Wednesday, February 21st, 2007
PRESS RELEASE
FOR IMMEDIATE RELEASE
ALLEGIANCE EQUITY CORPORATION AND INNOVATIVE LIFE
SCIENCES CORPORATION TO LAUNCH HEART CHOCOLATE AT THE IT LOUNGE DURING THE
TORONTO FILM FESTIVAL
ALLEGIANCE PROPOSES PRIVATE PLACEMENT OF UP TO 2,000,000 COMMON SHARES AT $0.23 PER SHARE.
Allegiance Equity Corporation (Allegiance) and Innovative Life Sciences Corporation
(Innovative) are pleased to announce the introduction of Heart Chocolate™
at the IT Lounge during the Toronto Film Festival. Heart Chocolate with CM-X™
is a new chocolate bar with significant health benefits CM-X™ is a combination
of natural extracts proven to:
CM-X has been added to rich delicious cocoa to create a satisfying snack.
NKPR Inc. presents the IT Lounge during the 2007 Toronto Film Festival
NKPR Inc. is back with the IT Lounge, timed to coincide with the 2007 Toronto Film Festival, from September 6th-15th, 2007. Now in its second year, the gift lounge opens its doors September 6th-13th, 2007 and will feature a distinctive collection of brands and products making their official market debut. Hot-off-the-press items include provocative new fragrances from North America’s new “IT” couple, the Beckhams, a first-of-its-kind healthy chocolate bar, “Heart Chocolate with CM-X™”, and a special festival survival kit, to name a few. Celeb fave from IT Lounge ’06, The Right Hand Gal, is also back with a stunning “green” necklace- all to be gifted to celebrity visitors. Find “IT” in luxurious boutique hotel, The Windsor Arms (18St.Thomas Street) he heat of Toronto’s Bloor- Yorkville neighbourhood.
“The IT lunge provides a great venue for introducing new brands and products to the market. We’ve searched long and hard to assemble this exciting collective of “IT” items and we can’t wait to finally unveil them!” says NKPR president, Natasha Koifman. “The lounge also gives NKPR an opportunity to increase awareness for a cause that we believe in. September is Big Brothers and Big Sisters month and we’re very excited to partner with them this year!”
Allegiance holds approximately 17.5% equity interest in Innovative, which developed a family of nutraceutical products with distinct competitive advantages.
Innovative has filed a patent application in Canada and application for regulatory approvals with Health Canada for its enhanced formulation of CM-X™. These approvals substantiate CM-X™ as the only compound at this, whether OTC or pharmaceutical, to reduce blood glucose, normalize lipid profiles, reduce cardiovascular inflammation, and act as an anti-oxidant.
Scientific literature, laboratory studies and clinical trials evidence that the ingredients in CM-X™ reduce blood glucose by 28% and cholesterol by 25% which in a relatively short period of time.
Additional new Product License Applications with Health Canada include “CM-X™ and Omega-3 Fatty Acids Tablet”, “CM-X™ Omega-3 Fatty acids Capsules”, “CM-X™ and Co-Q-10 Tablets”, “CM-X™ and Co-Q-10 Capsules”, “CM-X™ and Lutein Tablets”, and “CM-X™ NS Lutein Capsules”.
Innovative’s extensive portfolio of IP for CM-X™ and related formulation includes:
We feel our extensive portfolio of IP will be enhanced by the launch of Heart Chocolate™ said David Solomon, president of Allegiance Equity Corporation.
Allegiance took the initiative in establishing Prime in which it holds a 37.5% equity interest of 6,040,458 common shares of Prime out of 16,284,680 common shares issued and outstanding.
Prime developed Relieva™, a natural, proprietary over-the-counter treatment for psoriasis, eczema and other skin conditions. The active ingredient in Relieva™ is derived from Mahonia Aquifolium and avoids the side effects caused by the use of traditional pharmaceutical treatments.
Allegiance Equity Corporation has filed a patent application for an exciting new compound for improvement of memory function, cognitive function, and mental health.
The new proprietary compound, to be named GG-XT, consists of a synergistic mixture of standardized extracts of ginseng and gingko biloba.
Allegiance and its partners are developing product formulations for tablets, capsules, and functional goods containing GG-XT. Allegiance will file a Product License Applications with Health Canada to support the claims for
Dementia is a brain disorder that seriously affects a person’s ability to carry out daily activities. The most common form of dementia among older people which initially involves the parts of the brain that control thought, memory and language.
