SOURCE: ProOne

January 15, 2008 08:27 ET

ProOne Completes Merger Into Public Shell

COSTA MESA, CA--(Marketwire - January 15, 2008) - ProOne, Inc. announced today that it has completed a reverse merger into a public shell.

In the transaction, all of the outstanding shares of ProOne, Inc. were exchanged for shares in Latin Heat Entertainment, Inc., (PINKSHEETS: LHET) a public company that ceased operations and filed for reorganization under Chapter 11 of the Federal Bankruptcy Code on November 16, 2007. Under the reorganization plan, the former stockholders of ProOne now own 9,518,600 shares or 87.53%, and the former stockholders and creditors of Latin Heat Entertainment now own 1,356,400 shares or 12.47% of the reorganized, post-bankruptcy public entity. The public company's new name will be ProOne Holdings Inc. (after the appropriate application to change the name has been made to the state of Nevada), and the officers and directors of the pre-public ProOne have been appointed the officers and directors of ProOne Holdings Inc., the public company.

Commenting on the reverse merger, Elton Alderman, President of ProOne, Inc. and ProOne Holdings Inc., stated, "We're very excited about moving our company into the public arena because we believe our story is ideally suited for public company investors. ProOne appeals to investors interested in energy investments, and to investors interested in 'green' or environmentally friendly investments. Furthermore, because our next generation products outperform competing products in a market estimated to exceed $10 billion a year, our company is ideally positioned for exponential growth."

Mr. Alderman continued, "As soon as we have been assigned our new ticker symbol, it is our intention to begin trading under that new symbol on the Pink Sheets LLC Electronic Quotation Service." Pink Sheets (www.pinksheets.com) is a financial reporting and information service that facilitates the trading of OTC (over-the-counter) stocks. "We intend to become a fully reporting company, and move to the OTC Bulletin Board exchange sometime in 2008."

About ProOne:

ProOne, Inc. (ProOne) is in the business of developing and marketing high-performance, cost-effective, "friction reduction" products for commercial, industrial and retail customers. The product family includes a new generation of advanced lubricants, greases, fuel additives, cutting oils, spray lubricants, hydraulic fluids and automotive cleaners. The products are proprietary formulations based upon metallurgical and molecular science that reduce friction substantially better than other products on the market, with over 50 times the film strength of conventional lubricants. For addition information on ProOne visit www.extengine.com.

Statements contained in this news release, aside from those identifying historical facts, are 'forward looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

Contact Information

  • Contact:
    Elton Alderman
    President
    ProOne, Inc.
    (714) 327-0262
    Email: Email Contact