NanoLogix Inc. Announces Improvements in Operations and Cash Flow
June 25 2007 - 10:15AM
PR Newswire (US)
HUBBARD, Ohio, June 25 /PRNewswire-FirstCall/ -- NanoLogix, Inc.
(OTC:NNLX) 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, http://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 http://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 E-mail: DATASOURCE:
NanoLogix, Inc. CONTACT: investors, Bret Barnhizer, CEO, NanoLogix,
+1-330-534-0800, Web site: http://www.nanologixinc.com/
http://www.biostart.org/
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