Angel Acquistion (AGEL)

[Phisherman]

October 1, 2007 - 8:30 AM EST
Palomar Enterprises Finalizes Share Buyback Plan
CARLSBAD, Calif., Oct. 1 /PRNewswire-FirstCall/ -- Palomar Enterprises, Inc. (OTC Bulletin Board: PLMA), today announced that The Company has finalized their stock buyback program. The stock buyback programwill begin immediately. The execution of the stock buyback plan will be used to continue to reduce the number of shares outstanding in the common stock of Palomar Enterprises, Inc. In August 2007, Palomar retired 350 million shares of common stock.
Beginning immediately, Palomar Enterprises, Inc. will begin repurchasing shares of common stock from the open market. This will be done through compliance with Rule 10b-18. Funding for the buyback program will come from available working capital. While no specific number of shares or price has been set for the plan, the purchases and the timing of those purchases will depend on cash balances available to do so. And, the plan will be executed over the next several months.
The Company intends to continue to reduce the number of common shares outstanding over the next several months. The Company is committed to building value for its loyal shareholders.