HydroGenetics, Inc. Announces Update
November 02 2009 - 6:00PM
Marketwired
HydroGenetics, Inc. (PINKSHEETS: HYGN) and its subsidiary Buffalo
BioDiesel, Inc., jointly announced today that they agreed to unwind
their share exchange agreement entered into in December 2008.
Charles Hansen, III, the current CEO of HydroGenetics, Inc.,
explained that, "My vision for the future of our company is to
focus on hydrogen on demand cell technology for the internal
combustion engine and working with inventors of breakthrough
alternative energy technology. In order to accomplish this, we will
divest our holdings of companies that are in other business lines
and continue our development of hydrogen cell technology. Sumit
[Majumdar, CEO of Buffalo BioDiesel, Inc.] agreed that an unwind at
this time would be best for both companies." Sumit Majumdar stated
that, "Buffalo BioDiesel, Inc. believed in 2008 that our roll-up
into a broadly focused green energy conglomerate made sense, but
later proved to be unworkable for logistical reasons and due to the
change in management at HydroGenetics, Inc. in 2009. We part ways
as friends." The rescission was executed on October 27, 2009.
Hydrogenetics, Inc. is conducting R&D on next-generation
hydrogen on demand cell technology for commercial internal
combustion engine applications and is headquartered in Miami,
Florida. More information about HydroGenetics, Inc. can be found at
www.hydrogeneticsusa.com.
Buffalo BioDiesel, Inc. is a manufacturer of biodiesel feedstock
and is headquartered in Buffalo, New York. More information about
Buffalo BioDiesel, Inc. can be found at
www.buffalobiodiesel.com.
Forward-Looking Statement
The Private Securities Litigation Reform Act of 1995 provides a
'safe harbor' for certain forward-looking statements. Statements in
this press release that relate to HydroGenetics, Inc.'s or Buffalo
BioDiesel, Inc.'s future plans, objectives, expectations,
performance, events, reports made by others, and the like,
including a statement about the assumptions underlying a
forward-looking statement, are forward-looking statements protected
by the safe harbor. Investors should understand that future events,
risks and uncertainties, individually or in the aggregate, are
factors that could cause our respective actual results to differ
materially from those expressed or implied in our forward-looking
statements. These factors could include changes in economic
conditions or government policies that may change the demand for
our respective products and services and could include other
factors. This release is comprised of interrelated information that
must be interpreted in the context of all of the information
provided and care should be exercised not to consider portions of
this release out of context. Investments in HydroGenetics, Inc. or
Buffalo BioDiesel, Inc. should be considered speculative, and,
prior to acquisition, should be thoroughly researched.
HydroGenetics, Inc. and Buffalo BioDiesel, Inc. do not intend to
update these forward-looking statements.
Contact: HydroGenetics, Inc. Charles Hansen, III 305-576-5778
info@hydrogeneticsusa.com Buffalo BioDiesel, Inc. Sumit Majumdar
1-800-721-1427 sumit@buffalobiodiesel.com
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