Allegiance Completes $200,000 Common Share Financing

Allegiance Equity Corporation ("Allegiance") (TSX VENTURE:ANQ) announces that it
has completed an offering of up to 400,000 Common Shares at $0.50 per share. The
transaction was closed on April 22, 2008. The 400,000 common shares are subject
to a hold period that expires August 23rd, 2008.


The purpose of the financing is

(1) To assist Legacy Research Corporation with the licensing and
commercialization of CM-X a new treatment for diabetes, high cholesterol and
related cardiovascular conditions


(2) To develop, commercialize and liquescence formulations for GG-XT a new
proprietary product for improving memory and cognitive function for the
treatment and prevention of Alzheimer's and Dementia


Innovative Life Sciences Corporation ("Innovative")

Allegiance holds approximately 15% equity interest in Innovative, which
developed a family of nutraceutical products which distinct competitive
advantages.


Innovative has filed patent applications in Canada and applications for
regulatory approvals with Health Canada for its enhanced formulation of
CM-X(TM), and products formulated with CM-X such as Heart Chocolate.
www.heartchocolate.ca.


Scientific literature, laboratory studies and clinical trials evidence that the
ingredients in CM-X(TM) reduce blood glucose by 28% and cholesterol by 25%
within a relatively short period of time.


Alzheimers Disease and Dementia

Allegiance Equity Corporation filed a patent application for an exciting new
compound for improvement of memory function, cognitive function, and mental
health.


The new proprietary compound, to be named GG-XT, consists of a synergistic
mixture of standardized extracts of ginseng and gingko biloba.


Allegiance and its partners are developing product formulations for tablets,
capsules, and functional foods containing GG-XT. Allegiance will file a Product
License Applications with Health Canada to support the claims for


- Improving memory

- Cognitive function

- Vitality of life

Dementia is a brain disorder that seriously affects a person's ability to carry
out daily activities. The most common form of dementia is among older people
which initially involves the parts of the brain that control thought, memory and
language.


It is estimated that up to 45 million Americans suffer from Alzheimers. The
disease usually begins after age 60 and risk goes up with age. About 59% of men
and women ages 65 to 74 have Alzheimers disease and nearly half of those aged 85
and older may have the disease.


After the placement there are 5,624,225 Common Shares of Allegiance issued and
outstanding.


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.

(TSXV:ANQ)
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