NanoLogix,
Inc. Sets Date for Annual Shareholder Meeting and Provides
Shareholder Update
HUBBARD,
Ohio, Oct 30, 2007 / PRNewswire-FirstCall via COMTEX/ --
Nanologix, Inc. (OTC Bulletin Board: NNLX) a
nano-biotechnology company announces the date and venue for the
Company's annual shareholder meeting.
The meeting will take place at
1PM on 12/28/07 and will be held at the Company's Hubbard, Ohio
office. A call-in number will be made available on our
website two days prior to meeting. Shareholders of record
as of 11/23/07 will receive proxy statements.
Research and development
continues with the prototype bioreactor at Welch's, with design
and economic modeling proceeding for construction of the next
generation of hydrogen bioreactors for both Welch's and the Erie
Wastewater Treatment Plant projected installations. State
and Federal grant assistance is being explored and pursued for
both Pennsylvania and Ohio operations.
Testing for Department of
Defense anthrax decontamination confirmation has been completed
successfully and NanoLogix is currently working on additional
BioTerrorism issues, such as toxin identification.
The Board of Directors met on
10/22/07, with a majority of directors passing a motion to
reduce director and executive stock compensation by 50%.
Coupled with a 50% reduction last March, this measure reduced
the maximum shares awardable annually to any one individual from
2,000,000 to 500,000. Bret Barnhizer, CEO and President,
stated, "This measure accomplishes this year's goal of reducing
compensation-related dilution. Every share issued to
directors and executives is a share that is not available for
use in raising capital necessary for research and development
and operational expenses. This management team is
committed to NanoLogix's future and believes in the philosophy
of building company value over the long term.
On raising capital, Dana
Allen, Vice President for Strategic Partnering said: "NanoLogix
is currently pursuing multiple strategies for funding:
existing revenue from patent royalties, developing sales of
BioNanoChannel(TM) technology, pursing grant funding, strategic
partnering with companies in our technology sectors, and lastly,
through private investment. This private investment
approach is focused on providing stability to the share price,
and is designed to partner with investors who have a long term
view of the company and its prospects. We have been
successful in this approach over the last four months and have
raised capital from a group of accomplished Silicon Valley
private investors. Ultimately, we are looking forward to
the time when revenue and cash flow will be the sole funding
mechanism for the company."
About NanoLogix, Inc.
NanoLogix
is an industry innovator in the research, development, and commercialization
of nano-biotechnologies, applications and processes. The Company
has over 30 patents and an additional 28 Patents Pending
related to Hydrogen Production via organic waste bioreactors,
revolutionary rapid medical testing technologies, innovative
potential medical treatments for cancer, and bioremediation.
BioNanoChannel is a Trademark of NanoLogix, Inc. NanoLogix
information is available at 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
