CHEYENNE, Wyo., Nov. 23, 2007 (PRIME NEWSWIRE) -- Amelot Holdings, Inc. (Pink Sheets:AMHD) announced today that its President, Mr. Allen Giles, has resigned from the company.
"It is with my deep regrets that I must resign as President from Amelot Holdings, Inc.," says Allen Giles. "With the costs of feedstock almost doubling during the past year and the risks associated with exporting to Europe, I was not able to execute our business plan."
This action was taken in the best interest of the company since the delivery of its Bio processor equipment has been further delayed. The failure of execution of the Business plan has caused the company to accept his resignation. The CEO will temporarily accept Mr. Giles's responsibilities.
Amelot Holdings also plans to accelerate the vertical expansion into technologies of feedstocks for the biofuels industry.
About Amelot Holdings, Inc.
Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified a projected $20 billion opportunity to manufacture renewable fuels to supply the growing demand and to reduce the dependency and environmental impact of fossil fuels.
The Amelot Holdings, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2149
About Biodiesel:
Biodiesel is biodegradable, nontoxic, and essentially free of sulfur and aromatics. It is less toxic than table salt and biodegrades as fast as sugar. Biodiesel reduces emissions of carbon monoxide (CO) by approximately 50% and carbon dioxide (CO2) by 78%. Biodiesel reduces the emission of particulates, small particles of solid combustion products, by as much as 65%. This reduces cancer risks by up to 94% according to testing sponsored by the Department of Energy. 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.
Internet address is http://www.amelotholdings.com.