SOURCE: Amelot Holdings, Inc.

August 20, 2010 12:45 ET

Amelot Holdings Removes Andrew L. Schwab as Corporate Secretary and Proceeds Against Fitzsimmons Systems With New Counsel

NORFOLK, VA--(Marketwire - August 20, 2010) -  Amelot Holdings, Inc. (PINKSHEETS: AMHD) announced today that it has removed Andrew L. Schwab as its Corporate Secretary. According to the company, without any notice, Mr. Schwab vacated his offices, disconnected his office telephone, fax and personal cell, took down his website, and left no forwarding address with the U. S. Post Office.

Amelot Holdings has filed a formal complaint against Mr. Schwab with the Departmental Disciplinary Committee, Supreme Court, Appellate Division, in New York City, asking for return of legal fees paid and payment of other expenses incurred by Amelot as a result of his actions. 

"I regret having to take these actions against Mr. Schwab, but in the best interest of our Company and its shareholders, I felt it best to do so," stated Fred Guarnieri, President and CEO.

A lawsuit was filed in the amount of $1,212,500 as Amelot Holdings, Inc. v. Fitzsimmons Systems, Inc. and Lowell T. Fitzsimmons, #106102/08. Mr. Schwab had been instructed at a March 2010 meeting to continue prosecution on the Company's behalf of litigation against Fitzsimmons Systems, Inc. of Syracuse, New York. Amelot is now working with new counsel to reactivate the lawsuit and move forward aggressively against Fitzsimmons.

The current outstanding common shares balance is 4,309,573,155 and the number of authorized shares is 4,925,000,000. Mr. Guarnieri currently owns 736,275,000 shares of the Company's common stock. There have been no issuances of additional shares since August 2008.

About Amelot Holdings, Inc. (PINKSHEETS: AMHD):

Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified Biodiesel as a multi-billion emerging Biofuel market. Amelot plans to have a significant market share in growing low cost feedstocks to supply the growing demand for biodiesel, to reduce energy dependency of fossil fuels, to help reduce the U.S. dependency on foreign oil supplies and reduce the impact of energy on our environment.

Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. 

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