Indicate by check mark whether the registrant is a shell company (as defined by
Rule 12b-2 of the Exchange Act).
Yes [ ]     No [X]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:


           Class                              Outstanding at November 17, 2006
           -----                              --------------------------------

Common Stock, Class A, $0.004 par value                   3,600,945


Transitional Small Business Disclosure Form (check one): Yes [ ]     No [X]


<PAGE>

                     PREMIER DEVELOPMENT & INVESTMENT, INC.


                                TABLE OF CONTENTS
                                   FORM 10-QSB

                                     PART I
                              FINANCIAL INFORMATION

Item 1.     Financial Statements............................................3

            Balance Sheet
              for the period ended September 30, 2006 (unaudited)
              and the period ended December 31, 2005 (audited)..............3

            Statement of Operations (unaudited)
              for the three and nine-months ended September 30, 2006,
              for the three and nine-months ended September 30, 2005........4

            Statement of Cash Flow (unaudited)
              for the three and nine-months ended September 30, 2006,
              for the three and nine-months ended September 30, 2005........5

            Notes to Financial Statements (unaudited).......................7

Item 2.     Management's Discussion and Analysis or
              Plan of Operation............................................12

Item 3.     Controls and Procedures........................................16

                                     PART II
                                OTHER INFORMATION

Item 1.     Legal Proceedings..............................................16

Item 2.     Unregistered Sales of Equity Securities
              and Use of Proceeds..........................................17

Item 3.     Defaults Upon Senior Securities................................17

Item 4.     Submission of Matters to a Vote of Security Holders............17

Item 5.     Other Information..............................................17

Item 6.     Exhibits and Reports on Form 8-K...............................18

            Signatures.....................................................18

            Principal Executive Officer Certification......................18

            Principal Financial Officer Certification......................19


                                      - 2 -
<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>
<CAPTION>
                PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                            CONSOLIDATED BALANCE SHEET


                                      ASSETS
                                                          September 30,  December 31,
                                                              2006           2005
                                                           (unaudited)    (audited)
                                                           -----------   ------------
<S>                                                       <C>           <C>
CURRENT ASSETS
  Cash                                                     $  18,413    $    36,298
  Due from affiliate                                           2,500          2,500
  Inventory                                                   18,471         20,141
  Prepaid expenses                                            10,660            748
                                                         -----------    -----------
      Total current assets                                    50,044         59,687
                                                         -----------    -----------

EQUIPMENT AND LEASEHOLD IMPROVEMENTS
  Equipment                                                  297,284        296,797
  Leasehold improvements                                     263,257        263,257
  Less accumulated depreciation                             (319,795)      (209,290)
                                                         -----------    -----------
      Total equipment and leasehold improvements, net        240,746        350,764
                                                         -----------    -----------
OTHER ASSETS
  Goodwill                                                   436,586        436,586
  Other                                                       12,361         12,448
                                                         -----------    -----------
      Total other assets                                     448,947        449,034
                                                         -----------    -----------


      TOTAL ASSETS                                       $   739,737    $   859,485
                                                         ===========    ===========


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable and accrued expenses                  $    22,065    $    63,649
  Due to affiliate                                           727,526        552,500
  Due to officer                                              28,462         27,500
  Promissory note, current portion                           132,390        116,010
                                                         -----------    -----------
      Total current liabilities                              910,443        759,659


      TOTAL LIABILITIES                                  $   910,443    $   759,659
                                                         ===========    ===========

STOCKHOLDERS' EQUITY
    Class A voting common stock, $0.004 par value
       250,000,000 shares authorized;
       3,600,945 and 3,097,095 shares
       issued and outstanding, respectively                   14,404         12,389
    Class B voting common stock, $0.001 par value
       10,000,000 shares authorized;
       -0- and -0- shares
       issued and outstanding, respectively                        -              -
    Preferred stock, $0.001 par value
       20,000,000 shares authorized;
       30,000 and 30,000 shares
       issued and outstanding, respectively                       30             30
    Additional paid in capital                             3,454,375      2,528,888
    Retained deficit                                      (2,899,515)    (2,441,481)
    Deferred compensation                                    (40,000)             -
    Less common stock subscribed                            (700,000)             -
                                                         -----------    -----------
    Total stockholders' equity                              (170,706)        99,826

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY               $   739,737    $   859,485
                                                         ===========    ===========
</TABLE>


                                      - 3 -
<PAGE>

                PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                       CONSOLIDATED STATEMENT OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                    3-months         3-months         9-months         9-months
                                                      Ended            Ended            Ended           Ended
                                                     9/30/06          9/30/05          9/30/06         9/30/05
                                                  -------------    -------------    -------------    -------------

<S>                                               <C>             <C>             <C>               <C>
Revenue                                               $275,881        $323,641         $811,637        $963,160