It is estimated that up to 45 million Americans suffer from Alzheimer’s. The disease usually begins after the age of 60 and risk goes up with age. About 59% of men and women ages 65 to 74 have Alzheimer’s disease and nearly half of those aged 85 and older may have the disease.
Purpose of Financing
Interest of Management
It is contemplated, corporations controlled by Marilyn Bloovol and David Solomon, directors and officers of Allegiance will participate in the private placement, directly of indirectly through corporation controlled by them.
Palm America Investment Inc. Holds 1,888,665 common shares of Allegiance Equity Corporation and will file a notice of intention to sell up to 1,000,000 common shares by a way of private sale or on the market from time to time. Palm America Investment Inc is controlled by David Solomon, Marilyn Bloovol and members of their family. The majority funds received by Palm America Investment Inc will be used to finance the activities of Allegiance and participate in the proposed private placement.
Allegiance holds 2,100,000 shares of Innovative Life Sciences Corporation which is approximately 17.5% of Innovative. There are presently 4,845,225 new common shares of Allegiance issued and outstanding.
For further information of Allegiance Equity Corporation, contact David Solomon, President, by telephone at 416-944-2840 or dsolomon@primepharmaceutical.com
PRESS RELEASE
FOR IMMEDIATE
RELEASE
Allegiance Equity Corporation (“Allegiance”) files a Product License Application (PLA) with Health Canada for Alzheimers, dementia and other related conditions.
Toronto, Ontario – Allegiance Equity Corporation (“ANQ” - TSX-V) Allegiance Equity Corporation (“Allegiance) has developed GG -XT™, an exciting new patented compound for treatment of Alzheimers, dementia and other related conditions.
Allegiance retained Experchem Laboratories Inc. (www.experchemlab.com), a leading Canadian laboratory, to file a Product License Application for its new treatment for Alzheimers, Dementia and other related conditions. Health Canada has issued the following submission numbers for the tablets (Submission #123954) and capsules (Submission #123953). This combination of ingredients will support the following claims from Health Canada:
No other OTC product is able to make the above claims. Allegiance and its partners will develop product formulations for tablets, capsules and functional foods containing GG-TX.
It is estimated that up to 45 million Americans suffer from Alzheimers. The disease usually deigns after the age of 60 and the risk goes up with age. About 59% of men and women ages 65 to 74 have Alzheimers disease and nearly half of those aged 85 and older may have the disease.
Allegiance Equity Corporation (“Allegiance”) is the largest shareholder of Prime Pharmaceutical Corporation (“Prime”) and holds 6,045,000 common shares out of 16,259,550 which is approximately 37.5% of Prime. Prime owns an extensive portfolio of Patents, Trademarks and Regulatory Approvals for Reliéva® (see www.relieva.ca) on effective new and safe treatment for psoriasis, eczema, and atopic dermatitis.
Allegiance also holds 2,050,000 common shares of Innovative Life Sciences Corporation (“ILS”) which represents approximately 17.5% equity interest in ILS.
Allegiance holds 2,050,000 shares of Innovative which is approximately 17.5% of Innovative. There are presently 4,295,225 common shares of Allegiance issued and outstanding.
Allegiance has undertaken the development of GG-XT on its own account but is expected to license the products it develops and patents.
The TSX Venture Exchange has not reviewed and does not accept responsibility FOR THE ADEQUACY OR ACCURACY FOR THIS PRESS RELEASE, WHICH HAS BEEN PREPARED BY MANAGEMENT.
For further information on Allegiance Equity Corporation, contact David Solomon,
President, by telephone at 416-944-2840 or dsolomon@primepharmaceutical.com.
Visit our website at www.allegianceequity.com
Toronto, June 21, 2007– Allegiance Equity Corporation (TSX-V- “ANQ”) announces grant of a joint US patent for encapsulated Mahonia Aquifolium (Psorberine)
Apollo Pharmaceutical Inc. (www.apollorx.net) reported the grant of a US patent (#7,205,006) for encapsulated Mahonia Aquifolium Extract, Extraction Process and Pharmaceutical composition containing the same. The patent has been jointly issued to IGI and Prime Pharmaceutical Corporation (Prime). Apollo Pharmaceutical holds the exclusive worldwide licensing rights for all potential commercial applications of Psorberine.
Allegiance Equity Corporation (trading symbol TSXV: ANQ) is the largest shareholder of Prime and holds 6,045,000 shares out of 16,259,580, which is approximately 37.5% of Prime.
