Angel Acquistion (AGEL)

[Phisherman]

Palomar Enterprises Completes Retirement of 350 Million Shares of Common Stock

--------------------------------------------------------------------------------

PRNewswire
09:00 a.m. 08/22/2007


CARLSBAD, Calif., Aug 22, 2007 /PRNewswire-FirstCall via COMTEX/ -- Steve Bonenberger, CEO and President of Palomar Enterprises, Inc. (PLMA), today announced that the Company has now completed the retirement of 350 million shares of common stock. This number also represents a retirement of well more than half of the total number of shares outstanding. The stock was converted back to preferred stock, which drastically reduced the common share Float. The reduction of shares outstanding is reflected on the Company's latest 10-Q which was recently filed.

"We have completed the process of retiring 350 million shares to treasury and expect to announce further measures to reduce the number of shares outstanding within the next week or so. This is being done in the best interest of our shareholders as well as our Company. A reduction of shares outstanding by these means will increase shareholder value in our Company. As we said many months ago, we would not do any more reverse splits of our common stock to reduce the number of shares outstanding. We will always use other means rather than those that erode our shareholder's value," commented Steve Bonenberger, CEO and President of Palomar Enterprises. "We are serious about growing our Company and I think these measures plus the numbers on our 10-Q will reflect that," concluded Bonenberger.

If anyone has any questions, please feel free to email Brent Fouch, COO of Palomar Enterprises at [e-mail]. Mr. Fouch will be more than happy to explain Palomar's strategy.

From time to time, the Company may issue news releases that contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be "forward-looking statements." "Forward-looking statements" are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.

Corporate office: 775-887-0670

http://www.thepalomargroup.com

Palomar Enterprises, Inc., [phone]


http://www.palomarenterprises.com


Copyright (C) 2007 PR Newswire. All rights reserved