Cost of goods sold                                     168,209         134,271          504,446         430,538
                                                    -----------     -----------      -----------     -----------
Gross profit                                           107,672         189,370          307,191         532,622

General and administrative expense                     266,143       1,595,998          765,225       2,091,711
                                                    -----------     -----------      -----------     -----------
Gain (loss) on operations                             (158,471)     (1,406,628)        (458,034)     (1,559,089)
                                                    ===========     ===========      ===========     ===========

Gain (loss) on discontinued business                         -               -                -         (32,162)

Gain (loss) before income tax                         (158,471)     (1,406,628)        (458,034)     (1,591,251)

Income tax                                                   -               -                -               -

Net income (loss)                                     (158,471)     (1,406,628)        (458,034)     (1,591,251)
                                                    ===========     ===========      ===========     ===========

Net income (loss) per common share

    Basic                                               (0.05)         (1.56)           (0.14)          (0.79)
                                                    ===========     ===========      ===========     ===========

    Fully diluted                                       (0.05)         (1.56)           (0.14)          (0.79)
                                                    ===========     ===========      ===========     ===========
Weighted average number of shares
    Basic                                            3,397,095         379,601        3,299,659        413,150

    Fully diluted                                    3,397,095         379,601        3,299,659        413,150

</TABLE>


NOTE: ALL SHARE FIGURES AND AMOUNTS HAVE BEEN ADJUSTED TO REFLECT A 1-FOR-200
      REVERSE STOCK SPLIT EFFECTED ON JUNE 9, 2005.


                                      - 4 -
<PAGE>

                PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                       CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                    3-months         3-months         9-months         9-months
                                                      Ended            Ended            Ended           Ended
                                                     9/30/06          9/30/05          9/30/06         9/30/05
                                                  -------------    -------------    -------------    -------------

<S>                                               <C>             <C>             <C>               <C>

Cash flows from operating activities:
   Net (loss) earnings                             ($158,471)    ($1,406,628)        ($458,034)       ($1,591,251)
   Adjustments to reconcile net (loss) to
    cash provided by (used) in operating
    activities:

       Depreciation                                   36,835           36,616          110,505            109,848
       Deferred compensation                               -                -          (40,000)                 -
       Donated services of officers                        -            1,000                -              3,200
       Common stock issued for services               40,000        1,382,500          227,502          1,382,500
      (Increase) in inventory                              -           (3,172)               -                (54)
       Decrease in inventory                           1,672                -            1,670                  -
       Decrease in prepaid expenses                        -              743                -              2,229
      (Increase) in prepaid expenses                       -                -           (9,824)                 -
      (Increase) in other                                  -                -                -             (9,097)
       Decrease in other                                   -           11,268                -                  -
       Increase in accounts payable                    2,064                -                -             17,429
      (Decrease) in accounts payable                       -          (15,000)         (41,585)                 -
      (Decrease) in due to affiliate                       -          (11,200)               -            (19,992)
                                                   -----------     -----------      -----------        -----------
   Net cash provided by (used) in operations         $80,571          ($3,873)        $248,268          ($105,188)
                                                   -----------     -----------      -----------        -----------

Cash flows from investing activities:
   Purchase of equipment and leasehold improvements     (487)            (872)            (487)            (7,658)
   Proceeds from promissory note receivable                -           45,166                -             90,166
                                                   -----------     -----------      -----------        -----------
   Net cash provided by (used) in investing            ($487)         $44,294            ($487)            $82,508
                                                   -----------     -----------      -----------        -----------

Cash flows from financing activities:
   Increase in amounts due affiliates                 88,015                -          175,026                  -
   Increase in amounts due to officer                      -                -              962                  -
   Stock cancellation due to reverse split                 -                -                -             (1,475)
   Retirement of debt                                      -          (29,729)               -            (89,188)
   Increase in promissory note                             -                -           16,380                  -
                                                   -----------     -----------      -----------        -----------
   Net cash provided by (used) in financing          $88,015        ($29,729)         $192,368           ($90,663)
                                                   -----------     -----------      -----------        -----------

Net increase (decrease) in cash                       $9,628          $10,692         ($17,885)         ($113,343)

Cash at beginning of the period                        8,785           22,899           36,298            146,934
                                                   -----------     -----------      -----------        -----------
Cash at end of the period                            $18,413          $33,591          $18,413            $33,591
                                                   ===========     ===========      ===========        ===========
</TABLE>

SUPPLEMENTAL DISCLOSURE OF A NON-CASH INVESTING AND FINANCING ACTIVITY

IN CONJUNCTION WITH THE DISPOSITION OF NETEX FINANCIAL SERVICES, INC.
D/B/A COUNTRYWIDE REALTY SERVICES IN APRIL 2005 THE COMPANY REDUCED
ITS GOODWILL AND ADDITIONAL PAID IN CAPITAL BY $432,000.


