TORONTO, Dec. 9, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) and Tyche Energy, Inc., jointly announced today their plans to spin-off Biogenerics' subsidiary company, Tyche Energy, Inc.
In a special meeting held today, the board of directors of Biogenerics unanimously passed a resolution to issue and gift up to 10% of the outstanding common shares of Tyche to shareholders of Biogenerics Limited.
Biogenerics shareholders of record as of the close of business on Tuesday, December 20, 2005 will qualify for the pro rata gift of Tyche Energy shares. Biogenerics' board of directors plan to hold a subsequent meeting to finalize the gift date, and confirm the number of shares to be gifted per each share of Biogenerics stock held as of the record date.
Tyche Energy, which Biogenerics currently holds an ownership position of 37.5%, is a London, Ontario based oil and gas P & E company operating exploration projects in and around the Appalachian Basin of Ontario, Canada. Tyche Energy is developing its nearly 20,000 acre portfolio of varying working interest property rights in conjunction with several partner companies including Veteran Resources, Inc., and Talisman Energy, Inc., (TLM) presently an $18.5 billion market cap company trading on the New York Stock Exchange.
In addition to its present and scheduled exploration projects, Tyche Energy recently signed a Memorandum of Understanding (MOU) with Productive Geoscience to add a state-of-the-art seismic petroleum resource detection technology named N2Vision to its service portfolio.
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.
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.