AMES, IA--(Marketwire - January 15, 2009) - BioForce Nanosciences Holdings, Inc. (OTCBB: BFNH), a producer of products and solutions for academic researchers and
commercial users based upon its ultra-micro to nano scale fluid deposition
platform, today provided a review of its 2008 activities and comments
regarding its outlook for 2009.
-- Sale of a record thirteen of the Company's Nano eNabler systems and
expansion of the Company's user base, which now includes customers in North
America, Europe, Asia, Australia and South America.
-- Further collaborations with leading academic researchers, resulting in
scientific agreements being executed with UAlbany NanoCollege, University
of Pierre and Marie Curie, Arizona State University, Iowa State University,
and St. Thomas University, and publication of favorable research results
from the Massachusetts Institute of Technology (MIT).
-- Expansion into new markets through use of the Nano eNabler technology
platform for non-biological applications. The initial non-biological
application, employed by two BioForce customers, involves printing
electronic circuits as an alternative to lithography by drawing micron-
scale lines of conductive inks in the design of the circuit to be tested.
-- Inclusion of $1.6 million of funding for the Company's ViriChip™
pathogen detection system in the 2009 Department of Defense Appropriations
-- Confidence in the Company's strategy and level of progress as
evidenced by investments totaling $650,000 from its largest shareholder,
FCPR SGAM AI Biotechnology Fund, and its management team.
-- Significant reduction in operating expenses while continuing
technology development efforts both in house and in conjunction with its
Kerry Frey, President and Chief Executive Officer of BioForce, said, "Sales
of the Nano eNabler
system are accelerating, driven by our internal marketing efforts as
well as the sales efforts of our distributors. Further expansion is
anticipated for 2009 and beyond.
"Our sales growth will be driven in part by the momentum within the
scientific community for projects in stem cell and neural regeneration
research. The fluid deposition capabilities of the Nano eNabler are ideal
for creation of the microenvironments required for these cellular biology
projects. Additionally, the field of miniaturized biosensors requires that
biological material be deposited onto a physical element such as a piece of
silicon, creating a significant opportunity for us both in the research and
manufacturing markets. Lastly, we are beginning to see the emergence of
non-biological applications for the Nano eNabler's capabilities as
evidenced by two of our international customers using the instrument during
2008 for the printing of electronic circuits.
"It is certainly noteworthy that in the current economic climate, when
deferral of research and development activities as a means of cost savings
is prevalent, organizations see the capabilities of the Nano eNabler system
as being so vital to their strategic direction that they are making a
significant investment in our technology."
Frey continued, "It is also our intent to develop relationships with
companies who can help us expand our sales and marketing reach, both
domestically and internationally, and the development of products and
services which complement our existing fluid deposition technology. We
recognize that strategic corporate partnering relationships are critical
steps for the ultimate success of a company such as ours."
Greg Brown, BioForce's Executive Vice President and Chief Financial
Officer, commented, "We are mindful of the need to carefully manage our
cash flow in the current capital markets environment in order to achieve
breakeven operations as soon as possible. Steps have been taken to reduce
our operational expenses to the extent possible while maintaining our
ability to sell and deliver products to our customers, and to support those
customers after the sale. We continue to require financing, and are
working to secure that funding in order to appropriately augment our
revenues and support our operations. We believe that the significant
strides made during 2008 serve as evidence of the opportunity for growth in
2009 and beyond."
For further information about this release please contact Greg Brown, Chief
Financial Officer of BioForce at (515) 233-8333 ext. 118, or Rich Kaiser,
Investor Relations at (800) 631-8127.
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences produces products and solutions for academic
researchers and industrial companies based upon its ultra-micro to nano
scale fluid deposition platform. BioForce's flagship product, the Nano
eNabler™ molecular printer, gives the Company and its customers a
platform for development and discovery by depositing fluid onto surfaces
with nanometer spatial precision. BioForce technology is being used in
biological areas such as biosensor
functionalization; patterning and cell
adhesion; and the printing of
proteins to guide neural cell growth, as well as in non-biological
applications. For more information, visit http://www.bioforcenano.com or
This news release contains forward-looking information that may be affected
by certain risks and uncertainties, including those risks and uncertainties
described in BioForce Nanosciences' most recent filings with the Securities
and Exchange Commission. BioForce Nanosciences' actual results could differ
materially from such forward-looking statements. BioForce assumes no duty
to update these statements at any future date.