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bellwetherreport.com: The Bellwether Report Issues a Morning Alert For Biogenerics, Limited
M2 Communications via COMTEX
May 26, 2006 3:48:44 AM
May 26, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Biogenerics, Limited (OTCPK:BIGN), is a company that our research team will be tracking over the ensuing weeks. They recently came out with a significant corporate development, causing a market stir. The BWR Research Team will continue to bring its subscriber's cutting edge research tools, and second to none customer service.
Biogenerics, Limited a diversified investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves, yesterday afternoon announced that James Lancaster, CEO, has confirmed the execution of the Letter of Intent by all parties, that pertains to the purchase of assets, leases, contracts, agreements and oil reserves, of the East Texas operator.
Lancaster stated, "This transaction will bring to the company a presence in the oil industry that is highly respected -- an operation with a substantial positive cash flow, ownership in over 200 currently producing wells generating over 7,300 bbls/month of crude oil, leases with an estimated 21.84 million bbls/oil in proven reserves, drilling sites for 12 new wells, with a potential for a substantial reserve position in oil and gas. Further, 125 well sites to rework and capitalize the oil production from in the existing field, and equally important, a fully operating exploration/drilling company with a highly regarded reputation in the industry in Texas which will allow the company to do its own drilling, rework and management of wells."
Lancaster continued, "This is the foundation stone being laid for the Company to gather and amass substantial holdings in the oil/gas industry. Today, it is difficult to get a drilling company to perform new well services in less than nine months. This acquisition gives our Company the ability to do its own drilling procedures without reliance upon any other party. That is a definite plus in this industry today."
The Letter of Intent requires the Company to clear its due diligence on the purchase within 30 days from the above date, enter into final agreements and close the transaction within 60 days of today's date. The Company has already held meetings with its lenders and investment firms and expects it will complete the financing of this acquisition within the time frame of the Letter of Intent. Lancaster concluded by saying, "Even though my 30 years of business experience was not totally in the oil industry, the contacts I have made in the East Texas oil industry have made this opportunity available to the Company. Hopefully, we will see this transaction come to fruition and the results of the positive cash flow from this operation will impact the Company's financial reporting by the last quarter of this calendar year."
Biogenerics continues to trade on extremely high volume, as investor's sentiment seems to have changed. Biogenerics looks stronger then ever as the company moves forward quicker then expected as their staff works hard in hopes of a brighter future. Currently trading at $0.05, this company is up over 15.0% as investors become excited about the future of this company, now that they understand some of their potential. This is the highest Biogenerics has traded since the company fell from $0.23, back in July 2005. The BWR Research Team will continue to follow the market sentiment on this company and numerous others.
-------------------- The difference between genius and stupidity is that genius has its limits
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Going to hold over the the long weekend. Very little down side. Should see a morning spike Tues. Any oil disruption over the weekend would send us to the moon. IMO
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I agree with that. I guess everyone is looking for the big runner. I'm all for that but I've watched this go from .026 to .062 and EQBM go from .007 to .045 in just a few weeks and those chart are set up really strong and still nobody notices. I'll just watch the cash roll into my account.
-------------------- The difference between genius and stupidity is that genius has its limits
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I know but see with bkmp , huge float , difficult to move , as opposed to this one , small float , and moves easily and has revenues and huge net income just wait . You dont want to be the chases , im not pumping , im in this stock and im hoping for a dime by the end of the week , its on a lot of radars
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