Angel Acquistion (AGEL)

[Phisherman]

Palomar Enterprises in Process of Finalizing Share Buyback Plan
--------------------------------------------------------------------------------
PRNewswire
10:00 a.m. 08/23/2007
CARLSBAD, Calif., Aug 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Palomar Enterprises, Inc. (PLMA), today announced that the Company is finalizing their stock buyback program. Palomar intends to announce the terms of the buyback by the middle of next week. The stock buyback plan is being executed to continue to reduce the number of shares outstanding in the common stock of Palomar Enterprises. Earlier this week, Palomar announced that they have completed the retirement of 350 million shares of common stock into treasury.
"We intend to continue to reduce the number of Palomar's shares outstanding over the next several months. Earlier this week, we announced that we had retired over half the number of shares outstanding. We are committed to building value for our Company and our shareholders," commented Steve Bonenberger, CEO and President of Palomar Enterprises. "As I have said before, we are serious about growing our Company and I think these measures will reflect that," Bonenberger concluded.
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.THEPALOMARGROUP.COM
Copyright (C) 2007 PR Newswire. All rights reserved