Apollo Pharmaceutical reported positive results from a 200 patient, 12 week, randomized, double blind, and a placebo controlled study to assess the efficacy and safety of Relieva™ topical cream in patients with mild to moderate Psoriasis. Psoriasis is a common skin disorder that affects approximately 9 million people in North America alone.
The Relieva™ cream, lotion and shampoo products were developed by scientists at IGI using the Novasome® technology to encapsulate and deliver Mahonia Aquifolium (Psorberine) to Psoriatic plaque.
Relieva cream and lotion are currently available for purchase at www.relieva.com and select pharmacies and physician's offices across Canada and the US. Relieva shampoo will be available by mid-summer, with Eczema (atopic dermatitis) products currently in the development stages.
"This further attests the capability of Novasome® encapsulation technology to enhance the delivery of active molecules to the skin…" said Rajiv Mathur, President and CEO of IGI, Inc.
There are presently 4,845,225 common shares of Allegiance issued and outstanding.
The TSX Venture Exchange has not reviewed and does not accept responsibility FOR THE ADEQUACY OR ACCURACY FOR THIS PRESS RELEASE, WHICH HAS BEEN PREPARED BY MANAGEMENT.
For further information on Allegiance Equity Corporation, contact David Solomon, President, by telephone at 416-944-2840 or dsolomon@primepharmaceutical.com.Allegiance Equity Corporation files Patent Application for
new treatment to improve memory, cognitive function, and vitality of life.
FOR IMMEDIATE RELEASE
TORONTO, April. 16, 2007 -- Allegiance Equity Corporation (trading symbol TSX(V)) ANQ filed a patent application for an exciting new compound for improvement of memory function, cognitive function, and mental health.
The new proprietary compound, to be named GG-XT, consists of a synergistic mixture of standardized extracts of ginseng and gingko biloba.
Allegiance and its partners are developing product formulations for tablets, capsules, and functional foods containing GG-XT. Allegiance will file a Product License Applications with Health Canada to support the claims for
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Alzheimers Disease and Dementia
Dementia is a brain disorder that seriously affects a person’s ability to carry out daily activities. The most common form of dementia among older people which initially involves the parts of the brain that control thought, memory and language.
It is estimated that up to 45 million Americans suffer from Alzheimers. The disease usually begins after age 60 and risk goes up with age. About 59% of men and women ages 65 to 74 have Alzheimers disease and nearly half of those aged 85 and older may have the disease.
About Allegiance Equity Corporation
Allegiance Equity Corporation (“Allegiance”) is the largest shareholder of Prime Pharmaceutical Corporation (“Prime”) and holds 6,045,000 common shares out of 16,259,550 which is approximately 37.5% of Prime. Prime owns an extensive portfolio of Patents, Trademarks and Regulatory Approvals for Reliéva® (see www.relieva.ca) on effective new and safe treatment for psoriasis, eczema, and atopic dermatitis.
Allegiance also holds 2,050,000 common shares of Innovative Life Sciences Corporation (“ILS”) which represents approximately 17.5% equity interest in ILS.
ILS has filed eight Product License Applications with Health Canada for an over-the-counter (OTC) treatment for CM-X™ proven to
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Allegiance has undertaken the development of GG-XT on its own account but is expected to license the products it develops and patents.
The TSX Venture Exchange has not reviewed and does
not accept responsibility FOR THE ADEQUACY OR ACCURACY FOR THIS PRESS RELEASE,
WHICH HAS BEEN PREPARED BY MANAGEMENT.
For further information on Allegiance Equity Corporation, contact David Solomon,
President, by telephone at 416-944-2840 or dsolomon@primepharmaceutical.com
or visit www.allegianceequity.com.
TORONTO, Feb. 21, 2007 -- Allegiance Equity Corporation (trading symbol TSXV: ANQ)
Prime Pharmaceutical Corporation (with 37.5% equity interest held by Allegiance) is pleased to announce that its licensee, Apollo Pharmaceuticals, has conducted preclinical research studies to characterize the Pharmacological profile of Relieva®, a topical preparation containing Psorberine in Novasome®, a proprietary liposome formulation. The in vitro studies to specifically determine the immunoregulatory effects of Psorberine show that:
1. It inhibits the growth of bacteria.
2. It inhibits the release of the pro-inflammatory cytokines such as IL-8,
TNF-a and IL-1ß, as well as the inflammatory cytokine IL-2. This effect
of Psorberine may contribute to its anti-inflammatory activity.
