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.
|SOURCE NanoLogix, Inc.|
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