TORONTO, July 26, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN), today announced that their strategic alliance partner, HydroSlotter Corporation, has completed the pipeline from the California well to the meter site.
Additionally, the meter station has been completed and well is expected to commence production when the final checks on both the pipeline and the meter station have been completed.
Well tests demonstrated production of 1,000,000 cubic feet of gas per day. Upon initiating flow, following the requisite tests, the Company will perform a full production test and reserves will be assessed.
Biogenerics will receive 80% of the revenue from the sale of natural gas, until the Company recovers its initial investment and henceforth will receive 40% of the revenue for the life of the well.
"We are pleased to be at the meter site and thus, extremely close to producing revenue in record time," stated Paul Kelley, CEO. "The hydroslotter technology is affording Biogenerics the opportunity to fully exploit the potential of each investment the Company has prudently made."
Forward Looking Statements:
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. Information on the factors which could affect the Company's operations or financial results are included in the Company's reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission. Forward-looking statements are based on the estimates and opinions of the Company's management at the time the statements are made. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.