3. It inhibits the chemotaxis of T cells toward chemokines. An activity that
is important for any anti-inflammatory compound.
The anti-inflammatory and antibacterial activity of psorberine suggests that
it might be useful in patients with Atopic Dermatitis.
To determine the efficacy and tolerability of Relieva® in adult patients with Atopic Dermatitis, an open label study was conducted in the USA. Forty two patients were enrolled in the 12 week trial. The study was very successful and the final results will be available as soon as the analysis is completed.
Reliéva® for Psoriasis
Psoriasis is an incurable skin disease that is characterized by rapid cell
proliferation and inflammation. It affects 3% of the world’s population,
and The Medical Technology Stock Letter estimates the global market for psoriasis
therapies to exceed $7 billion annually. Current treatments are primarily
topical creams and ointments, most of which have side effects or safety concerns
that preclude long-term use.
A major new clinical trial accepted and published in the American Journal of Therapeutics (American Journal of Therapeutics 13, pp.121-126 (2006)) recognized that Prime’s Relieva® is a major breakthrough in the treatment of psoriasis providing effective relief without side effects. For further information visit www.relievaforpsoriasis.com
The TSX Venture Exchange has not reviewed and does
not accept responsibility FOR THE ADEQUACY OR ACCURACY FOR THIS PRESS RELEASE,
WHICH HAS BEEN PREPARED BY MANAGEMENT.
For further information on Allegiance Equity Corporation, contact David Solomon,
President, by telephone at 416-944-2840 or dsolomon@primepharmaceutical.com
or visit www.allegianceequity.com.
Allegiance has partnered with several leading companies and strategic partners for product development and promotions
TORONTO, Feb. 5, 2007 -- Allegiance Equity Corporation
(trading symbol TSXV: ANQ) is moving forward to launch various
proprietary over-the-counter products for the treatment of psoriasis and eczema,
and conditions arising from metabolic syndrome and has partnered with several
leading companies and partners to assist with research, development and promotion
efforts for the products’ launch.
The opportunity and the product: Reliéva®
Psoriasis is an incurable skin disease that is characterized by rapid cell proliferation
and inflammation. It affects 3% of the world’s population, and The Medical
Technology Stock Letter estimates the global market for psoriasis therapies
to exceed $7 billion annually. Current treatments are primarily topical creams
and ointments, most of which have side effects or safety concerns that preclude
long-term use. No current treatment is totally satisfactory, and doctors and
patients are all looking for something that provides optimal effectiveness with
a greater safety profile.
Reliéva® has significant competitive advantages over existing treatments including the world’s largest selling psoriasis treatment that has estimated gross sales of $1 billion USD worldwide and gross margins of $700 million USD. Other psoriasis treatments (including the leader) may lose their effectiveness over time as patients build up tolerability. Reliéva® has a “0” irritancy rating, no health risks or side effects (whereas the leading treatment can be irritating to approximately 25% of patients, which makes it difficult for them to use). Current treatments such as ultra-violet light, lotions and creams containing coal tar or steroids lack the combined efficacy and safety of Reliéva®.
Prime Pharmaceutical Corporation
Prime Pharmaceutical Corporation (Prime) (with 37.5% equity interest by Allegiance
Equity Corporation) and its licensee, Apollo Pharmaceutical Inc. (Apollo), have
formulated a new shampoo and scalp solution for the treatment of psoriasis,
which will be launched in the Canadian marketplace shortly. These new introductions
will broaden the base for future royalty income to Prime. Apollo has completed
a clinical trial using Prime’s technology for the treatment of eczema
and the results, which are expected to be positive, will be released shortly.
The introduction of new products for treating psoriasis and the potential of
expanding Relieva® for the treatment of eczema are very promising. Apollo
is responsible for all costs associated with research and product development.
(www.relieva.com)
About Innovative Life Sciences Corporation (ILS)
ILS (with 20% equity interest by Allegiance Equity Corporation) is making significant
progress for the commercialization of its technologies for the treatment of
diabetes, high cholesterol and related cardiovascular conditions. At the core
of these products is CM-X™ - an exciting new patented compound with 1,000
times the active molecules of two natural herbal products: cinnamon and bitter
melon. Products containing CM-X are expected to be launched in the Canadian
marketplace later this year.
