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Perihelion Global Announces Cancellation of Common Stock; Enters Negotiations for OTCBB Shell for Broadcast Division
Friday August 3, 8:00 am ET

SANTA ROSA BEACH, FL and WILMINGTON, DE--(MARKET WIRE)--Aug 3, 2007 -- Perihelion Global (Other OTC:PHGI.PK - News), a development company with interests in natural resources, alternative energies, and advanced communications, today announced an initiative to increase shareholder value, the Company will retire 4,600,000 (four million six hundred thousand) shares of outstanding common stock. The shares are to be returned to the Company's transfer agent and cancelled.

Management stated that it will continue to reduce the issued and outstanding shares in its ongoing campaign to enhance the Company's price per share. Management cited its unwavering commitment to the Company's initiative to enhance shareholder value and affect the rise in price per share necessary to facilitate pending and future mergers and acquisitions.

On July 23, 2007 the company announced confirmation from the Delaware Secretary of State that the company's lawful and documented authorized shares has been reduced by 98% from 30,200,000,000 to 500,000,000 per the company's board resolution adopted earlier this year.

Additionally, the company is announcing that it has entered negotiations to acquire a 2nd NASDAQ OTCBB shell company for its Broadcast Division subsidiary to merge into. Previously, the company had intended to keep the Broadcast Division Subsidiary listed on the Pink Sheets, while the Biofuel Refinery and Patented Gold Mine properties would up-list to the NASDAQ OTCBB. Management feels that it is in the best interests of the company and its shareholders to have all of its assets and subsidiaries listed on exchanges that have full transparency to the investment public.

"We intend to grow our broadcast division and expand beyond radio to other FCC licensed mediums," stated John H. Beebe, Chairman, President & Chief Executive Officer of Perihelion Global. Added Beebe, "We are excited about our growth and revenue opportunities for our Broadcast Division. We have also listened to the desires of our current shareholders about having greater transparency. We fully concur with our shareholders' desires and are pursuing an additional acquisition of an OTCBB listed company for our Broadcast Division to accomplish this objective."

About Perihelion Global:

Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of the 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications.

Website: http://www.perihelionglobal.com

Caution Regarding Forward-Looking Statements

This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business.

These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:

-- General economic conditions, either nationally or in our market area, that are worse than expected;

-- regulatory and legislative actions or decisions that adversely affect our business plans or operations;

-- price competition;

-- inflation and changes in the securities markets that adversely affect the fair value of our operations; and

-- changes in our organization, compensation and benefit plans.

We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


Contact:

Contacts:

John H. Beebe
Chairman, Chief Executive Officer & President
Perihelion Global
866-748-7610 (Toll Free) x 719
[e-mail]


Source: Perihelion Global