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BIGN--Biogenerics Announces New Record Date for Special Dividend
WEDNESDAY, MAY 03, 2006 4:15 PM



TYLER, Texas, May 3, 2006 (PRIMEZONE via COMTEX) -- 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