ILS works with several strategic partners with expertise in food manufacturing, research, testing and design. ILS recently retained Toronto-based PR agency NKPR Inc. (www.nkpr.net) to spearhead its public relations and marketing program.
Additional products in development
Allegiance is also working with Alliance Principle
Ingredients Corporation to identify ingredients that target the metabolic
syndrome and other age related diseases. The two companies are also working
together to explore the development of additional new products for the treatment
of such conditions as Alzheimer’s, cancer, arthritis and other widespread
diseases. Alliance Principle Ingredients (www.allieanceingredients.com)
markets many of the world’s leading companies in the Natural Health Products
segment of the Industry dedicated to safety, efficacy and GMP and in compliance
with Canadian Regulatory Standards.
About Allegiance Equity Corporation
Allegiance Equity Corporation (trading symbol TSXV: ANQ) is
the largest shareholder of Prime and holds 6,045,000 shares out of 16,259,580,
which is approximately 37.5% of Prime. Allegiance holds 2,150,000 shares of
Innovative Life Sciences Corporation, which represents 20% equity in ILS. There
are presently 4,845,225 common shares of Allegiance issued and outstanding.
For further information about Allegiance Equity Corporation, contact:
David Solomon, President,
Tel: 416-944-2840
E-mail: dsolomon@primepharmaceutical.com.
Innovative Life Sciences Corporation files six Product
License Applications (PLA’s) with Health Canada for an over-the-counter
solution for treating diabetes, high cholesterol and cardiovascular conditions
TORONTO, Jan 22nd, 2007 -- Innovative Life Sciences Corporation, a privately held company with 20% equity ownership by Allegiance Equity Corporation (trading symbol TSXV: ANQ), recently filed six new Product License Applications with Health Canada for an over-the-counter (OTC) safe, effective and natural solution for the treatment of diabetes, high cholesterol and related cardiovascular conditions.
At the core of all six products is CM-X™, an exciting new patented compound developed by Innovative Life Sciences. CM-X™ contains 1,000 times the natural concentration of the active molecules of two natural herbal products: cinnamon and bitter melon. It boasts anti-oxidant and anti-inflammatory properties and has been scientifically proven to lower blood glucose levels and normalizes lipid profiles.
The six Product License Applications include:
Innovative has also filed patent and Natural Health Product applications for CM-X™ in Canada will be launching a chocolate bar with CM-X™, targeted for people with type 2 diabetes and high cholesterol, later this year.
Rising rates of diabetes and cardiovascular disease
worldwide
It is estimated that over 71.3 million people in North America suffer from metabolic
syndrome, a combination of abnormal biochemical conditions that predispose an
individual to developing conditions such as diabetes, cardiovascular disease
(CVD) and stroke, three of the most common chronic diseases today. By 2010,
the metabolic syndrome is expected to affect 50-75 million people in the US
alone.
“The use of natural health products, such as CM-X™, minimizes side effects and intolerance to medication,” explains David Solomon, President of Innovative Life Sciences and Allegiance Equity Corporation. “In chronic conditions where there is prolonged use of medication, we are convinced that the development of a line of products such as CM-X, CM-XO, CM-XQ, CM-X can offer people with metabolic syndrome a complementary and perhaps preventive treatment option, which may significantly reduce the progression of metabolic syndrome into full blown cardiovascular disease and/or diabetes.”
“PharmEng exceeded our expectations in filing these six new PLA with Health Canada. We look forward to working together with PharmEng on future licensing opportunities,” explains David Solomon, President of Allegiance and Innovative.
“Innovative’s CM-X™ core technology and the six new product formulations represent a new and exciting approach for treating and preventing diabetes, high cholesterol and related cardiovascular conditions. We look forward to assisting them with the introduction of the CM-X™ family of products into the North American marketplace,” adds Joel Cheng, President of PharmEng Innovations Inc.
Riches, McKenzie & Herbert LLP has also been retained to file additional patent applications for the six new products.
For more information:
David Solomon, President
Allegiance Equity Corporation
Tel: 416-944-2840
E-mail: dsolomon@primepharmaceutical.com.
Website: www.allegianceequity.com
PRIVATE PLACEMENT OF UP TO 1,500,000 common shares at $0.20 per share.
The Board of Directors of the Corporation have authorized a private placement of up to 1,500,000 common shares at $0.20 per share.
