TYLER, Texas, July 26, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) Board of Directors today announced that the LOI that was the subject of its May 25, 2006, Press Release has had its closing date extended due to the recent illness of James Lancaster, CEO of the Company.
The Board reports that the due diligence period under the LOI has been extended. The proposed closing is to occur on or before August 31, 2006. The Company's number one business priority is the completion of these transactions.
Biogenerics further reported that its CEO, James Lancaster, was taken ill on July 4, 2006, and underwent surgery on July 14th, with the results of the surgery being favorable. At this time, Mr. Lancaster is working from his personal residence while he completes his recovery period. It is expected he will to return to full time duty during the week of August 15th. The Board is very thankful for the recovery to health that James is experiencing and welcomes him back to full duties as quickly as possible.
James Lancaster commented, "While my personal health problem could not have come at a worst time, it is something that has happened. The condition has been rectified and I am feeling stronger each day. I have been able to work on the Company's business from home with the support of my very qualified staff. Together we were able to negotiate an extension on our projects."
The Company will announce the results of its negotiations regarding these projects as pertinent facts become available.
In the July 20, 2006, Press Release BIGN clarifies that the (N-CO2) technology has been added and will be utilized along with the hydro-slotting process in the Company's well recovery endeavors
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.