SOURCE: PrimeGen Energy Corp.

March 19, 2010 11:17 ET

PrimeGen Retains Top New York Litigation Firm to Pursue Litigation Against Applbaum & Zouvas LLP

BRIDGEWATER, NJ--(Marketwire - March 19, 2010) -  PrimeGen Energy Corp. (PINKSHEETS: PGNE) ("PrimeGen" or the "Company") today announced that it has retained a New York law firm to pursue a claim for damages in relation to the dissemination of untruthful, misleading and false information to shareholders by the Company's former attorney Applbaum & Zouvas, which led to sharp reduction in the Company's stock price.

The Company intends to vigorously pursue legal action against Marc Applbaum and Luke Zouvas of Applbaum & Zouvas LLP, based in San Diego, CA, for disclosing false and misleading information to certain shareholders. PrimeGen is prepared to use whatever resources are necessary to focus the efforts of highly specialized and experienced legal counsel on this matter. The Company is fully committed to correcting and repairing this situation to improve the current stock price going forward.

Mr. Robert Charlton, President and CEO of PrimeGen Energy Corp., stated that, "We intend to seek damages to rectify the unfortunate circumstance respecting Applebaum Zovas; however, Primegen has also commenced initiatives to mitigate our damages and we are confident that, in the long run, the negative impact will be minimized."

Additionally, PrimeGen is in the process of hiring an experienced attorney to file the upcoming disclosures and financials on the OTC Pink Sheets. The year-end financials are due at the end of March and the Company will file results reflecting its strong performance to year-end, which has also continued into the current quarter.

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")

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