                                      - 5 -
<PAGE>

              PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                  FOR THE NINE MONTHS ENDED SEPTEMBER 30,2006
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                              RETAINED
                                        COMMON STOCK        PREFERRED STOCK      PAID-IN      EARNINGS
                                     SHARES     AMOUNT     SHARES     AMOUNT     CAPITAL     (DEFICIT)      TOTAL
                                   ----------  --------  ----------  --------  ----------   ------------  ----------
<S>                                <C>         <C>       <C>         <C>       <C>         <C>           <C>
BALANCE, DECEMBER 31, 2005
 (AUDITED)                         3,097,095   $12,389      30,000       $30   $2,528,888   ($2,441,481)     $99,826

  Exercise of warrants               200,000       800           -         -      699,200             -      700,000

  Issuance of common stock
   to consultants for services       103,850       415           -         -       67,087             -       67,502

  Issuance of common stock
   to officers                       200,000       800           -         -      159,200             -      160,000

  Less common stock subscribed             -         -           -         -            -             -     (700,000)

  Deferred compensation                    -         -           -         -            -             -      (40,000)

  Net loss during period                   -         -           -         -            -      (458,034)    (458,034)
                                   ----------  --------  ----------  --------  ----------   ------------  ----------
BALANCE AT SEPTEMBER 30, 2006      3,600,945   $14,404      30,000       $30   $3,454,375   ($2,899,515)   ($170,706)
                                   ==========  ========  ==========  ========  ==========   ============  ==========
</TABLE>


                                      - 6 -
<PAGE>

               PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2006
                                   (UNAUDITED)


NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations
--------------------

Premier Development & Investment, Inc., ("Premier") a Nevada corporation
organized on March 29, 2001, is a developer and operator of theme based
restaurants and bars.  The Company currently operates one restaurant in Orange
Park, Florida.

Premier was previously in the development stage.

Interim Unaudited Financial Statements
--------------------------------------

The interim financial statements are unaudited and reflect all adjustments
(consisting only of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair presentation of the financial position and
operating results for the interim periods.  The results of operations for the
three and nine-months ended September 30, 2006 are not necessarily indicative of
the results for the entire fiscal year.  The financial statements included
herein are presented in accordance with the requirements of Form 10-QSB and
consequently do not include all of the disclosures normally made in the
registrant's annual Form 10-KSB filing.  These financial statements should be
read in conjunction the with audited financial statements and notes thereto
contained in the Company's Annual Report for the fiscal year ended on December
31, 2005 filed on Form 10-KSB on April 14, 2005.

Consolidation
-------------

The consolidated financial statements include the accounts and balances of
Premier and its wholly owned subsidiary Player's Grille ("Player's"),
collectively, the "Company".  All significant intercompany accounts and
transactions have been eliminated in the consolidating process.

Revenue Recognition
-------------------

The Company records revenue on the accrual basis of accounting.  The accrual
basis of accounting provides for matching of revenues with expenses.

Cash Equivalents
----------------

For purposes of the statement of cash flows, the Company considers all highly
liquid investments purchased with a maturity of three months or less to be cash
equivalents.

Inventory
---------

Inventory, consisting mainly of food and beverage items, is stated at the lower
of cost (first-in, first-out) or market.


                                      - 7 -
<PAGE>

Investment in Investee
----------------------

Premier issued 1,000,000 shares of its Class A voting common stock for a 20%
interest in Coconut Grove Group, Ltd. This investment is accounted for using the
equity method which is cost, as adjusted for Premier's proportionate share of
undistributed earnings or losses as Premier could exercise significant influence
over the financial and operating activities of Coconut Grove Group, Ltd. This
investment was sold in fiscal 2004 with the Company taking back a promissory
note in lieu of a cash payment.

In 2005, the individual responsible for making the payments on the promissory
note defaulted on the grounds that he believed that additional common stock of
the Company should have been issued to him for services rendered.  This resulted
in a charge to operations of ($157,710).  The only asset held by the Investee at
December 31, 2005 are shares of stock in the Company.  This transaction has
resulted in litigation by the individual against the Company.  See Note G.

Equipment and Leasehold Improvements
------------------------------------

Equipment and leasehold improvements are stated at cost and includes
expenditures, which substantially increase the useful lives of existing assets.
Maintenance and repairs are charged to operations when incurred.

Depreciation of equipment and leasehold improvements is calculated using the
straight-line method based on the respective assets estimated useful lives as
follows:

Furniture & equipment                          7 years
Leasehold improvements                         5 years

Depreciation expense for the three and nine-months ended September 30, 2006 were
$36,835 and $110,505, respectively.

Goodwill
--------

The Company records its investment in goodwill in accordance with Financial
Accounting Standards Board Statement No. 142 "Goodwill and Other Intangible
Assets".  Under this principle goodwill is not amortized, it is however tested
for impairment at least on an annual basis.  Based on management's assessment at
September 30, 2006, the goodwill recorded was found not to be impaired.

