NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- Furthering our development, Allied Energy Corporation, Inc. (Pink Sheets: AGYP) is pleased to announce today that L. James Porter has agreed to join our Board of Directors and act as our President.
Mr. Porter has over 20 years of experience as a financial professional and has served as a director and officer of numerous public companies, including companies listed on the Nasdaq National Market and Nasdaq SmallCap Market.
Mr. Porter is a Chartered Accountant, Chartered Financial Analyst and Certified Public Accountant. He received his Chartered Accountant and Chartered Financial Analyst designations while employed with Arthur Andersen & Co., where he achieved the position of Senior Manager while serving publicly traded and large corporations including subsidiaries and divisions of global mining companies BHP and Newmont.
Since November 2005, Mr. Porter has been the Chief Financial Officer and a director of General Metals Corporation, a minerals exploration company. Since July 2005, Mr. Porter has also served as the Chief Financial Officer and a director of Tangerine Gold Inc., a minerals exploration company. During 2003-2005 Mr. Porter was also the Chief Financial Officer of minerals exploration companies Mediterranean Minerals Ltd., its predecessor Manhattan Minerals Inc. and Firestone Ventures, Inc. Since 2004, Mr. Porter has also served as the Chief Financial Officer and a director of SHEC Labs Solar Hydrogen Energy Corporation, a technology company.
Pursuant to Mr. Porter's appointment, Dr. David F. Hostelley has resigned as a member of the Board.
About Allied Energy Corporation:
Allied Energy Corporation is an exploration company that seeks to maintain a balanced portfolio of reserves. Allied Energy targets proven & probable reserves with high net revenue interest potential, where risk has been substantially measured by meticulous technical evaluation and geophysics. Allied Energy is the embodiment of a diversified consortium of energy resources and seeks interest in oil, gas, coal, uranium and renewable energy sources.
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding benefits of the proposed acquisition and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein.
