Las Vegas, NV -- (ReleaseWire) -- 06/02/2006 --Urbanalien Corporation (OTC: UBAL) announced today that the Company has executed a Letter of Intent with Innovative Agricultural Concepts, LLC.
Peter Verbeek, President and CEO of Urbanalien Corporation ("UBAL") and Dr. Claude Page, President of Innovative Agricultural Concepts LLC ("IAC") are pleased to announce that UBAL and IAC have signed a letter of intent dated May 13, 2006 which sets forth the preliminary terms and conditions of a proposed merger transaction to which UBAL intends to acquire 100% of the issued and outstanding units of IAC (the "Acquisition") in exchange for shares of UBAL. The number of shares of UBAL stock to be received by the shareholders of IAC will be dependent upon certain events and conditions at the time of the closing. Prior to issuing the shares to IAC, the Company will undergo a restructuring that will include a CUSIP change and name change to Favored Corporation.
About Innovative Agricultural Concepts, LLC.
IAC is a limited liability company formed under the laws of the state of Indiana, USA, having its head office at 7805 W. 900 N, West Lafayette, Indiana 47906. IAC was established in 2002 to market differentiated meat and grain products to niche markets, and has developed the FAVORED® system to brand its products in the marketplace. The FAVORED® system delivers wholesome, flavorful foods, managed with the assurance of being completely traceable from seed to plate. This system focuses on the input and output side of foods and the main traits that consumers desire, those being flavor, texture, marbling and products free from added growth hormones or antibiotics.
Based on its audited financial statements, IAC recorded gross revenues of approximately US$7.2 million and US$1.3 million in each of 2005 and 2004, respectively. For more information on Innovative Agricultural Concepts, LLC, visit www.favoredgrain.com as well as an informational video on products and services at www.favored.tv
About Urbanalien Corporation
Urbanalien Corporation is a development stage company. It intends to complete an asset acquisition, merger, exchange of capital stock, or other business combination with a domestic or foreign business.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about UBAL. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of UBAL's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the failure of the merger to be completed; changing interpretations of generally accepted accounting principles; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which IAC engaged; demand for the products and services that IAC provides; general economic conditions; geopolitical events; and regulatory changes, as well as other relevant risks detailed in UBAL's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. UBAL assumes no obligation to update the information contained in this press release.