Use of Estimates
----------------

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.

Income Taxes
------------

Premier records its federal and state tax liability in accordance with Financial
Accounting Standards Board Statement No. 109 "Accounting for Income Taxes".  The
deferred taxes payable are recorded for temporary differences between the
recognition of income and expenses for tax and financial reporting purposes,
using current tax rates.  Deferred liabilities represent the future tax


                                      - 8 -
<PAGE>

consequences of those differences, which will either be taxable or deductible
when the assets and liabilities are recovered or settled.

Earnings per Share
------------------

On March 3, 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard No. 128, "Earnings Per Share", which provides for
the calculation of Basic and Diluted earnings per share.  Basic earnings per
share includes no dilution and is computed by dividing income or loss available
to common stockholders by the weighted average number of common shares
outstanding for the period.  Diluted earnings per share reflects the potential
dilution of securities that could share in the earnings of the entity.

Advertising Costs
-----------------

Premier expenses the production costs of advertising the first time the
advertising takes place.


NOTE B - INVESTMENT IN INVESTEE

In connection with Premier's investment in Coconut Grove Group, Ltd. condensed
financial information of the investee at September 30, 2006 is as follows:

Sales                                               $0
Gross Profit                                        $0
Net income (loss) from continuing operations        $0
Net income (loss)                                   $0

Also see Note A "Investment in Investee".

NOTE C - RESCIND OF PREVIOUS ACQUISITION

On July 29, 2004 Premier acquired Netex d/b/a Countrywide Realty Services, Inc.
(Countrywide). Countrywide is engaged in the mortgage broker business. The
results of operations of Countrywide are included in the accompanying financial
statements since the date of acquisition. Premier issued 500,000 of its $.00002
par value common stock valued at $432,000 in connection with this acquisition.
The total cost of the acquisition exceeded the fair value of the net assets of
Countrywide by $432,000. This excess was recorded as goodwill. On April 21,
2005, the Company at its option rescinded this transaction due to the
non-performance of the original seller and received back the 500,000 shares of
common stock and reduced goodwill by $432,000. The rescind resulted in a loss on
discontinued operations of ($3,431)

NOTE D - STOCK AND WARRANT ISSUANCE

On May 27, 2005 Premier issued 1,329,983 warrants in the form of a stock
dividend to all shareholders of record on June 8, 2005. Shareholders as of the
record date received one (1) warrant for every fifty (50) shares of Class A
common shares held.  Each warrant is exercisable into a share of the Company's
Class A voting common stock at a price of three dollars and fifty cents ($3.50)
per share.  The warrants expire on December 31, 2007, unless otherwise extended
by the Company.  As of September 30, 2006, 200,000 of these warrants had been
exercised by warrant holders.

On February 21, 2006 the Company issued 103,850 of the its $0.004 par value
Class A voting common shares to Jim Daniels, an outside consultant, in


                                      - 9 -
<PAGE>

connection with the execution of a services contract.  The stock was issued
under the provisions of Rule 144 of the Securities Act of 1933 and was valued at
$67,503.  The Company rescinded this contract on May 9, 2006 and has requested
the shares returned.  Once in the Company's possession, the Company intends to
cancel the shares and return them back to the Company's treasury.

On April 17, 2006 the Company issued 200,000 of the its $0.004 par value Class A
voting common shares to members of its Board of Directors; 100,000 shares each
to J. Scott Sitra and Michael Hume.  The stock was issued under the provisions
of Rule 144 of the Securities Act of 1933 and was aggregately valued at
$160,000.

NOTE E - RELATED PARTY TRANSACTIONS

Premier utilizes a portion of an affiliate shareholder's corporate office as its
primary office without charge.

NOTE F - PREFERRED STOCK

The Company's Series A Convertible Preferred Stock, $0.001 par value, accrues no
interest and has no scheduled dividend payments.  Holders of the Preferred Stock
may convert their holdings into shares of Common Stock, Class A, $0.0004 par
value, at a ratio of 100 shares of common stock for each share of preferred
stock converted. The earliest any holder of Preferred Stock may convert their
holdings into common shares is on or after September 6, 2007.  Each share of
Preferred Stock carries 100 votes in all shareholder matters submitted to a
vote.

NOTE G - COMMITMENTS & CONTINGENCIES

Operating Leases
----------------

The Company (through its Player's subsidiary) leases restaurant space and
restaurant/office equipment under a long-term operating lease through February
2007.  Future minimum lease payments required under these operating leases are
$163,551 and $13,269 for 2006 and 2007, respectively.

Rent expense for the fiscal year ended December 31, 2005 was $167,516.

