NanoLogix Inc. Announces Joint Development With CL Solutions and First Sales of Rapid Detection Kits
04 August 2008 - 11:45PM
PR Newswire (US)
HUBBARD, Ohio, Aug. 4 /PRNewswire-FirstCall/ -- NanoLogix, Inc.
(OTC:NNLX) a biotechnology company, is pleased to provide the
following updates: NanoLogix and CL Solutions
http://www.cl-solutions.com/ have signed a joint development
agreement to develop and market Fast Detection Bioremediation Kits
(FDBK) for use in monitoring the treatment process for organic
contaminants in soil and groundwater. Efrain Torres, CEO of CL
Solutions, stated: "We are very excited about this joint effort
with NanoLogix. The use of NanoLogix's patented technology will
significantly improve the effectiveness of bioremediation
technologies by providing the real-time feedback that is currently
missing in field applications." In July 2008, initial sales of BNC
and BNP rapid detection kits began to a major research and
development facility whose mission is focused on improving national
defenses against bioterrorism. These sales are a direct result of
contacts made at the NanoLogix booth during the American Society
for Microbiology 108th Annual Meeting in Boston in June and are
expected to increase significantly as the project applications move
forward on a variety of fronts. Hydrogen bioreactor prototype
operations continue at Welch's in Pennsylvania, with final testing
of feedstock taking place prior to completion of an evaluation of
the economics of a potential second-generation installation.
Wastewater treatment facility bioreactor research and development,
utilizing activated sludge as feedstock, will proceed with the
focus on Ohio treatment facilities due to logistical and
operational benefits to the company. NanoLogix directors have
unanimously agreed to a reduction in their share compensation
received for board service. This reduction brings the share
compensation to only 16% of what had been issued to directors prior
to the management change in March 2007. Directors and management
continue to forego salary in the interest of building the company.
Bret Barnhizer, NanoLogix CEO remarked, "The efforts of the last 16
months to build a solid business and biotechnology foundation are
bearing fruit. With the CL Solutions joint development project,
first BNC/BNP kit sales to a highly respected major institution
involved in U.S. defense efforts against bioterrorism, and the
associated potential for sales to a broad range of customers, we
have achieved the goals set forth last year in our business plan.
Directors John Chatterton and Dr. Robert Ollar have clearly
demonstrated their faith in the future of the company by accepting
160,000 shares annually, contrasted with the 1,000,000 shares drawn
by directors in the past. We are now on track for establishing a
sustaining revenue stream that will enable expansion of production
for BNC/BNP technologies and also increase our research and
development efforts for hydrogen extraction from waste, with a
focus on turning that waste into a reliable source of alternative
energy as well as reducing the volume of waste now flowing into our
ecosystem." About CL Solutions, LLC. A leader in the field of
bioremediation, CL Solutions rapidly and affordably bioremediates
soil and groundwater contaminated with hydrocarbons and chlorinated
solvents. The company's products, CL-Out(TM) and Petrox(TM), have
been field-proven to work faster, work better, and cost less than
other hazardous waste cleanup solutions. About NanoLogix, Inc.
NanoLogix is an industry innovator in the research, development,
and commercialization of biotechnologies, applications and
processes. The Company has multiple Patents and Patents Pending for
rapid medical testing, bioremediation, and Hydrogen Production
utilizing bioreactor technology. Information on NanoLogix is
available at 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 Carol Surrena Telephone: 330-534-0800
E-mail: DATASOURCE: NanoLogix, Inc. CONTACT: Carol Surrena,
Investor Relations of NanoLogix, Inc., +1-330-534-0800, Web site:
http://www.nanologixinc.com/ http://www.cl-solutions.com/
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