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HydroGenetics, Inc. Announces Update

^{Published on 2009-11-02 15:05:50 - Market Wire}
 

MIAMI, FL--(Marketwire - November 2, 2009) - 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.