| NanoLogix
Inc. Announces Improvements in Operations and Cash Flow
|
HUBBARD,
Ohio, June 25 /PRNewswire-FirstCall/NanoLogix, Inc.
(OTC: NNLX
- News) announces initial production contract for BioNanoChannel(TM)
Rapid Detection Technology Devices and presents an operations
update. First large scale production of BioNanoChannel(TM) device:
NanoLogix, Inc. has contracted with and funded ICO Mold of Toledo,
Ohio, for the first production run of components for the BioNanoChannel(TM)
Rapid Detection Technology device. The production run will consist
of 15,000 injection-molded parts, sufficient to assemble 2,500
separate BioNanoChannel(TM) kits. The kits will be utilized as
prototypes for testing purposes by veterinary clinics, food testing
laboratories, and other medical-related laboratories as the company
initiates pursuit of approval for the device from the FDA and
other regulatory agencies. NanoLogix anticipates that the BioNanoChannel(TM)
device may become the definitive state-of-the-art Rapid Detection
Technology for bacterial and spore (microorganism) identification.
Expansion
of Research and Development Facility: NanoLogix, Inc. on Friday,
June 22nd 2007, signed an agreement with BIO/START in Cincinnati,
for both a one-year renewal of the company's lease and a 400%
expansion in the size of the Research and Development facility.
Carol
Frankenstein, President of BIO/START, www.biostart.org,
Cincinnati's Bio/medical Start-Up Center stated, "With the
expansion of Nanologix's research and development facilities at
BIOSTART, the company's management and scientific team is poised
to develop promising, innovative diagnostic technologies into
products that generate rapid results at lower cost."
Corporate
office relocation: the company offices have been moved from Sharon,
PA to a new location at 843 North Main Street, Hubbard, Ohio,
44425. This move takes the company from its original shared-office
location in a medical practice, to an independent stand-alone
environment. This move provides the company with over 1,600 square
feet of office space at approximately 20% of the previous cost
per square foot.
Cost
control initiative: During the last three months, the company
has reduced overall spending by over 50% while increasing Research
and Development investment by over 100%, and initiating manufacturing
on a scale never before attempted by the company.
Redesigned
website and new Internet address: the new domain address is www.nanologixinc.com.
This newly designed website signifies the company's efforts to
provide current information to shareholders and the general public.
It illustrates the company's new focus on corporate growth while
capitalizing on the company's existing intellectual property by
its conversion into marketable technology and products. As the
company grows, the website will be continuously updated.
Bret
T. Barnhizer, Chairman, CEO and President of NanoLogix stated:
"All of what is occurring is very exciting and positive in
scope. We look forward to the results of our team effort and the
establishment of a strong revenue stream for the company from
those efforts. We will work at keeping the investing public informed
of our progress and will soon be issuing a status update on our
ongoing Welch's hydrogen bioreactor operation and the R&D
related to our Erie Wastewater Treatment plant project."
Other
news:
The
agreement with Randall S. Goulding and Associates to represent
NanoLogix as corporate counsel has been terminated by the company.
On
June 5th 2007, Dr. Mitchell Felder tendered his resignation as
Chief Technology Officer for personal reasons.
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. 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.
BioNanoChannel is a Trademark of NanoLogix, Inc. 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, CEO
Telephone: 330-534-0800
Email:Bret@nanologixinc.com
