| Nanologix
Announces New Chairman And Chief Executive Officer
|
March
19, 2007:, SHARON, PA -- (MARKET WIRE via COMTEX) -- NanoLogix,
Inc. (NNLX:Pink Sheets) announced today that Mr. Bret Barnhizer
has been appointed as NanoLogix’ Chairman, Chief Executive Officer
and President, effective immediately. Mitchell Felder, M.D. has
resigned as Chairman and Chief Executive Officer and assumed the
position of Chief Technology Officer.
Mr. Barnhizer is responsible for launching new strategic, financial
and corporate directives for NanoLogix and will lead the company
in expanding sales, operations and financing. Mr. Barnhizer brings
to his new position a significant background in corporate management,
finance, and project management.
For more than 25 years, Mr. Barnhizer has provided engineering,
operations and project management services to Chevron, BP, Unocal,
Occidental Petroleum, and others in the U.S., Europe, Africa,
and Asia. Mr. Barnhizer has managed and been involved in projects
of varied scope, ranging from 40 million to over 500 million dollars
in value. Through the enabling of individuals in numerous teams
in the energy industry, he has been responsible for the adoption
of breakthrough applications of technology, now in widespread
industry use, that have resulted in dramatically improved economics
and performance in upstream operations.
Dr. Mitchell Felder has served as CEO since 1989 and as Chairman
since 2003. Dr. Felder has been appointed Chief Technology Officer
effective immediately. In this new position he will be able to
focus his efforts on further research and development, and contribute
to expanding the company’s technologies, intellectual properties,
and patents.
"Dr. Felder has added great value to NanoLogix, guiding in
the research, development and commercialization of nano-biotechnologies,
applications and processes,” said Bret Barnhizer. “We look forward
to Dr. Felder’s continued support as the Chief Technology Officer
where he will now be able to devote his talents to concentrate
on our research and development efforts. We are in a very good
position to take advantage of NanoLogix’ leading technology position
and emerging commercial markets.”
In addition, at the Director’s meeting where Mr. Barnhizer was
appointed, a motion was adopted to reduce the stock compensation
program for the NanoLogix Board of Directors and Company Officers
by 50% with no offsetting increase in other compensation or benefits.
This reduction is in the interests of increasing shareholder value
on both a short and long term basis.
About NanoLogix, Inc.
NanoLogix is an industry innovator in the research, development,
and commercialization of nano-biotechnologies, applications and
processes. The Company has developed and owns or has rights to
32 patents related to various medical technologies, 5 of which
also have hydrogen-generation aspects. In the past year the Company
has filed an additional 28 patent applications for discoveries
related to hydrogen bioreactors, medical testing, and innovative
medical treatments potentially related to leukemia and sepsis.
NanoLogix is presently operating a hydrogen bioreactor at Welch's
Food and has recently signed an agreement with the City of Erie
Wastewater Treatment Plant for a prototype bioreactor installation.
While much of the Company’s current focus is on the production
of hydrogen from agricultural feedstock, industrial wastewater
and municipal waste streams in an effort to meet the need for
economic sources of clean fuel, the medical heritage of the Company
has not been neglected. NanoLogix-developed patents are used to
design and market diagnostic test kits for use in early detection
of the bacteria present in infectious and noninfectious human
diseases such as tuberculosis, pneumonia, HIV/AIDS, cancer, and
cystic fibrosis. The company also owns a patent for the non-toxic
induction of apoptosis ('cell suicide') for the treatment of cancer.
For more information on the Company, visit nanologixinc.com.
This press release contains statements, which may constitute "forward-looking
statements" within the meaning of the Securities Act of 1933
and the Securities Exchange Act of 1934, as amended by the Private
Securities Litigation Reform Act of 1995. Those statements include
statements regarding the intent, belief or current expectations
of NanoLogix, Inc., and members of its management as well as the
assumptions on which such statements are based. Prospective investors
are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties,
and that actual results may differ materially from those contemplated
by such forward-looking statements. The Company undertakes no
obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or
changes to future operating results.
Contact:
Investor Relations
Bret
Barnhizer
724-346-1302
