CHICAGO, Feb. 6, 2004 (PRIMEZONE) -- American Capital Alliance, Inc., (ACA) formerly Prelude Ventures, Inc. (OTCBB:PLUD) (name change pending) announced today that it has received the return of the share certificates it previously issued in a proposed acquisition of 10 million shares of Pascal Energy, Inc.
The Company previously reported on a Current Report on form 8-K, filed April 2003 that they had entered into a definitive agreement to acquire an aggregate of 10 million shares of the common stock of Pascal Energy, Inc. in exchange for certain shares of common stock of Prelude Ventures, Inc.
The Company next reported on November 2003 that it had determined that the transaction with Pascal Energy, Inc. could not be completed due to the inability to complete a comprehensive due diligence and difficulties of completing an audit of the financial statements of Pascal Energy, Inc.
The report also stated that the shares of common stock proposed to be issued in connection with the Pascal Energy, Inc. transaction were to be returned to the registrant and cancelled.
The Company's Board of Directors has approved the cancellation of the shares and the Company has directed the transfer agent to cancel the share certificates on the stock record of the Company.
About American Capital Alliance, Inc.
American Capital Alliance is a Chicago based holding company with an agenda to acquire, merge, and manage various business opportunities. The Company's current direction is in the manufacturing and distribution of petroleum and related products for the automotive industry.
The preceding includes forward-looking statements which involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. Forward-looking statements above are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including, without limitation, competition, intellectual property rights, litigation, needs of liquidity, and other risks detailed from time to time in the company's reports filed with the SEC.