Allen-Vanguard Corporation issued receipt for final prospectus for $50,000,000 bought deal financing


    OTTAWA, March 5 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"
or "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada is pleased to announce that
a receipt has been issued for its final short form prospectus which was filed
with Canadian securities regulatory authorities in the provinces of British
Columbia, Alberta, Manitoba and Ontario. As previously announced, Versant
Partners Inc. and Paradigm Capital Inc. have agreed to purchase, on a bought
deal basis, 10,000,000 common shares at a price of Cdn$5.00 per share, for
aggregate gross proceeds to the Company of Cdn$50,000,000 (the "Offering").
The underwriters will also have an option, exercisable for a period of 30 days
following the closing date to purchase from the Company up to an additional
1,500,000 shares (up to 15% of the Offering) at the issue price of Cdn$5.00
for over-allotments and market stabilization purposes.
    The Company intends to use the net proceeds of the Offering in
furtherance of corporate development plans announced February 14th, 2007,
including acquisitions, and for working capital and general corporate
    The Offering is expected to close on or about March 9th, 2007 and is
subject to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the Toronto Stock Exchange
and applicable securities regulatory authorities.

    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless an exemption from such
registration is available. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any State in which such offer, solicitation or sale would be

    About Allen-Vanguard

    Allen-Vanguard Corporation and its subsidiaries worldwide operate under
the brand "Allen-Vanguard". The Company develops and markets technologies,
tools and training for defeating and minimizing the effects of hazardous
devices and materials, whether Chemical, Biological, Radiological, Nuclear or
Explosive ("CBRNE"). The Company's equipment is in service with leading
security and military forces in more than 120 countries. Products include
Electronic Counter-Measures ("ECM") equipment for jamming remote detonation of
terrorist devices, specialty security equipment for Explosive Ordnance
Disposal ("EOD"), remote intervention robots for hazardous applications,
vehicle barrier systems, and personal protective wear for use in dealing with
bio-chemical agents. Allen-Vanguard is the sole, worldwide licensee and/or
developer of certain patented technologies such as the Universal Containment
System and CASCAD Foam for blast mitigation and decontamination of
bio-chemical warfare agents. Head office operations are located in Ottawa,
Ontario, Canada, with manufacturing operations in Stoney Creek, Ontario;
Tewkesbury, U.K.; and Cork, Ireland, and sales offices in Canada, the U.S.,
the U.K. and Asia. The Company's shares are listed on The Toronto Stock
Exchange (TSX: VRS).

    This press release contains forward-looking statements, which reflect
Allen-Vanguard's current expectations regarding future events. These
forward-looking statements are neither promises nor guarantees, but involve
risks and uncertainties that may cause actual results to differ materially
from those in the forward-looking statements. Allen-Vanguard disclaims any
obligation to publicly update or revise any such statements.

    To find out more about Allen-Vanguard Corporation (TSX:VRS), visit our
website at
    %SEDAR: 00018026E

For further information:

For further information: David Luxton, (613) 769-5353

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