Litigation
----------

The Company is a defendant and plaintiff in various lawsuits (see Part II, Item
1. "Legal Proceedings"), including a lawsuit brought on by Adam Barnett, the
individual who acquired the Company's investment in Coconut Grove Group Ltd.
The plaintiff claims negligent misrepresentation and breach of contract.  The
Company believes that they have performed all necessary obligations under the
contract and intends to vigorously defend its position and aggressively pursue
legal counterclaims against Mr. Barnett.  The Company's legal counsel cannot
offer an opinion as to the likely outcome of this case.  Until this particular
legal matter is resolved, the Company does not intend to pursue developing or
expanding upon its Coconut Grove themed-concept.

Note Payable
------------

The Company has a note payable to two individuals bearing interest at the rate
of 5% due in fiscal 2006.  Accrued interest of $16,380 is included in accrued
expenses on the accompanying balance sheet related to this note.


                                     - 10 -
<PAGE>

NOTE I - INCOME TAXES

For income tax purposes the Company incurred a net operating loss of
($2,899,515), which can be used to offset future federal and state taxable
income through 2026.  The potential tax benefit of this loss is estimated to be
$1,014,830 of which the Company provided a valuation allowance of ($1,014,830).


                                     - 11 -
<PAGE>

Item 2.   Management's Discussion and Analysis or Plan of Operation

     You should read the following discussion and analysis of our financial
condition and results of operations together with our financial statements and
related notes appearing elsewhere in this quarterly report.  This discussion and
analysis contains forward-looking statements that involve risks, uncertainties
and assumptions.  When used in this document, the words "anticipate", "believe",
"estimate", "expect" and "intend" and similar expressions, as they relate to us,
are intended to identify forward-looking statements.  Such statements reflect
our current view(s) regarding future events and are subject to certain risks,
uncertainties and assumptions, including the risks and uncertainties noted.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended.  In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.

Overview

     We are a developer and operator of theme-based restaurants and bars,
including our wholly owned subsidiary, Players Grille, Inc.

Results of Operations

     For the ease of reference, we refer to the three-months ended September 30,
2006 as the quarter ended September 30, 2006 and the period of three-months
ended September 30, 2005 as the quarter ended September 30, 2005.  We reference
the current fiscal year which ends on December 31, 2006 as fiscal 2006.

Revenues

     For the quarter ended September 30, 2006, revenues decreased ($47,760), or
(14.8%), to $275,881 compared to $323,641 for the quarter ended September 30,
2005.  For the nine-months ended September 30, 2006, revenues decreased
($151,523), or (15.7%), compared to the nine-months ended September 30, 2005.

     Same store comparable sales for the Players Grille subsidiary the quarter
ended September 30, 2006 decreased (26.0%) compared to the quarter ended
September 30, 2005; and decreased (11.2%) for the nine-months ended September
30, 2006 compared to the nine-months ended September 30, 2005.  Customer counts,
as measured by overall check counts, decreased (27.4%) during the quarter ended
September 30, 2006 compared to the quarter ended September 30, 2005 and
decreased (9.2%) for the nine-months ended September 30, 2006 compared to the
nine-months ended September 30, 2005.  The average dollar amount of each guest
check was $18.61 and $18.58 for the quarter and nine-months ended September 30,
2006, respectively.  Overall, the sales of liquor, beer and wine comprised 34.1%
and 30.5% for the quarter and nine-months ended September 30, 2006,
respectively.

     The decrease in revenues and customer counts is reflective of a slow down
in the overall restaurant industry, particularly the casual dining segment.  We
attribute the slow down in our business, along with the restaurant industry as a
whole, to increased competition at our existing Players Grille unit, general
inflationary pressures within the national economy, especially higher gasoline
prices being paid by consumers, and rising interest rates.  We expect this
general trend will remain throughout fiscal 2006 and, possibly, beyond.

Gross Profit

     For the quarter ended September 30, 2006, our gross profit totaled $107,672
compared to $189,370 for the year ago period.  Our gross profit for the


                                     - 12 -
<PAGE>

nine-months ended September 30, 2006 totaled $307,191 compared to $532,622 for
the nine-months ended September 30, 2005.  This ($81,698), or (43.1%), decline
for the quarter and ($225,431), or (42.3%), decline for the nine-months ended
September 30, 2006 in gross profit was attributable to a slow down in our core
restaurant business and lower revenues resulting from the discontinued
operations of the Countrywide unit on April 1, 2005.

     Cost of good sold during the quarter ended September 30, 2006 were $168,209
compared to $134,271 for the same period a year ago.  Our cost of goods sold
during the nine-months ended September 30, 2006 were $504,446 compared to
$430,538 for the nine-months ended September 30, 2005.  The $33,938, or 25.3%,
increase for the quarter and $73,908, or 17.2%, increase for the nine-months
ended September 30, 2006 in cost of goods sold was the result of price increases
paid by us for food, beer and liquor in general.  We anticipate further
increases throughout the remainder of fiscal 2006 in our cost of goods sold as a
result of inflationary pressures in the general economy as well as higher
transportation costs associated with the delivery of our food, beer and liquor
goods.  Even with the recent declines in spot gasoline prices witnessed in the
present fiscal quarter, we have not, and do not expect, our food and liquor
distributors to decrease the prices they charge us.

