ALLEGIANCE EQUITY CORPORATION
TSX VENTURE : ANQ

October 13, 2010 12:22 ET

Allegiance Completes Private Placement and Proceeds With Two New Exciting Licensing Opportunities

Introduction

The last 30 days for Allegiance have seen the following developments with;

1. Completion of Private Placement of 333,333 common shares at $0.15

2. Introduction of CinGx in gourmet functional chocolate by Amber Lynn Inc at Luxury Review in Beverly Hills

3. DSE Health Solutions Inc. to proceed with clinical trial of enhanced Relieva formulation.

TORONTO, ONTARIO --(Marketwire - Oct. 13, 2010) - Allegiance Equity Corporation (TSX VENTURE:ANQ)

Amber Lynn Chocolate Inc. to launch Amber Plus with CinGx

New AmberPlus™ is the first functional food product combining the benefits of dark chocolate with a proprietary and patented combination of cinnamon and ginseng extracts called CinGx™, a proprietary compound developed by Allegiance. The ingredients in CinGx are effective in:

  • Supporting optimal cognitive function and peak memory
  • Promoting healthy mood and performance
  • Helping maintain a healthy immune response/system
  • Promoting healthy glucose and lipid metabolism
  • Promoting cardiovascular and heart health
  • Increasing energy
  • Adapting to stress
  • Promoting healthy aging

AmberPlus will make its debut at the LUXURY REVIEW in Beverly Hills California this month a major and exclusive public relations event. www.TheLuxuryReview.Com.

About Amber Lynn

AmberPlus™ is made by Amber Lyn Chocolates, Inc., headquartered in St. George Utah. Founded in 1999, the company produces and markets sugar free and no sugar added chocolate confections designed for people looking to reduce the intake of carbohydrates and sugars. The company's products are sold online, in select nationwide outlets and in Canada and Japan. For more information about Amber Lyn Chocolates or AmberPlus, please contact Marc Purles at 435-674-5506 or email at Marc@AmberLynChocolates.com

New Clinical Trial with Enhanced Formulation of Relieva to Proceed

Prime Pharmaceutical Corporation (Prime) a subsidiary of Allegiance invented a patented extraction process which increases the concentration of the beneficial alkaloids from Mahonia Aquifolium. This ancient Indian Herbal remedy now 75 times more potent, is Prime Pharmaceutical's proprietary extract "Psorberine"™.

Reliéva™ is the company's first product made with Psorberine™ an anti-inflammatory, antibacterial product for the treatment of psoriasis and atopic dermatitis. Relieva™ provides immediate relief for itching, irritation and inflammation associated with almost all problem skin conditions with ZERO toxicity and Irritation.

Enhanced Formulation of Relieva captures attention of DSE Health

DSE Healthcare Solutions L.L.C., Edison, New Jersey will carry out at its own expense a clinical trial with a new enhanced formulation for Relieva.

Production of the new formulation and placebo for the clinical trial are underway and the trial is expected to commence within the next 4 weeks. The enhanced Relieva had surprisingly effective results with several cases of severe psoriasis and the purpose of the trial is to verify these results.

DSE Healthcare Solutions is successful in the marketing of health care, medical and consumer products, to food, drug and mass merchandiser customers. DSE Healthcare Solutions was founded by very experienced former managers of one of the world`s largest pharmaceutical and health care companies. Robert C. Stites, the CEO and one of the founders of DSE, was previously President and Chief Operating Officer of Johnson & Johnson Products.

PRIVATE PLACEMENT AND INTEREST OF MANAGEMENT

Allegiance announced a proposed private placement of up to 1,500,000 shares on September 3 rd ,2010 at $0.25 and on October 5th 2010 announced that placement was withdrawn and instead announced a Private Placement of up to 400,000 common shares at $0.15 per share.

The TSX has given final approval to the purchase by Palm American Investment Inc. of 333,333 common shares of Allegiance Equity Corporation at $0.15 per share.

Palm American will continue to be the Controlling Shareholder of Allegiance holding 29.3% of the Company.

Palm American Investment Inc is controlled by David Solomon, Marilyn Bloovol and members of their family. Marilyn Bloovol and David Solomon are directors and officers of Allegiance.

Additional information relevant to the Company's activities, including the Company's press releases can found on SEDAR at www.sedar.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.

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