IRVINE, Calif., May 26, 2004 (PRIMEZONE) -- BioGentech Corp. (OTCBB:BGTH), a publicly held Nevada corporation dedicated to developing and commercializing over-the-counter (OTC) products for the prevention and treatment of allergic disease, announced today that it has successfully had its stock delisted from the Berlin-Bremen Stock Exchange as of the close of business on Friday, May 21, 2004. BioGentech is one of over 200 U.S. publicly traded companies whose stock had been listed on this exchange without the Company's prior knowledge, consent or authorization. BioGentech is now considering its options to pursue appropriate remedies against the brokerage firm(s) responsible for this unauthorized listing.
Chaslav Radovich, President and CEO of BioGentech, stated, "As is the case with a few hundred other companies, we are appalled to learn that our Corporation's stock could be listed for trading on an international stock exchange without our consent or knowledge. From our perspective, there is no justifiable explanation for this, yet we believe, as many others do, that this is the work of individuals using 'naked short selling' tactics due to the benefit of the 'arbitrage' loophole that none of the present regulations are designed to close."
BioGentech demanded, and successfully received, delisting from the Berlin-Bremen Stock Exchange and it has learned that MWB Wertpapierhandelshaus AG is the brokerage firm that requested the exchange to add the (unauthorized) BioGentech listing as of April 7, 2004. Mr. Radovich added that investors looking to purchase shares of BioGentech Corp. should only purchase their shares from the NASDAQ Over-The-Counter: Bulletin Board (OTCBB) under the symbol BGTH, as shares traded on the Berlin-Bremen Stock Exchange or any other foreign exchange are not currently recognized by BioGentech Corp.
About BioGentech Corp.
Headquartered in Irvine, California, BioGentech Corp. is an over-the-counter pharmaceutical company. Its flagship product, Prehistin(tm), designed to prevent the primary cause of airborne allergies, is scheduled for Phase III clinical trials beginning in summer 2004 and initial marketing in the U.S. will commence upon final FDA marketing approval. The U.S. anti-allergy medication market was $7.2 billion in 2003 and is expected to exceed $10 billion by 2010. Prehistin, "the world's first pre-histamine," has shown in previous clinical studies to modulate the body's level of the protein IgE, reducing the overproduction of histamines, the primary cause of airborne allergy symptoms. Prior studies have shown that the active ingredient in Prehistin appears to have essentially no risks of adverse effects to the general population, including sedation and drowsiness found in many of the allergy products currently available.
For further information please visit the website at www.biogentec.com.
Safe Harbor
This news release includes statements that are not historical facts and are considered "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect BioGentech Corp's current views about future events. They are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate", "possibility" and similar expressions identifying their forward-looking character. Investors should not rely on these forward-looking statements as assurances of future events, because such statements are inherently subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from the Company's expectations. The factors that may affect the outcome of such expectations include, but are not limited to factors detailed from time to time in the Company's filings with the Securities and Exchange Commission.