Expenses

     Operating Expenses.  Our operating expenses consist primarily of personnel
expenses, depreciation expenses, professional fees, consulting fees and
marketing expenses.  These expenses totaled $266,143 for the quarter ended
September 30, 2006, which was a decrease of ($1,329,855), or (83.3%), compared
to $1,595,998 for the quarter ended September 30, 2005.  For the nine-months
ended September 30, 2006 our operating expenses decreased ($1,326,486) or
(63.4%), to $765,225 from $2,091,711 for the year ago period.  Although we have
experienced higher costs in fiscal 2006 associated with our Securities and
Exchange Commission reporting and compliance measures and further increased
costs associated with ongoing litigation and legal matters, our operating
expenses decreased significantly during the quarter and nine-months ended
September 30, 2006 because of one-time charges related to our capital
restructuring undertaken in the related periods a year ago.

Operating Loss

     Our operating loss for the quarter ended September 30, 2006 was ($158,471)
compared to an operating loss of ($1,406,628) for the quarter ended September
30, 2005.  Our operating loss for the nine-months ended September 30, 2006 was
($458,034) compared to an operating loss of ($1,559,089) for the nine-months
ended September 30, 2005.  The ($1,248,157), or (88.7%), decrease for the
quarter and ($1,110,055), or (70.6%), for the nine-months ended September 30,
2006 in operating loss is primarily attributable to one-time charges related to
our capital restructuring undertaken in the related periods a year ago.

Net Loss

     Our net loss for the quarter ended September 30, 2006 was ($158,471)
compared to a net loss of ($1,406,628) for the quarter ended September 30, 2005.
Our net loss for the nine-months ended September 30, 2006 was ($458,034)
compared to a net loss of ($1,591,251) for the nine-months ended September 30,
2005.  The ($1,248,157), or (88.7%), decrease for the quarter and ($1,133,217),
or (71.2%), for the nine-months ended September 30, 2006 in our net loss is
primarily attributable to one-time charges related to our capital restructuring
undertaken in the related periods a year ago.  Additionally, the nine-months
ended September 30, 2005 included a one-time loss of ($32,162) associated with
the April 1, 2005 rescinding of our Countrywide Realty Services acquisition.


                                     - 13 -
<PAGE>

Liquidity and Capital Resources

     As of September 30, 2006, we had current assets aggregating $50,044,
comprised of $18,413 in cash or cash equivalents, a note receivable of $2,500,
inventory of $18,471, and prepaid expenses of $10,660.

     As of September 30, 2006 we had other assets consisting of a $560,541 in
equipment and leasehold improvements, less accumulated depreciation of
($319,795), goodwill of $436,586, and other assets of $12,361.

     As of September 30, 2006, we had current liabilities aggregating $910,443,
comprised of accounts payable of $22,065, a note due to an officer of $28,462,
accounts due to an affiliate of $727,526, and a promissory note payable by us of
$132,390.

Our Operations

Overview

     We are a holding company involved in the development and operation of
theme-based restaurant and bar properties.  We were incorporated in the state of
Nevada on March 29, 2001 and commenced full-scale operations on August 1, 2004.

     Our overall business plan calls for us to invest in and develop a series of
theme-based restaurant and bar properties that can evolve into stand alone
chains or franchise opportunities.  Because we have had limited investment
capital and minimal access to capital markets, our strategy for our early
operations has been to develop new restaurant and bar concepts through joint
ventures, equity investments or general and limited partnerships.

Joint Venture Developments

     On July 30, 2001, we entered into a joint venture agreement with Tiki Hut
Enterprises, Ltd. ("Tiki Hut"), a private developer of restaurants and bars, for
the formation of Coconut Grove Group, Ltd. ("CG Group").

     Under the terms of the joint venture agreement, CG Group was initially
capitalized with a US$3,000,000 cash investment commitment from Tiki Hut and an
investment by us of 1,000,000 restricted shares of our common stock which were
initially valued at US$60,000.  The investment provided us with a 20% interest
in CG Group and was recorded on our balance sheet using the equity method of
accounting.

     On December 22, 2004 we sold our 20% interest to an affiliate shareholder,
Adam Barnett of Miami, Florida, for US$250,000.  This resulted in a one-time
gain for us of $198,737.

     On November 9, 2005 Mr. Barnett filed suit against Premier in the 44th
Judicial District, Dallas County, Texas and is seeking unspecified damages
unrelated to the CG Group interest or concept.  However, because we never
received payment in full from the sale of the CG Group interest, we have
declared the purchase agreement in default, taken a one-time write-down of
($157,710) during the fourth quarter of fiscal 2005 as a result of this default,
and are pursuing legal remedies through litigation.

