International capital & technology corp. announces it has changed its name to allied world resources and the board has approved a 60 for 1 reverse split.
Atlanta, GA (1888PressRelease) June 01, 2008 - INTERNATIONAL CAPITAL & TECHNOLOGY CORP. Symbol- ICTC on OTC Pink Sheets,
International Capital and Technology Corpoation (ICTC-OTC Pink Sheets) today announced that its board of directors has approved a name change to Allied World Resources, Inc. and a 1 for 60 reverse stock split. The record date for the reverse split and name change will be close of business on July 7, 2008. The company will receive a new trading symbol, which will be announced later. Fractional shares will be rounded to the nearest whole share. Any shareholders who have questions may contact Allied World Resources, Inc. +44 (0) 678-949-0373 Mike Dion.
Further, the company is pleased to announce that Tieng Ngu and John Ranko Lozo have been appointed to the board of directors. Guy Cohen has resigned as sole director and officer of the company upon the appointment of Messrs. Ung and Lozo. Mr. Ngu was appointed chairman of the board. Mr. Lozo was appointed president and chief executive officer.
Mr. Ngu holds an Honors degree in Accountancy from the Associate of International Accountants in United Kingdom. He is an accountant with astute entrepreneurial vision and was a venture capitalist with 12 years’ of experience in the corporate finance, fund management and investment banking sectors.
Mr. Lozo has a Bachelor of Science/Architecture from the. University of New South Wales, Sydney, Australia, School of Architecture. Until recently, Mr. Lozo was the former Vice President and a Director of Global A, Inc. and CEO of Mission Control Sdn., Bhd , and Sungai Galas Mining Sdn. Mr. Lozo possesses vast experience in the mining industry stretching all over Asia.
On his appointment Mr. Lozo stated “Allied is taking immediate steps to become an independent energy exploration and development company. Allied is currently negotiation to secure an Agreement to Explore, Evaluate and Develop Oil and Gas Reserves within lands totaling up to 6,177 acres in central Asia. Mr. Lozo anticipates that this transaction will be completed over the next 30 days.
Mr. Lozo further stated, “We are excited to make this transition and to begin our focus on our company’s future activities. In the coming months, it is our goal to put in place a number of initiatives designed to build increased value for our shareholders.
Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", “would", "may", “can", "could" or "should" occur. Actual results could differ materially from those projected in the Company's proposed Oil and Gas related business. The Company's business is subject to various risks. No information included in this press release should be construed in any shape, form, or manner, regarding the value of Allied World Resources Inc. or its common stock.
International capital & technology corp. announces it has changed its name to allied world resources and the board has approved a 60 for 1 reverse split. 
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