Purpose of Financing
Relationship between Allegiance Equity Corporation (“Allegiance”)
and Prime Pharmaceutical Corporation (“Prime”)
Allegiance took the initiative in establishing Prime in which it holds a 37.5%
equity interest or 6,040,458 common shares of Prime out of 16,284,680 common
shares issued and outstanding.
Background
Prime developed Reliéva™, a natural, proprietary over-the-counter treatment for psoriasis, eczema and other skin conditions. The active ingredient in Reliéva™ is derived from Mahonia Aquifolium and avoids the side effects caused by the use of traditional pharmaceutical treatments.
Recent developments include expansion to international markets and the development
of new products and intellectual property. Apollo U.S. is close to licensing
Prime’s intellectual property to one of the largest companies in New Zealand
and Australia.
The marketing of Relieva™ in Canada on the other hand has met with disappointing
results. In spite of $3,200,000 being invested in Apollo Canada adequate sales
have not been generated. As a result, Apollo Canada has ceased operations in
Canada and Apollo U.S. is now handling Canadian sales.
These disappointing results have made it necessary for Prime to agree to eliminate
provisions for minimum royalties as provided in its licensing agreements. The
new agreements provide for a $15,000 monthly advance royalty payment.
The Apollo Group is reconsidering its North American strategy and options which
include sublicensing or joint venturing with a major pharmaceutical company.
Allegiance has made a strategic investment acquiring here a 20% equity interest in Innovative, which has been established to develop and market a family of nutraceutical products with distinct competitive advantages. Management expects Innovative to establish itself as a leader in the treatment of such conditions as glucose (diabetes) and high cholesterol.
Innovative was founded by professionals and successful entrepreneurs with proven track records of building successful business enterprises within a relatively short period of time.
Innovative’s shareholders, management and strategic partners include, BioPack Industries, ExperChem Labs, and Maggie Laidlaw, Director of Human Neutraceuticals at the University of Guelph, Riches, and McKenzie and Herbert LLP Patent Attorneys, All are leaders in the research of formulation ,licensing, development and manufacturing of products.
Innovative has filed patent applications in Canada and applications for regulatory approvals with Health Canada for its enhanced formulation of CM-X™. These approvals will recognize CM-X™ as the only product, whether OTC or pharmaceutical, to reduce blood glucose, normalize lipid profiles, reduce cardiovascular inflammation, and act as an anti-oxidant.
Scientific literature, laboratory studies and clinical trials evidence that the ingredients in CM-X™ reduce blood glucose by 28% and cholesterol by 25% within a relatively short period of time.
The standard treatments today include prescription pharmaceuticals which dominate the market represented by big pharmaceutical companies. These treatments have many known side effects that can result in liver and kidney damage. CM-X™ has no known side effects.
Diabetes, Cholesterol and Related Cardiovascular Diseases:
Diabetes is an insidious disease growing at epidemic proportions that represents
where diabetics and pre diabetics require new preventive treatments. It is the
sixth leading cause of death in the US.
• In 2002 nearly 177 million people world-wide suffered with diabetes
and the numbers are expected to rise to 370 million by 2030.
• In the US there are 20.6 million diabetics of which 6.2 million are
unaware of their condition.
• In the US $132 billion was spent in 2002 treating diabetes.
The diseases associated with diabetes and high cholesterol include, heart disease and strokes, high blood pressure, blindness, kidney disease, nervous system damage, limb amputation and periodontal disease.
It is contemplated, corporations controlled by Marilyn Bloovol and David Solomon, directors and officers of Allegiance will participate in the private placement, directly or indirectly through corporations controlled by them.
Palm America Investment Inc holds 1,815,165 common shares of Allegiance Equity Corporation and will file a notice of intention to sell up to 1,000,000 common shares by a way of private sale or on the market from time to time. Palm America Investment Inc is controlled by David Solomon, Marilyn Bloovol and members of their family. The majority funds received by Palm America Investment Inc will be used to finance the activities of Allegiance and participate in the proposed private placement.
Allegiance Equity Corporation (ANQ) is the largest shareholder of Prime and holds 6,045,000 shares out of 16,259,580, which is approximately 37.5% of Prime. Allegiance holds 2,500,000 shares of Innovative Life Sciences Corporation which is approximately 20% of Innovative. There are presently 4,295,225 common shares of Allegiance issued and outstanding.
For further information on Allegiance Equity Corporation, contact David Solomon,
President, by telephone at 416-944-2840 or dsolomon@primepharmaceutical.com.