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PanGenex Signs Licensing Deal to the Enter the $600 Million Spirulla Market

- To Develop Retail Products Using the All-Natural, Superfood Spirulla -

CLEARWATER, Fla.–(CRWENEWSWIRE) Nov 30, 2009–PanGenex Corporation (Pink Sheets:PGCX), a global nutraceutical and dietary supplement manufacturer and marketer, announced today that it has solidified plans to expand its retail product line with the addition of spirulla. Spirulla, a blue green algae, is an abundant and sustainable natural source of protein, essential fatty acids, vitamins, B12 and minerals that has been used as a dietary health supplement for centuries. Through a licensing agreement with Greenr U Corp., PanGenex has access to a state-of-the-art algae growing system to begin producing its own high-quality spirulla. The Company plans to incorporate spirulla into select product lines as well as develop an array of new, heart-healthy nutraceutical and dietary supplements featuring spirulla.

“Spirulla is considered a ’superfood,’ packed with 100% natural energy-boosting ingredients. We believe a move into the $600 million spirulla market is a major step toward sustaining long-term growth,” said John Stanton, Chairman of PanGenex. “Our goal is to reach sales of $2 million in our first year of production and increase exponentially as growing acreage is added and our additional products are brought to market.”

PanGenex plans to develop a variety of spirulla-infused heath products ideal for health-conscious consumers, aging baby-boomers, vegetarians and more. “We believe we can produce the highest quantity and purest form of spirulla available on the market today. Our algae will be grown in nutrient-enhanced fresh water within a closed loop vertical system, thus avoiding the contamination typical of outdoor ponds. We expect to deliver our first products from this production facility in early summer 2010. Our scientists and product consultants are researching strains for other specialized beneficial use that a dedicated facility will allow us to grow to our product specifications.”

PanGenex initially expects to grow approximately 40,000 gallons of oil or 10,000 lbs of spirulla powders per acre per year. Dry powder spirulla sells for in excess of $50 per lb, while other specialized strains sell for in excess of $400 per lb. Other uses for algal oils and powder include protein enhancement products as part of the $27 billion sports nutrition market and in oil capsules as a replacement for certain types of liquid fish oil capsules. PanGenex products will be marketed to health and whole food stores and through its various existing outlets.

About PanGenex Corporation

PanGenex pursues business opportunities in the $70 billion dollar nutraceutical and dietary supplement industry. With a focus on the cardiovascular health segment, PanGenex develops and markets sector-leading, patented or patent pending, condition-specific nutraceuticals and topical over-the-counter (OTC) drugs and personal care products. Many of its products contain the purest grade of nutraceutical components available anywhere without a prescription. Since 2006, PanGenex has voluntarily submitted its product labels for review by the FDA without incidence. PanGenex products are currently sold to healthcare practitioners in 20 U.S. states, Canada, Puerto Rico, Canada, Brazil and Australia, in fine retail establishments and on the Internet including: PanGenex | Cardiovascular Health, Nutraceuticals, Topical Over-The-Counter (OTC) Drugs and Personal Care Products, Lipideme | Lower Cholesterol and Triglycerides the Natural Way | Promote Heart and Cardiovascular Health and Heart Healthy World | Soft Tissue Calcification - Heart Health - Cholesterol Management.

Disclaimer:

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements,” which are statements related to future, not past, events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks” or “will.” Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook. The statements in this press release have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease.

Contact:

PanGenex Corporation
Mindy Rippeto, 813-623-5268
investor@pangenex.com
or
Bulova Technologies Group, Inc.
Beverly Mercer, 727-451-6560

Source: PanGenex Corporation

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