     Therefore, and at least until all legal issues have been resolved relating
to the CG Group interest and Mr. Barnett, Premier does not expect to make any
effort to resume developing and expanding the Coconut Grove concept.


                                     - 14 -
<PAGE>

Players Grille Restaurant and Bar

     On August 1, 2004 we acquired Players Grille Restaurant and Bar - Fleming
Island located in Jacksonville, Florida.  The purchase price was one-million
dollars (US$1,000,000) and was comprised of $325,000 in cash and the issuance of
197,368 shares of common stock, 197,368 shares of Rule 144 restricted common
stock, and a two-year $225,000 promissory note bearing simple 5% interest
payable in eight equal quarterly payments.

     Players Grille is a theme-based casual dining sports bar.  As part of the
purchase we acquired all ownership and rights to the brand name and concept as
well as the right of first refusal to purchase the original location, also
located in the Jacksonville area.

     Premier is very pleased with the operating results it has experienced with
its initial unit and intends to further develop the Players Grille concept.

Countrywide Realty Services

     On August 1, 2004 we acquired Countrywide Realty Services located in Miami
Lakes, Florida.  The aggregate purchase price consisted of five hundred thousand
(500,000) shares of Premier Development & Investment, Inc. common stock, of
which eighty percent (80%) was restricted under Rule 144 and twenty percent
(20%) were free-trading, but relegated to a leak out agreement, with up to an
additional five hundred thousand shares (500,000) of the Premier's common stock
based on meeting certain revenue and profit targets.

     The Countrywide acquisition was rescinded on April 1, 2005.  Premier
received 500,000 shares from the original owner of Countrywide during the
rescinding which were cancelled and returned to Premier's treasury.  Premier
incurred a one-time write-down of $35,008 during the three-months ended June 30,
2005 for the discontinuing of Countrywide operations.

Employees

     As of November 17, 2006, we had 26 employees.

     None of our employees are covered by collective bargaining agreements, and
we have never experienced an organized work stoppage or strike.  We believe that
our working conditions and compensation packages are competitive and consider
relations with our employees to be very good.

Property and Equipment

     Through our wholly-owned subsidiary, Players Grille, Inc., a Nevada
corporation, we presently lease approximately 6,084 square feet of
restaurant/retail space in Orange Park, Florida.  In this space we operate our
Players Grille Restaurant and Bar, a casual dining, theme-based restaurant.

Factors That May Affect Future Results

     We believe that our current available cash, along with the revenues
generated from our Players Grille operations and the potential exercise of
outstanding stock purchase warrants should be sufficient to meet our forecasted
cash needs for working capital and capital expenditures through at least the
next twelve months.

     However, if we experience significant declines in revenues from our Players
Grille operations it may prevent us from further executing our business plan and
cause us to seek additional sources of funding.  While we have held discussions
with accredited lenders and prospective investors, we have not yet secured any
secondary or reserve sources of funding.  Furthermore, we may seek to sell


                                     - 15 -
<PAGE>

additional equity, debt or convertible debt securities.  Our ability to raise
capital by selling securities, and hence our liquidity, could be materially
adversely affected by the general and broad-based unease in the equities market
and the limited availability of venture capital financing sources.  We cannot
make any assurances that financing will be available and, if available to us, in
amounts necessary or on terms acceptable to us in the future.


Item 3. Controls and Procedures

     Within the 90 days prior to the date of this report, we carried out an
evaluation, under the supervision and with the participation of our management,
including our Chief Executive Officer and Principal Financial Officer, of the
effectiveness of the design and operation of our disclosure controls and
procedures pursuant to Securities Exchange Act Rule 13a-14.  Based upon that
evaluation, our Chief Executive Officer and Principal Financial Officer
concluded that our disclosure controls and procedures are effective in timely
alerting them to material information relating to us required to be included in
our periodic SEC filings.  There have been no significant changes in our
internal controls or in other factors that could significantly affect internal
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

     On January 22, 2004 we filed a civil suit in Dallas County, Texas naming
Equitilink, L.L.C., James J. Mahoney, Thomas M. Mahoney and Shamrock Holdings as
defendants.  The defendants were served on January 30, 2004.  The suit alleges
that the defendants failed to render services as agreed upon in a October 1,
2003 contract thereby causing a breach of contract.  The suit seeks recovery of
600,000 shares of our common stock plus other damages and relief.  We do not
believe that this suit will have any material adverse impact upon our operations
or financial condition.

     On August 25, 2004, we filed a civil suit in Dallas County, Texas naming
Restaurant Training, Inc. and Lula Francis Platt as defendants.  The defendants
were served with process on September 7, 2004.  The suit alleges that defendants
failed to perform under a contract for services, conversion and suit for
declaratory judgment.  The suit seeks the recovery of $2,500.00, 10,000 shares
of common stock and judgment declaring that Lula Francis Platt is not a rightful
shareholder of Premier Development and Investment, Inc.  We settled this lawsuit
on June 16, 2005.

