TYLER, Texas, Aug. 31, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announced the Company's current status regarding the East Texas Oil Field LOI and the assessment and conclusions of existing LOIs as mentioned in the May 2006 press releases.
The LOI mentioned in the May 24, 2006, press release regarding the Quitman, Texas opportunity has been terminated after the Company determined it did not meet the Company's due diligence requirements.
The LOI mentioned in the May 30, 2006, press release regarding the Wood and Camp County Properties is still under consideration.
The Board of Directors is pleased to announce that the Company has been giving the LOI on the East Texas Oil Field its highest priority. James Lancaster, CEO, reports that the Company is in negotiations with its funding source to complete all due diligence required by them and conclude the funding facility to close these transactions. Biogenerics continues to pursue opportunities for additional properties located in Arkansas, Louisiana and West Texas. These properties encompass over 7,000 acres of leases. Management has also been assured that there are other opportunities in conjunction with the LOI on the East Texas Oil Field, which it will be pursuing at the appropriate times.
The Board of Directors recognizes that the Company is working outside the time frames indicated in the LOI for the East Texas Oil Field; however, the Principals on the LOI are cooperating to allow this transaction to be concluded. Biogenerics management has the closing of the East Texas Oil Field LOI as its top priority.
James Lancaster, CEO, concluded, "With the successful closing of these properties, the Company will be placed into a noted position in the oil and gas industry. Management is enthusiastic and working diligently to conclude all of this business."
Website: 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 Inc and Hydroslotter Corp.
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.