TORONTO, March 28, 2006 (PRIMEZONE) -- Biogenerics Limited's (Pink Sheets:BIGN) strategic alliance partner, Hydroslotter Corporation, is pleased to announce that it has completed its preliminary valuation of the initial Grimes well, which revealed a commercially viable source of natural gas. Accordingly, Hydroslotter Corporation is endeavoring to link the Grimes source to commercial pipelines by April 1st, 2006. Please be advised that the flow rates for the initial Grimes well will be announced shortly hereafter.
Hydroslotter Corporation has also outlined its goal to commence slotting two other wells this week at its Grimes property in an effort to further increase natural gas production. Stemming from the prolific production of natural gas in the Grimes region from years past, Biogenerics and Hydroslotter Corporation have an excellent opportunity to increase natural gas reserves in California and other areas of operation across the United States.
In regard to the update on the stock dividend previously announced, which specified assigning one (1) share of Tyche Energy Inc. to every thirty (30) shares of Biogenerics held by our shareholders as of record December 20, 2005, and payable on March 24, 2006, those shareholders should be receiving their shares within the next two (2) to three (3) weeks depending on the current mailing addresses provided and mailing times.
About Biogenerics Limited
Biogenerics is a diversified investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. Biogenerics has oil and gas assets acquired from Rubicon Petroleum. The company also has joint venture activities with Tyche Energy Inc. and Hydroslotter Corporation.
About Hydroslotter Corporation
Hydroslotter Corporation's, proprietary technology deemed "hydroslotting" increases oil and gas production and extends commercial productivity of oil and gas by 300% to 600%. Hydroslotter technology is cost effective and for the inexpensive cost of the actual re-work on potential shut-in wells, the return on investment is high.
Forward Looking Statements
A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results of Biogenerics Limited may achieve could differ materially from any forward-looking statements due to such risks and uncertainties, including but not limited to, the fact that no assurance can be given that any proposed acquisitions will be consummated at all.