HOUSTON, Sept. 6, 2005 (PRIMEZONE) -- Allied Energy Corporation (Pink Sheets:ALNG) ("Allied") and FloodSmart, Inc. ("FloodSmart"), a pioneer in the field of flood remediation solutions utilizing proprietary techniques and new technologies, today announced that the merger between FloodSmart(tm) and Allied has been finalized.
FloodSmart, a Texas corporation with principal offices in Houston, has been in R&D mode for more than four years. The result is a cost-effective elevation process that avoids the adverse consequences of condemnation, where the property owner loses financially and emotionally, mortgage companies lose revenue streams, and taxing authorities lose tax base. Solid Hydraulics Inc. and FloodSmart Real Estate are its two subsidiaries.
"I am happy to say, after many years of R&D, FloodSmart is now available to the investing public. Our goal is to utilize the public markets to help introduce FloodSmart's proprietary process as a front line defense in the flood mitigation fight," stated Ken Kelso, FloodSmart President, CEO and the Company's founder, who has over 30 years of experience in developing patented inventions.
Jay Yano, CEO of Allied, added, "The merger will greatly enhance FloodSmart's capabilities, and it presents to the shareholders the opportunity to be involved in providing solutions in the severely underserved flood mitigation market."
About FloodSmart Inc.
FloodSmart, based in Houston, is dedicated to helping people and communities that are positioned in the floodplain. FloodSmart Hydraulic Lift Systems is a new patented proprietary technology, which is designed to elevate structures above the defined flood plain certification for repetitive flood loss structures process and calls for the installation of "dynamically controlled hydraulic concrete pistons and cylinders" at strategic engineered points to raise the home to a predetermined "safety zone," at rates which typically meet the cost-benefit analysis ratios set by FEMA, which has earmarked over $200 million in pre-disaster mitigation competitive grant program, falling into two categories: mitigation projects and mitigation planning. The cost-share is usually 75 percent federal and 25 percent a local match, but can be up to 90 percent for small and impoverished communities. For more information, please contact us or visit www.floodsmart.net.
As of the end of 2002, there was $652.7 billion of flood insurance coverage under the federally sponsored National Flood Insurance Program (NFIP) representing more than 4.5 million structures. Because all are within the floodplain, all are candidates for the FloodSmart structure elevation process. Statistics indicate that about 25 percent of the insured base has experienced flood-related claims. For more information, visit www.fema.gov or www.floodsmart.gov.
Safe Harbor:
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of the company's business include but are not limited to fluctuations in financial results, availability and customer acceptance of our products and services, the impact of competitive products, services and pricing, general market trends and conditions, and other risks detailed in the company's SEC reports.