SOURCE: Amelot Holdings, Inc.

August 30, 2010 09:15 ET

Amelot Holdings Amicably Resolves Dispute With Turning Mill Consultants

NORFOLK, VA--(Marketwire - August 30, 2010) -  Amelot Holdings, Inc. (PINKSHEETS: AMHD) today announced an agreement with Turning Mill Consultants of Sandwich, Massachusetts resolving a dispute over a $125,000 invoice. Amelot had retained Turning Mill Consultants to be the Engineering and Procurement Contractor for the planned biodiesel facility in New England. The containerized Biodiesel processing equipment was to be manufactured by Fitzsimmons Systems, Inc. of Syracuse, New York. 

Amelot's suit against Fitzsimmons Systems, Inc., and its CEO, Lowell Todd Fitzsimmons, alleging breach of contract in the failure to deliver the containerized biodiesel equipment, is currently pending in the New York State Supreme Court, although the action against Mr. Fitzsimmons has been stayed by his filing for Chapter 7 bankruptcy protection.

"I am pleased to have been able to resolve this matter with Turning Mill Consultants and bring it to a satisfactory conclusion. Eliminating this debt from our balance sheet is a major event for the Company. This will make us more attractive to lenders, investors, and others wishing to conduct business with us," said Fred Guarnieri, President and CEO of Amelot Holdings.

The current outstanding common shares balance is 4,309,573,155 and the number of authorized shares is 4,925,000,000. Mr. Guarnieri currently owns 736,275,000 shares of the Company's common stock. There have been no issuances of additional shares since August 2008.

About Amelot Holdings, Inc. (PINKSHEETS: AMHD):

Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified Biodiesel as a multi-billion emerging Biofuel market. Amelot plans to have a significant market share in growing low cost feedstocks to supply the growing demand for biodiesel, to reduce energy dependency of fossil fuels, to help reduce the U.S. dependency on foreign oil supplies and reduce the impact of energy on our environment.

Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

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