NEW YORK, Oct 30, 2007 /PRNewswire-FirstCall via COMTEX/ -- Allied Energy
Corporation (OTC Bulletin Board: AGYP) is pleased to report that the Company has
cancelled its agreements with Australian Gold Holdings ("AGH"), which has
resulted in the return of 45 million shares to treasury for cancellation. As a
result the Company's fully diluted share count has been reduced to less than 47
million. The Company is actively searching for a lucrative acquisition candidate
within the natural resources sector. Management is working diligently to create
shareholder value and will communicate material events with shareholders in a
timely manner.
The Company continues to be actively engaged in financial statements preparation
and the audit thereof, as applicable, for the purposes of meeting
Over-the-Counter Bulletin Board ("OTC-BB") listing requirements; such statements
being audited statements for the fiscal year ended September 30, 2007 and prior.
Due to the cancellation of the agreements with AGH, the Company has reverted to
its historical September 30th year-end.
About Allied Energy Corporation:
Allied Energy Corporation is a public ly traded Company actively seeking a
potential acquisition target within the natural resources sector. The Company
will carefully evaluate all potential opportunities and focus on both the
restoration and creation of shareholder value moving forward.
Forward Looking Statements:
This press release may include certain statements that are not descriptions of
historical facts, but are 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. These forward-looking statements may include the
description of our plans and objectives for future operations, assumptions
underlying such plans and objectives, statements regarding benefits of a
proposed acquisition and other forward-looking terminology such as "may,"
"expects," "believes," "anticipates," "intends," "projects" or similar terms,
variations of such terms or the negative of such terms. There are a number of
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. Such information is based upon
various assumptions made by, and expectations of, our management that were
reasonable when made but may prove to be incorrect. All of such assumptions are
inherently subject to significant economic and competitive uncertainties and
contingencies beyond our control and upon assumptions with respect to the future
business decisions which are subject to change. Accordingly, there can be no
assurance that actual results will meet expectations and actual results may vary
(perhaps materially) from certain of the results anticipated herein.
Contact:
Antonio Treminio
Investor Relations, Allied Energy Corporation
Tel: 212-315-9705
E-mail: Antonio@hotequities.com
SOURCE All ied Energy Corporation
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KEYWORD: New York
INDUSTRY KEYWORD: OIL
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SUBJECT CODE: CON
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