In a large mixing bowl, combine the flour, sugar, cinnamon, baking powder, salt shortening and milk. Beat 2 minutes at medium speed.
Add egg and extracts; continue beating 1 minute at medium speed. Set aside cake mixture.
In a microwave safe bowl, melt butter and stir in brown sugar.
In 9 in. square baking pan add the butter and brown sugar mixture. Place peach halves, cut side down, over the brown sugar, pressing down firmly. Pour the cake mixture over the peaches.
Bake 40-50 minutes at 350° or until the cake springs back when lightly touched in center.
Allow the cake to rest for 5 minutes. Loosen the sides with a spatula and invert onto a platter.
In a small chilled bowl, beat the heavy cream, powdered sugar and vanilla on high until still peaks form.
Serve the cake warm with whipped cream. Store leftover refrigerated.
Notes
May substitute canned apricots or peach halves, drained for fresh peaches.