SOURCE: Philippines Royal Oil & Alternative Energy, Inc.

Philippines Royal Oil & Alternative Energy, Inc.

February 20, 2009 12:14 ET

Philippines Royal Oil & Alternative Energy (Symbol: PROL) Becomes Bio-Genex Laboratories, Inc., a Bio-Medical, Genetics Engineering & Stem Cell Research Industry

PROL Undergoes Corporate Re-Organization, Name Change, New Officers & Directors, a 500:1 Reverse Split

MANILA, PHILIPPINES--(Marketwire - February 20, 2009) - Philippines Royal Oil & Alternative Energy, Inc. (PINKSHEETS: PROL) (FRANKFURT: 3HD) (XETRA: 3HD) looks ahead to the increased demand for bio-genetics engineering, natural alternative healing medicine and stem cell research and development. The company is to become a manufacturer and distributor of products for alternative natural medicine and bio-genetic engineering technology. Diversifying the company's business scheme, PROL's Management entered into a Memorandum of Agreement (MOA) that specializes in this industry.

Last January 2, 2009, PROL's representative visited the potential site in south eastern region of Mindanao Island, Philippines. The company is relocating its corporate headquarter to this region this Spring, to focus on the exploration, research and development of alternative, natural, herbal and bio-genetically engineered medicine for the cure of illnesses such as tuberculosis, cancer, heart disease, leprosy, diabetes, and many more. This move will expedite the smooth transition and diversification of its new business plan.

The relocation to Southern Mindanao was approved by the new 68% majority shareholder, after the former 68% majority shareholder, due to health reasons, sold all of its PROL shares and holdings to RJH Industries, LLC. On January 19, 2009, RJH acquired the controlling interest in Philippines Royal Oil (PROL). To complete the merger, PROL has undergone corporate re-organization: (a) changes name to Bio-Genex Laboratories, Inc. (b) appointed new board of directors (c) reduces the number of all its Issued & Outstanding shares by a 500 to 1 Reverse Split on company's record date of March 19, 2009, whose effective date will be set upon the change of symbol and CUSIP #, to be announced by MDI NASDAQ. There will be no fractionated shares meaning that all shareholders holding 500 or less of pre-split common shares of PROL will round up -- to receive twenty five (25) post split common shares of Bio-Genex Laboratories, Inc. Specific details to be announced in the next press release. Subsequently, within 90 days, the company intends to pay a restricted dividend of 10 for 1 so that no shareholder will own less than 250 common shares post reverse split and restricted dividend.

PROL's Management strongly believes that with this 2009 merger and acquisition, the new business focus on genetic engineering, stem cell research and development for alternative healing medicine, the company will be able to capitalize the already expected and surging global boom in this industry. It is expected that by the end of 2009, the change of business direction will bring the company closer to its goal to bring in production and profitability.

Bio-Genex is optimistic that this new development will rapidly be of value to the shareholders, while the company submits its NASD 211 to FINRA within the next 3 months.

FORWARD-LOOKING STATEMENTS

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding research and developments, manufacturing and production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of production costs; research and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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