TYLER, Texas, July 12, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announced that James Lancaster (CEO) and the directors continue their efforts to complete the closing of the Letter of Intent as mentioned in a previous press release. The negotiations are positive and we expect the deal to be completed soon.
The Company has completed the payout for the Tyche Energy Inc. special dividend. Shareholders who held Biogenerics shares on the May 19, 2006 record date have received their Tyche Energy shares. Biogenerics Limited still maintains a significant interest in Tyche Energy Inc.
The Company's Board of Directors also announced that an application has been submitted for listing on a European Stock Exchange. Upon approval of the application the Board of Directors will execute a company name change. Biogenerics thanks all shareholders who submitted name suggestions. "The submissions we have received are excellent and will be given serious consideration by our board," stated James Lancaster, Biogenerics CEO.
The wells on the California Grimes site Andreotti and Ophelia continue to produce and are expected to flow at the rates previously reported. We confirm that Hydroslotter Inc. is on the location and preliminary preparations for slotting have been completed for wells 3 and 4. The wells are located in close proximity to wells 1 and 2 and it is expected that they will have the potential to produce similar flow rates as Ophelia.
Information on further developments will be released as soon as they become available.
Website: http://www.bignltd.com
About Biogenerics Limited
Biogenerics is a diversified investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. Biogenerics also has joint venture activities with Tyche Energy and Hydroslotter Corporation.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.