Alpha One Corporation

March 09, 2007 13:03 ET

Alpha One Corporation: Press Release

Mr. Donald H. Christie on behalf of the Board reports,

TORONTO, ONTARIO--(CCNMatthews - March 9, 2007) - Further to Alpha One Corporation's (NEX:AOC.H) (the "Company") press release of February 16, 2007 an annual and special meeting of the Company's shareholders was held on February 28, 2007.

The purpose of holding the meeting was to receive majority shareholder approval, exclusive of the votes of non-arm's length shareholders of the Company, for the transfer of the Company's shares to NEX and the cancellation of 1,200,000 seed shares of the Company held by non-arm's length shareholders of the Company. Subsequent to voting on these two matters the shareholder meeting was adjourned to a future date to be announced shortly.

The above shareholder approvals were required as a result of the Company failing to complete its qualifying transaction within the prescribed time period as determined by the TSX Venture Exchange Policy 2.4. Accordingly the Company's shares have been transferred to NEX effective March 9, 2007 where they will remain suspended pending the closing of the Company's proposed qualifying transaction with Aztek Resource Development Inc. ("Aztek") announced April 5, 2006. The trading symbol for the Company will be changed from AOC.P to AOC.H.

Aztek has submitted an application to the Ontario, Alberta and British Columbia Securities Commissions (the "Commissions") for a partial revocation of the cease trade orders issued against the shares of Aztek. Receipt of this partial revocation is a condition precedent to the closing of the proposed amalgamation between a wholly-owned subsidiary of the Company and Aztek. Management of the Company anticipates that Aztek will receive the partial revocations from the Commissions before the end of March, 2007. Upon receipt of the partial revocations Aztek will issue a notice of special meeting of its shareholders and the Company will, on the same date, issue a notice of annual and special meeting of the shareholders of the Company.

The Company is currently undertaking a brokered private placement in order to raise equity financing to fund, subject to completion of its qualifying transaction, a 24 month exploration program on mineral exploration properties in Guyana, South America. Management of the Company anticipates closing the equity financing near the end of April, 2007, subject to market conditions.

Forward-Looking Statements: Except for statements of historical fact, all statements in this news release - including without limiting, statements regarding future plans, objectives and payments are forward-looking statements that involve various risks and uncertainties.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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