TYLER, Texas, May 3, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN), regarding the previously announced dividend and subsequent discussions with the NASD, announces that certain components of the Tyche transactions could not be completed in time to meet the 10-day notification requirement under SEC Rule 10b-17 and still maintain the record date for the Special Dividend previously announced as December 20, 2005. If Biogenerics were to maintain the record date of December 20, 2005 certain closing transactions not completed at this time would have caused substantial shareholders dilution if closed after the ex-dividend date.
Biogenerics has informed the NASD that it would delay the record date for a short period of time in order to complete all aspects of the Tyche transaction before the special dividend payout to insure its objective of long-term shareholder value. Biogenerics accounting advisors have now determined that all components of the Tyche transaction have been completed in its entirety to comply with all aspects of SEC Rule 10b-17. The new record date for the Special Dividend will be on May 19, 2006 with a payment date of June 2, 2006.
Biogenerics CEO Gary Kelley stated, "While Biogenerics understands that its shareholders are anxious for this transaction and special dividend to conclude, Biogenerics did not feel by keeping the record date of December 20,2005 and declaring the dividend would have provided short-term satisfaction to most shareholders; the same shareholders would have been deeply affected long term by having certain closing conditions conclude post dividend, decreasing long-term shareholder value and/or increased dilution." Biogenerics is confident that this short-term postponement of the record date has benefited shareholders long-term value for both Biogenerics shareholders and future holders of the Tyche common stock.
For further information: 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, Hydroslotter Corporation and WW Energy Inc.
About Tyche Energy, Inc.:
Tyche Energy operates exploration projects through joint ventures in the Appalachian Basin and owns interests in a number of petroleum and natural gas leases in Elgin, Middlesex, Lambton, Kent, and Essex Counties, Ontario. In addition to its main operating focus, the Company is actively exploring projects in the Appalachian and Michigan Basins.
Tyche Energy's strategy is to grow through exploration and development of oil and gas reserves in its core area and through the acquisition of under-exploited properties, reserves and companies that will complement its growth objectives. Tyche Energy's primary long-term goals are to develop a high level of sustainable production which can be directly marketed to the expanding Eastern North American market and resulting in a high degree of profitability and cash flow.
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.