Allegro Biodiesel Corp. (fka ABDS)

[RULiquid]

Allegro Biodiesel Corporation secures arbitration shares from escrow account

Feb 05, 2009 (M2 EQUITYBITES via COMTEX) -- Allegro Biodiesel Corporation (OTC BB:ABDS.OB) declared on 4 February the receipt of an arbitration award with respect to its 2006 acquisition of Vanguard Synfuels LLC from the former members of Vanguard.

The arbitration award to Allegro Biodiesel Corporation consists of approximately USD875,000 in cash plus all accrued interest from 20 September 2006 to the time of payment, expected to be in mid-February 2009, as well as 519,736 shares of Allegro's common stock payable from the escrow account.

The award resulted from binding arbitration proceedings that were agreed to by both parties under the terms of the Settlement Agreement entered into by the parties as part of the sale of Vanguard and its related biodiesel assets to Consolidated Energy Holdings LLC in June 2008.