MARLTON, N.J., Oct. 6 /PRNewswire-FirstCall/ -- Allegiant Professional Business Services Inc. (Pink Sheets: APRO), a premier provider of financial services to small and medium-size businesses, announced today that the company is acting on its stock repurchase program. The Board of Directors previously authorized repurchase of up to an aggregate of 15 million shares of its common stock as market and business conditions warrant. The share repurchases are being made by the company's designated brokerage firm, and are being conducted under applicable SEC guidelines and regulations, in open market, or negotiated in block transactions. All purchases are subject to the availability of shares and, accordingly, there is no assurance as to the number of shares to be repurchased. In addition, the company will also continue to pursue acquisitions and therefore, there is no assurance that the entire funding will be available for the stock repurchase program. "We believe the current valuation of Allegiant's common shares makes the repurchase of our equity a solid investment for the company and will be accretive to shareholder value," said David Goldberg, Chairman and CEO of Allegiant. "Our business is growing and generating excellent cash flow which allows for investing in Allegiant stock as well as continuing to seek strategic acquisitions to assist in executing on our plan," Mr. Goldberg added. Allegiant Professional Business Services Inc. provides financial services to small and medium-size businesses, relieving our clients from many of the day-to-day tasks that negatively impact their core business operations, such as payroll processing, human resources support, workers' compensation insurance, safety programs, employee benefits, and other administrative and aftermarket services predominantly related to staffing -- staff leasing, temporary staffing and co-employment. We not only provide core services but a wide selection of employee and employer benefits and aftermarket products. Safe Harbor: Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K for the year ended Sept. 30, 2007, and its subsequent filings with the SEC. DATASOURCE: Allegiant Professional Business Services Inc. CONTACT: Norman Tipton, +1-858-798-1636, for Allegiant Professional Business Services Inc.

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