updated 11/23/2010 8:46:39 AM ET 2010-11-23T13:46:39

CARLSBAD, Calif., Nov. 23, 2010 (GLOBE NEWSWIRE) -- As previously announced, the closing of the Amended Share Purchase and Sale Agreement (See Form 8-K filed September 22, 2010) between Alaska Pacific Energy Corp. (the "Company") (OTCBB:ASKE), and Engineering Technology Inc. ("Entec") which was to be closed on October 31, 2010, did not occur despite a substantial offer from the Company that was well above the agreed upon terms of the Share Purchase and Sale Agreement. The proposed lender cannot be disclosed due to the lender's confidentiality requirements.

As stated in the last news release the company has been actively searching for a gold property of merit. In this regard, the president, Mr. Jim King, accompanied by a experienced, professional consulting mining engineer, recently spent four days examining a mining property that management believes to be of exceptional merit. It is located in the north western united states. The property contains a mill, patented claims, and some older adits. It has good access and could be worked all year. The Company's management is now studying the data in conjunction with the consulting mining engineer to ascertain if the company should make an offer to option the property from the owners.

The Company also reports that Mr. George Skrivanos, who has served as a Company director for the past three years, has resigned from the Board. The Company extends it appreciation for his support during the difficult start-up period.

The Company is pleased to report that Mr. Alpha Pang has joined the Board as a director. Mr. Pang graduated with a B. Sc. from the University of Ottawa. He has more than 30 years of experience in various business ventures including Real Estate Brokerage/Investment and business consultations to start up companies. He has served on the board of a number of resources companies as independent director in the private sector and on public sector companies listed on both Canadian and U.S. exchanges.

In 1982, he started working in the Real Estate market and in July 1991 formed his own Real Estate Brokerage specializing in Commercial and Industrial real estate. He commenced his business consultation services for start-up companies in Canada in August, 1991 and joined Harbour Capital Management Group(1999) Inc. from September 1999 until December 2008 as Managing Director for the Far East Market. Mr. Pang's duties included assisting clients to develop marketing plans, raising seed capital and restructuring companies to become public listed companies through the process of Reverse Take Over (RTO).

In September 2007, Mr. Pang acquired ownership of Sanford Exploration Inc., (a resource company formerly listed on the OTCBB) and restructured the company. The company acquired a computer green technology company and changed its name to Angstrom Microsystems Inc. (Pink Sheets:AGMS). He continues to serve on the management team as Chief Financial Officer and Director of the company.

Mr. Pang served as the board member of public companies from July 2002 as independent director for Talware Networks Inc. until November 2007 and YSV Ventures Inc. from February 2003 until November 2007. He joined the board of Renforth Resources Inc. (CNSX:RFR) in April 2004, a private company focused on diamond resources. Renforth became a CNSX company in September 2008, the company is now exploring other resources in gold and nickel. Mr. Pang's duties involve assessing management business decisions as a member of the Compensation and Governance committee for the Board of the company.

Since March 2008 Mr. Pang has served as a director of District Gold Inc., which has acquired a number of resource properties in gold and base metals in Canada and the U.S. and is currently seeking a Canadian listing on CNSX. He is currently providing interim management to assist with the application.

About Alaska Pacific Energy Corp.

Alaska Pacific Energy Corp. is an emerging public company listed on the OTC Bulletin Board in the USA (OTCBB:ASKE).

Forward-Looking Statements

Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.

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