SHARON,
PA--(MARKET WIRE)--Mar 27, 2007 -- NanoLogix, Inc. (Other OTC:NNLX.PK
- News)
announced today that the company has received its first royalty
payment from Nutra Pharma (OTC BB:NPHC.OB
- News)
for the sale and distribution of Nutra Pharma diagnostic test
kits, marketed by their wholly owned subsidiary Designer Diagnostics.
NanoLogix
originally developed the patented intellectual property incorporated
as a basis for Nutra Pharma's diagnostic test kits. These
test kits are currently marketed for use in early detection
of infectious human diseases such as tuberculosis and nontuberculosis
mycobacterium. NanoLogix has assigned the rights to 11 patents
and licensed the rights to 18 others to Nutra Pharma for use
in diagnostic test kit development. NanoLogix retains a license
for the nanotechnology aspects of the assigned patents and
the rights to all nanotechnology aspects of the licensed patents.
In exchange for this licensing and assignment, Nanologix receives
the greater of either a 6% royalty on gross sales or a significant
annual guarantee.
Bret T.
Barnhizer, Chairman of the Board, CEO and President of NanoLogix,
stated, "Our licensing partnership with Nutra Pharma
and the increasing demand for Designer Diagnostics test kits
in Africa and Asia has enabled us to achieve a significant
corporate goal of establishing a revenue stream from our patented
intellectual property. We look forward to a long and rewarding
partnership and association with Nutra Pharma and anticipate
an ever-increasing revenue stream from that association."
"Not
only does this royalty payment secure our licensing rights
to the test kit technology, but it also confirms our commitment
to building Designer Diagnostics and bringing the test kits
to market," explained Rik J Deitsch, Chairman and CEO
of Nutra Pharma Corporation. "We look forward to the
future success of Designer Diagnostics and developing a closer
relationship with NanoLogix over the next several years,"
he added.
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 31 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.
