SOURCE: Intellihome, Inc.

August 05, 2008 08:30 ET

Intellihome, Inc. Updates Transition to Atlas Oil & Gas, Inc.

WINSTON-SALEM, NC--(Marketwire - August 5, 2008) - Intellihome, Inc. (OTCBB: IHME) is pleased to announce that the company is continuing its transition to Atlas Oil & Gas, Inc. The company anticipates filling of its new name Atlas Oil and Gas, Inc. to be completed within the next two weeks. Current share structure will remain the same. The company is also currently in the process of securing oil properties in Oklahoma and discussing the possibility of several other regions within the United States. Intellihome is seeking a buyer for its current operations and reviewing other options. Upon completion of the transition Atlas Oil & Gas will retain no previous management or members of the board.

Cautionary note

This report contains forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

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