SOURCE: PrimeGen Energy Corp.

April 05, 2010 18:07 ET

PrimeGen Energy Announces Appointment of CEO

BRIDGEWATER, NJ--(Marketwire - April 5, 2010) -  PrimeGen Energy Corp. (PINKSHEETS: PGNE) ("PrimeGen" or the "Company") announces the appointment of Vladamir Y. Protskiv to the Board of Directors (the "Board") and as the new CEO and President of the Company with immediate effect. Robert Charlton, the former President, will remain on the Board and continue his role as a Director of the Company.

Vladamir Y. Protskiv, 62, is one of the founding shareholders of PrimeGen Energy. He holds a degree in Economics and an MBA and has a background in venture capital, direct investment management in Russia and Europe. During the period 2006 to 2008, Mr. Protskiv was involved with certain M & A activities of PrimeGen. Mr. Protskiv has also followed closely the development of PrimeGen and has shown a keen understanding and interest in the challenges that the Company now faces.

As stated in the March 19th Press Release, the Company continues to work on its long-term strategy and intends to operate the remaining assets of the Company after completion of the previously announced Timan-Pechora ("TP") transaction announced August 28, 2009. The closing of the TP deal is dependent on third party approvals. While management anticipates these third party approvals in the coming weeks, the Company's attorneys are also examining whether the 2009 annual reports could be published and the trading of the Company's shares on OTC Markets could be resumed as "Current Information" ahead of completion of the TP transaction.

Mr. Protskiv, CEO of PrimeGen, commented, "I recognize the challenges that the Company is facing in its present situation due to the negligence by outside parties and am confident that, by taking a economical and commercial approach, the Board will succeed in bringing PrimeGen to the next level. I believe that currently the company needs to return to basics, finalize the imminent TP deal, optimize existing operations, restructure its other existing obligations and cautiously explore emerging growth opportunities. In addition, we are aware of the concerns of the shareholders and are planning to address these within the shortest period of time. I would like to thank Mr. Charlton and the Board for their support."

Changes to Corporate Address

As of March 26, 2010, the Company has moved its corporate offices to Moscow, Russia. Address: 9, Gasheka Street, Suite 632 Moscow, 123056 Russia. Tel: +7 095.920.2120 The former office in Bridgewater, New Jersey will close April 6, 2010.

Litigation Against Applbaum & Zouvas LLP

The Company continues to vigorously pursue legal action against Marc Applbaum, Luke Zouvas and Applbaum & Zouvas LLP in relation to the dissemination of untruthful, misleading and false information to shareholders, which led to sharp reduction in the Company's stock price in February 2010. The Company has filed a Complaint with The State Bar of California.

About PrimeGen Energy Corporation

PrimeGen Energy Corp. is an oil and gas exploration Company whose primary focus is exploring and developing high potential unconventional resource plays. The Company's strategy and development assets are focused on a prolific and historic oil and natural gas resource play in Krasnoarmeiskome District, Saratovskoi Oblast in Russia. The Company is headquartered in Bridgewater, NJ and has offices in Moscow, Russia. PrimeGen Energy plans to use its comparative advantages in certain geographic regions to expand rapidly through strategic acquisitions of small oil and gas producing entities and production assets including wells, properties, operating equipment, and pipelines.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry, its products, and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission Corp. (PINKSHEETS: PGNE) ("PrimeGen" or the "Company")

Contact Information