     On October 28, 2004, a civil suit was filed against us in Hillsborough
County, Florida.  The suit alleges conversion and civil theft.  The Plaintiffs
seek as damages 490,000 shares of common stock.  We settled this lawsuit on June
16, 2005.

     On March 22, 2005, a civil suit was filed against us in New York County
alleging unlawful faxing.  The plaintiff seeks as damages $30,000.00.  The
lawsuit is frivolous and we are aggressively defending ourselves in court.

     On April 4, 2005, we filed civil suits in Dallas County, Texas naming
Elizabeth Hansen d/b/a OTC Elite Group and Corporate Awareness Professionals,
Inc. as defendants.  The suits allege that the defendants failed to render
services as agreed upon in August 14, 2003 contracts thereby causing breaches of
contract.  The suits seek recovery of 235,000 shares of our common stock plus
other damages and relief.  These suits were settled on October 12, 2005 with no
liabilities or further obligations to us.


                                     - 16 -
<PAGE>

     On September 1, 2005, a civil suit was filed against numerous defendants,
including, amongst others, Premier, former officers Andrew L. Jones and Eric R.
Boyer, and current officer J. Scott Sitra, in the Superior Court of New Jersey,
Union County, alleging unlawful faxing.  The lawsuit is frivolous and we are
aggressively defending ourselves in court.  This lawsuit was dismissed by the
court without prejudice.

     On November 9, 2005, a civil suit was filed against us in Dallas County,
Texas by Adam Barnett of Miami, Florida seeking unspecified damages.  We believe
this to be frivolous in nature and we are aggressively defending ourselves and
pursuing a multitude of legal counterclaims in court against Mr. Barnett.  We do
not believe that this suit, or any counterclaims, will have any material adverse
impact upon our operations or financial condition.

     On November 11, 2005 our legal counsel at Drinker, Biddle and Reath, LLP
sent a cease and desist demand letter to Victoria Wright of Miami, Florida, an
employee of Mr. Barnett's, relating to the recent Internet domain name
hijackings of our domains www.premierdev.com and www.playersgrille.com.  Until
we resolve this matter and these domain names are returned to us we will use the
temporary corporate domain names www.premierdev.info and www.playersgrille.info.
We do not believe that this matter will have any material adverse impact upon
our operations or financial condition.

     On February 21, 2006 we entered into a services contract with outside
consultant Jim Daniels, a Maryland resident.  Under the terms of the contract
Mr. Daniels was issued 103,500 shares of our common stock, class A, $0.004 par
value which was valued at $67,503.  The contract was rescinded on May 9, 2006
with no services performed and we have requested the return of the shares.
Should Mr. Daniels refuse to return the shares, Premier will file a lawsuit in
Hillsborough County, Tampa, Florida seeking recovery of the shares plus other
damages and relief.  Once recovered, Premier will cancel the shares and return
them to Premier's corporate treasury.  In the event we are forced to file a
lawsuit against Mr. Daniels, we do not believe that it would have any material
adverse impact upon our operations or financial condition.

     We are not currently party to any other legal proceedings, nor are we aware
of any other pending or threatened actions against us.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.  Defaults Upon Senior Securities

None

Item 4.  Submission of Matters to a Vote of Security Holders

None


Item 5.  Other Information.

None


                                     - 17 -
<PAGE>

Item 6.  Exhibits and Reports on Form 8-K

(A)      Exhibits
         --------

99.1     Certification by CEO pursuant to 18 U.S.C. Section 1350, as adopted
           pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.2     Certification by Treasurer and Secretary pursuant to 18 U.S.C. Section
           1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
           of 2002.


(B)      Reports on Form 8-K
         -------------------

         None


                                   SIGNATURES

     In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                   Premier Development & Investment, Inc.
                                   (Registrant)



Dated: November 20, 2006           By: /s/ J. Scott Sitra
                                       -------------------------------------
                                       J. Scott Sitra
                                       President and Chief Executive Officer




                PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, J. Scott Sitra, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Premier Development
& Investment, Inc.;

2.   Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statement made, in light of the circumstances under which statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report.

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


                                     - 18 -
<PAGE>

a)   designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)   presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a)   all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.   The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 20, 2006       /s/ J. Scott Sitra
                              -------------------------------------------
                              J. Scott Sitra
                              President and Chief Executive Officer
                              Premier Development & Investment, Inc.


             PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Michael Hume, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Premier Development
& Investment, Inc.;

2.   Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statement made, in light of the circumstances under which statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report.


                                     - 19 -
<PAGE>

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)   designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)   presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a)   all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6.   The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: November 20, 2006       /s/ Michael Hume
                              -------------------------------------------
                              Michael Hume
                              Treasurer, Secretary and Director
                              Premier Development & Investment, Inc.



                                     - 20 -
<PAGE>