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Allegiance Equity Corporation announces collaboration with Canadian Dairy Commission and Guelph Food Technologies Corporation for Alzheimers and Dementia formulation GG-XT
Date:6/23/2008

(TSX-V "ANQ") Canadian Dairy Commission funds formulation of two beverages with GG-XT at

Guelph Food Technologies.

TORONTO, June 23 /PRNewswire-FirstCall/ - The Canadian Dairy Commission has funded the formulation of two dairy beverages with GG-XT for Allegiance at Guelph Food Technologies.

Allegiance filed Canadian and International Patent Applications, and Health Canada Natural Product Applications for GG-XT. GG-XT is a proprietary compound of Panax Gensing and Gingko Giloba for the treatment and prevention of Alzheimers and Dementia. GG-XT improves memory, cognitive function, vitality of life and mental well-being.

Recent Developments

Biofrontera AG of Germany, listed on Frankfurt Stock Exchange (BBF) has licensed Relieva and Psorberine from Prime Pharmaceutical Corporation (Prime). Allegiance has a 37.5% equity interest in Prime as the controlling shareholder.

The licensing of Relieva and Psorberine for the treatment of Eczema and Psoriasis to Biofrontera will rapidly develop product extentions and new channels of commercialization globally when combined with Biofrontera's revolutionary "nano-technology" treatment for acne, eczema, general irritation and inflammation. The transaction in addition to an upfront fee valued at approxiametely $175,000 in Biofrontera shares will augment revenues by a minimum of $240,000 per annum payable against a 5% royalty on net sales.

The strategic business association with Biofrontera AG is an important extension of the impressive worldwide network of partners that Allegiance has developed. This development includes major scientific, research and regulatory organizations, including, world renowned scientists, researchers, universities and suppliers. Allegiance continues to attract an impressive following based on its ability to invent new proprietary treatments for widespread diseases where existing drugs, research channels and OTC products fails to meet the needs of patients. Allegiance has a unique ability for commercializing "peer reviewed" scientific knowledge and abstracts; creating new treatments using standardized pharmaceutical grade natural ingredients.

Biofrontera's association is yet another value-enhancing development for Allegiance and an addition to its existing and growing portfolio of intellectual property that includes:

CM-X is a proprietary compound for treating and preventing diabetes and related cardiovascular conditions which reduces blood sugar, LDL cholesterol, triglicerides and vascular inflammation. CM-X has been formulated into a wide variety of every day foods and beverages such as Heart Chocolate-CM-X. The sales of Heart Chocolate have exceeded expectations and Heart Chocolate is featured in over 200 stores in Canada. For further information see http://www.heartchocolate.ca.

ZX-HDL Formulation is to be developed in partnership with a leading Canadian Cardiologist and Nutrasource Diagnostics Inc. to develop and test ZX in fish oil and Omega Formulas to increase HDL Cholesterol levels.

Allegiance's corporate development program of aggressive product development and continuous sourcing of intellectual property augments its goal of using natural ingredients to maximize profits and minimize risks; while dramatically reducing safety risks for both users as well as investors in its products.

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.


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SOURCE Allegiance Equity Corporation
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