SOURCE: American Green Group

December 02, 2008 09:32 ET

AMNE Issues Further Updates

NEW HAVEN, CT--(Marketwire - December 2, 2008) - American Green Group, Inc. (PINKSHEETS: AMNE) is pleased to announce that as of December 15, 2008 American Energy Savers, Inc. will no longer be part of American Green Group. The transaction that took place earlier this year has been rescinded as of December 15, 2008. Once completed, all the Preferred shares issued for the transaction shall be canceled and returned to the Company, which includes 35 million shares of issued and outstanding Common Stock which had been converted from the Preferred Stock.

John Cangiano will no longer be an Officer or Director of the company, but he will retain the 7.5 million post-split shares he received from purchasing the shell. Terry Mixon will assume the role of President and become a member of the Company's Board.

Mr. Mixon plans to complete the change in transfer agents to Fidelity Stock Transfer after he assumes his role as President and will be working with counsel for the Company to create the special class of Preferred stock and amend the By-Laws of the Corporation to include the language regarding stating no reverse splits as previously announced.

In the coming weeks Mr. Mixon will update shareholders regarding the company's new business Chemical sales and explain how the company will grow by aligning the Company with small associations already in place which can add up to 70 members at one time thereby meeting the Company's goals within 18 months.

The Company believes all other remarks made in the release to be accurate to the best of their knowledge.

The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.