ALLEGIANCE EQUITY CORPORATION
TSX VENTURE : ANQ

September 06, 2007 12:22 ET

Allegiance Equity Corporation and Innovative Life Sciences Corporation to Launch Heart Chocolate at the IT Lounge During the Toronto Film Festival

ALLEGIANCE PROPOSES PRIVATE PLACEMENT OF UP TO 2,000,000 COMMON SHARES AT $0.23 PER SHARE.

TORONTO, ONTARIO--(Marketwire - Sept. 6, 2007) - Allegiance Equity Corporation (Allegiance) (TSX VENTURE:ANQ) and Innovative Life Sciences Corporation (Innovative) are pleased to announce the introduction of Heart Chocolate™ at the IT Lounge during the Toronto Film Festival. Heart Chocolate with CM-X™ is a new chocolate bar with significant health benefits CM-X™ is a combination of natural extracts proven to:

- Lower blood sugar

- Lower cholesterol

- Improve cardiovascular condition

CM-X has been added to a rich delicious cocoa to create a satisfying snack.

NKPR Inc. presents the IT Lounge during the 2007 Toronto Film Festival

NKPR Inc. is back with the IT Lounge, timed to coincide with the 2007 Toronto Film Festival, from September 6th-15th, 2007. Now in its second year, the gift lounge opens its doors September 6th-13th, 2007 and will feature a distinctive collection of brands and products making their official market debut. Hot-off-the-press items include provocative new fragrances from North America's new "IT" couple, the Beckhams, a first-of-its-kind healthy chocolate bar, "Heart Chocolate with CM-X™", and a special festival survival kit, to name a few. Celeb fave from IT Lounge '06, The Right Hand Gal, is also back with a stunning "green" necklace-all to be gifted to celebrity visitors. Find "IT" in luxurious boutique hotel, The Windsor Arms (18 St.Thomas Street) in the heart of Toronto's Bloor-Yorkville neighbourhood.

"The IT Lounge provides a great venue for introducing new brands and products to the market. We've searched long and hard to assemble this exciting collection of "IT" items and we can't wait to finally unveil them!" says NKPR president, Natasha Koifman. "The lounge also gives NKPR an opportunity to increase awareness for a cause that we believe in. September is Big Brothers and Big Sisters month and we're very excited to partner with them this year!"

Innovative and Allegiance

Allegiance holds approximately 17.5% equity interest in Innovative, which developed a family of nutraceutical products with distinct competitive advantages.

PRIVATE PLACEMENT OF UP TO 2,000,000 common shares at $0.23 per share

The Board of Directors of the Corporation have authorized a private placement of up to 2,000,000 common shares at $0.23 per share.

Purpose of Financing

1. To meet ongoing administrative and corporate expenses.

2. To provide additional funding for assisting emerging corporations primarily in the pharmaceutical and Biotech industries.

3. To assist in the funding of Innovative Life Sciences Corporation and the expansion of its intellectual property and product development.

4. Allegiance intends to acquire further substantial interests in worldwide licensing rights outside North America to all of Innovative's technologies and patents.

Interest of Management

It is contemplated, corporations controlled by Marilyn Bloovol and David Solomon, directors and officers of Allegiance, will participate in the private placement, directly or indirectly through corporations controlled by them.

Palm American Investment Inc. holds 1,888,665 common shares of Allegiance Equity Corporation and will file a Notice of Intention to sell up to 1,000,000 common shares by way of private sale or on the market from time to time. Palm American Investment Inc is controlled by David Solomon, Marilyn Bloovol and members of their family. The majority funds received by Palm American Investment Inc will be used to finance the activities of Allegiance and participate in the proposed private placement.

Allegiance holds 2,100,000 shares of Innovative which is approximately 17.5% of Innovative. There are presently 4,845,225 new common shares of Allegiance issued and outstanding.

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