| NanoLogix
Inc. Provides Shareholder Update |
HUBBARD,
Ohio, July 11 /PRNewswire-FirstCall/ -- NanoLogix, Inc. (OTC:
NNLX - News) provides an update on Hydrogen Bioreactor activities
and additional operations and administrative updates.
Harry
R. Diz, Ph.D., PE, Associate Dean, and Chair, Dept of Environmental
Science & Engineering at Gannon University, Erie, PA who manages
NanoLogix's Bioreactor stated:"We
continue to operate the Welch's experimental system and are producing
hydrogen daily. Our research objective is to maximize hydrogen
production through finding the optimal temperature and investigating
the use of photobacteria for secondary treatment for both waste
streams like Welch's and sewer sludge to convert organic acids
which are generated in the Bioreactor during primary treatment.
Theoretically, this could triple the hydrogen yield compared to
what is being produced now at Welch's.To
this end we have constructed several "photobioreactors"
for growing the photobacteria. We also project installation of
a prototype Bioreactor at the Erie Wastewater Treatment Plant
in Spring 2008." This work is the result of collaboration
among the Department of Environmental Science and Engineering
at Gannon University, Biofuel Engineering Science, Ltd, an Erie,
PA,-based engineering research company, and NanoLogix, Inc., and
is funded solely by NanoLogix, Inc."
Personnel
updates: Sergey Gazenko, Ph.D. has renewed his contract with NanoLogix
and taken the position of Vice President for Research and Development.
Dr. Gazenko is the sole inventor of the BioNanoChannel(TM) device
and directs research at NanoLogix's newly-expanded laboratory
in the BioStart facility in Cincinnati.
Thomas
A. Kelly, Ph.D. has rejoined NanoLogix as a consultant and will
conduct research related to his original discovery and authorship
of NanoLogix's patented process for Apoptosis. Dr. Kelly stated:
"I am happy to be able to resume my research on apoptosis
that I started in 1997 for Infectech (now NanoLogix). With the
backing of NanoLogix I am confident we can develop multiple applications
of this technology. My immediate thrust will focus on applying
apoptosis technology to the treatment and elimination of certain
topical skin growths, which will significantly impact the method
of treating a specific range of dermatological conditions".
Financial
news: NanoLogix has recently applied for a grant for funding of
Bioreactor research from the United States Department of Agriculture.
The
Company is progressing with the process of preparing their financials
for applying for SEC approval to become fully reporting. Approximately
200 hours of CPA and accounting time has been expended since May
specifically related to this process. The company would also like
to announce to their shareholders that Bret T. Barnhizer and Dana
Allen, upon taking office in March, 2006 elected to accept no
salaries for their services to the Company and are receiving as
compensation 250,000 shares of restricted (non-trading) stock
per quarter. This stock compensation is 50% of the amount that
was traditionally granted to Company officers and directors each
quarter prior to March 2006. This reduction in stock compensation
was the first action by the CEO and the Board of Directors taken
upon the change in Company management in March --- an action taken
in the interest of reducing dilution of shareholder equity. Our
goal is to reduce stock compensation by an additional 50% this
year. In addition, Mr. Barnhizer and Mr. Allen wish to announce
that they have and continue to hold shares purchased on the open
market over time in the following amounts: Mr. Barnhizer, 2,030,000
shares since 09/2005; and Mr. Allen, 632,000 shares since 07/2006.
Bret
T. Barnhizer, Chairman, CEO and President, stated: "We welcome
Dr. Kelly back to NanoLogix, and congratulate Dr. Gazenko on his
promotion to Vice President for Research and Development, and
thank Dr. Diz for his increased involvement and continued efforts
at
Welch's and Erie Wastewater treatment. As for thefinancial update,
we are providing this information to the public in order to demonstrate
our dedication to the future of
NanoLogix and our goal of growing the Company to provide increased
value to all shareholders."
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 www.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
E-mail:
Bret@nanologixinc.com
