NanoLogix Inc. Provides Shareholder Update
July 11 2007 - 10:00AM
PR Newswire (US)
HUBBARD, Ohio, July 11 /PRNewswire-FirstCall/ -- NanoLogix, Inc.
(OTC:NNLX) 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 the financial 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 http://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: DATASOURCE: NanoLogix, Inc. CONTACT: Bret
Barnhizer, CEO of NanoLogix, Inc., +1-330-534-0800, Web site:
http://www.nanologixinc.com/
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