SOURCE: Microgenix Manufacturing

May 18, 2010 09:15 ET

Microgenix Signs Memorandum of Understanding to Acquire Heavy Construction Engineering Management Company

HOUSTON, TX--(Marketwire - May 18, 2010) -  Microgenix Manufacturing Inc. (PINKSHEETS: MGXMF) today announced the signing of a Memorandum of Understanding (MOU) with Premarc Turnkey Systems Inc. -- a privately-held construction engineering company headquartered in Shreveport, LA -- to acquire all of its 80,000 shares of common and preferred stock for approximately $990,000 in Microgenix preferred stock (PINKSHEETS: MGXFF).

"We are pleased to agree to this offer for such a quality company with excellent management focusing on the petrochemical industry that we feel will be growing, especially in the 'green' spirit," Microgenix President and CEO Ahmad Alyasin said.

Since 2004, Premarc has provided project management during critical cycles with field audit teams, planner/estimators, document control managers, field observers and asset managers among other services. Its Turnkey Piping affiliate has 14 years of experience in piping fabrication, installation and hydro-testing for refineries and process piping, including offshore and chemical plants, as well as for the general food industry.

In addition to the headquarters office, Premark has satellite offices in Hammond, LA and Bay Minette, AL.

The final agreement is subject to further due diligence including the review of Premarc's financial statements, the signing of a final agreement by both boards of directors and certain other conditions. The preferred stock will be restricted and subject to registration at a future date.

Microgenix recently became publicly held and looks to acquire niche companies in a variety of industries. It plans to use preferred stock, common stock and a recently-announced $35 million line of credit for such acquisitions.

(The statements which are not historical facts contained in this news release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements,
development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties.)

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