SOURCE: American Green Group, Inc

December 17, 2008 09:17 ET

AMNE Releases New Web Site and Works to Close Paradigm Deal in 2008

NEW HAVEN, CT--(Marketwire - December 17, 2008) - American Green Group, Inc. (PINKSHEETS: AMNE) announced today that its new web site, www.amneotcpk.com, is up. AMNE will continue to add content as the company grows over the next several months. AMNE's wholly owned subsidiary, Eco-Built Systems, LLC ("ECO-BUILT"), has been exchanging information with Paradigm Polymers, Inc., in an effort to close the transaction this year. Terry Mixon is in Georgia meeting with Gary Gray to discuss the and finalize the Purchase Agreement.

Gary Gray, President of Paradigm Polymers, Inc., shall retain his position with the company and become an instrumental part in the growth and development of "ECO-BUILT." Mr. Gray shall also assume a position as a board member with AMNE.

About Paradigm:

Paradigm Polymers, Inc. developed and markets the first soy based foam insulation product used by the industry. The company is developing products in partnership with other manufacturers and distributors for items such as bio-foam insulated thermal shipping containers and the first soy based foam insulation board.

The acquisition is expected to be completed in 2008 and will expand into the green building environment and provide additional opportunities for growth from within and expansion into previously untapped "Go Green" markets. It will jump start the Company's new direction providing growth while becoming a distributor of various other foam insulation materials as well. This acquisition will generate a minimum of $2 million in revenue during its first fiscal year in 2009 with the expectation of substantially achieving higher gross revenues between $4 and $5 million with additional representatives. The products, distributed at wholesale, carries a gross profit margin averaging approximately 30%.

The Company believes all other remarks made in the release to be accurate to the best of their knowledge.

The foregoing press announcement contains forward-looking statements that can be identified by such terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations could be affected by, among other things, uncertainties relating to our success in completing acquisitions, financing our operations, entering into strategic partnerships, engaging management and other matters disclosed by us in our public filings from time to time. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.