Diametrics Medical, Inc., Los Angeles, which recently acquired the Vanguard Synfuels biodiesel plant in Pollock, Louisiana, announced in late October that it will change its name to "Allegro Biodiesel Corporation", pending shareholder approval.

"We are changing our name to reflect the company's focus on the development of biodiesel production facilities in the United States," said Chief Executive Officer Bruce Comer. "We chose 'Allegro', which means 'briskly' in music, as a good name for an alternative energy company that plans to build and acquire biodiesel capacity at a rapid pace."

Comer said the company plans to design a new logo and launch a website for Allegro in the fourth quarter of 2006.

Last week, the company filed with the SEC a preliminary notice of a special meeting of stockholders on Schedule 14-C. The special meeting relates to the proposed re-incorporation of the company into the State of Delaware and the name change to Allegro, as well as the approval of its 2006 Incentive Compensation Plan and the ratification of indemnification agreements between the company and certain members of its board of directors.

Stockholders who hold approximately 99 percent of the voting power of Diametric's capital stock have signed agreements to vote in favor of the re-incorporation and the approval of the 2006 Incentive Compensation Plan, and thus the company expects that these matters will be approved.

In September 2006, Diametrics entered the biodiesel sector with the $28.5 million acquisition of Vanguard Synfuels, LLC, an operating biodiesel facility in Pollock, Louisiana. The company, which currently produces and sells biodiesel to the local and national market, is in the process of changing its corporate name to "Allegro Biodiesel Corporation".

Back