NanoLogix Inc. Sets Date for Annual Shareholder Meeting and Provides Shareholder Update
October 30 2007 - 8:45AM
PR Newswire (US)
HUBBARD, Ohio, Oct. 30 /PRNewswire-FirstCall/ -- NanoLogix, Inc.
(OTC:NNLX) (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 1 PM on 12/28/07 and will
be held at the Company's Hubbard, Ohio office. A call-in number
will be provided for questions to management. The number will be
made available on our website two days prior to the 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, pursuing 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 a leading innovator in the research, development, and
commercialization of nano-biotechnologies, applications and
processes. The Company has 31 granted Patents and 36 Patents
Pending for bioreactor-based Hydrogen Production, revolutionary
rapid medical testing technologies, potential treatments for sepsis
and cancer (via apoptosis), and bioremediation. 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 Bret Barnhizer, CEO Telephone:
330-534-0800 E-mail: DATASOURCE: NanoLogix Inc. CONTACT: Investor
Relations: Bret Barnhizer, CEO of NanoLogix Inc., +1-330-534-0800,
Web site: http://www.nanologixinc.com/
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