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Allegiance completes $200,000 Common Share Financing

(EMAILWIRE.COM, May 07, 2008 ) Toronto, Ontario - Allegiance Equity Corporation (“Allegiance”) (TSX-V ANQ) announces that it has completed an offering of up to 400,000 Common Shares at $0.50 per share. The transaction was closed on April 22, 2008. The 400,000 common shares are subject to a hold period that expires August 23rd, 2008.

The purpose of the financing is
(1) To assist Legacy Research Corporation with the licensing and commercialization of CM-X a new treatment for diabetes, high cholesterol and related cardiovascular conditions
(2) To develop, commercialize and liquescence formulations for GG-XT a new proprietary product for improving memory and cognitive function for the treatment and prevention of Alzheimer’s and Dementia

Innovative Life Sciences Corporation (“Innovative”)
Allegiance holds approximately 15% equity interest in Innovative, which developed a family of nutraceutical products which distinct competitive advantages.

Innovative has filed patent applications in Canada and applications for regulatory approvals with Health Canada for its enhanced formulation of CM-X™, and products formulated with CM-X such as Heart Chocolate. www.heartchocolate.ca
Scientific literature, laboratory studies and clinical trials evidence that the ingredients in CM-X™ reduce blood glucose by 28% and cholesterol by 25% within a relatively short period of time.

Alzheimers Disease and Dementia

Allegiance Equity Corporation filed a patent application for an exciting new compound for improvement of memory function, cognitive function, and mental health.

The new proprietary compound, to be named GG-XT, consists of a synergistic mixture of standardized extracts of ginseng and gingko biloba.

Allegiance and its partners are developing product formulations for tablets, capsules, and functional foods containing GG-XT. Allegiance will file a Product License Applications with Health Canada to support the claims for

- Improving memory
- Cognitive function
- Vitality of life

Dementia is a brain disorder that seriously affects a person’s ability to carry out daily activities. The most common form of dementia is among older people which initially involves the parts of the brain that control thought, memory and language.

It is estimated that up to 45 million Americans suffer from Alzheimers. The disease usually begins after age 60 and risk goes up with age. About 59% of men and women ages 65 to 74 have Alzheimers disease and nearly half of those aged 85 and older may have the disease.

After the placement there are 5,624,225 Common Shares of Allegiance issued and outstanding.

Certain statements contained in this press release may be considered as forward-looking. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results. The TSX Venture Exchange has neither approved nor disapproved the contents of this new release.

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.
For further information on Allegiance Equity Corporation, contact David Solomon, President, by telephone at 647-271-7208 or dsolomon79@gmail.com.
Visit our website at www.allegianceequity.com

###

This press release was issued through GroupWeb EmailWire.Com. For more information on unlimited press release distribution for $1000/year, go to http://www.emailwire.com

Allegiance Equity Corporation
David Solomon
647-271-7208
dsolomon79@gmail.com
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