AMES, Iowa, March 7 /PRNewswire-FirstCall/ -- BioForce Nanosciences, Inc. (BioForce) has become a publicly traded company following its recently announced acquisition by Silver River Ventures, Inc., now known as BioForce Nanosciences Holdings, Inc. . BioForce will operate as the wholly owned subsidiary of BFNH.
The agreement was contingent upon the receipt of $2.5 million in escrow funds prior to the finalization of the acquisition process. Opportunities remain for additional private placement capital and a secondary offering is anticipated to occur in late 2006.
BioForce, founded in 1994 by Eric Henderson, Ph.D., is a revenue- generating company and has sales pending in the United States and internationally.
“BioForce has followed the tried and true model of beginning with a vision, then working for funding through grants, seed capital and other sources to fund research on nascent technology,” said Dr. Henderson, who continues as Chief Executive Officer and Chief Science Officer of BioForce. “After 11 years, we are now reaching our long-term goal of bringing the first wave of new and innovative products to market.”
BioForce’s cornerstone technology, the NanoArrayer(TM) System, is a biomolecular printing tool poised to impact the arena of cell biology with applications in molecular and cellular detection in a variety of clinical and non-clinical installations. Other products include the ViriChip(TM) System, the company’s proprietary ultra-micro detection system for viruses, and consumable printing tools and print surfaces, including proprietary SPT(TM) Surface Patterning Tools and Sindex(TM) Chips.
“As a public company, we have new responsibilities, but also access to the advantages that come from the liquidity of public market,” Dr. Henderson said. “We will continue working to leverage these new opportunities for future growth of the company.”
Silver River Ventures President Ed Cowle said, “We are very pleased to be a part of this innovative bionanotechnology company. The team at BioForce has developed a strong portfolio of intellectual property and leveraged this value into marketable products.”
About BioForce Nanosciences:
BioForce Nanosciences Inc. has patented and patent-pending technology and products for ultramicro- and nanoscale placement and patterning of active biomolecules and other materials. This technology is embodied in the NanoArrayer(TM) System, a proprietary instrumentation/software platform. As an industry leader in the emerging field of bionanotechnology, BioForce Nanosciences is focused on providing practical molecular printing tools to the biomedical and life sciences markets. The company offers a line of accessory products for atomic force microscopy and the innovative NanoArrayer(TM) System with specialty consumable products as a cornerstone of the company. Contact BioForce Nanosciences at info@bioforcenano.com or 515-233-8333. For more information, visit http://www.bioforcenano.com .
This news release contains forward-looking information that may be affected by certain risks and uncertainties, including those risks and uncertainties described in the company’s most recent filings with the Securities and Exchange Commission. The company’s actual results could differ materially from such forward-looking statements. We assume no duty to update these statements at any future date.
BioForce Nanosciences, Inc.
CONTACT: Eric Henderson, Ph.D., BioForce Nanosciences, Inc.,+1-515-233-8333, ext. 101, ehenderson@bioforcenano.com , or Jaime Naig ofHanser & Associates for BioForce Nanosciences, +1-800-340-6434,jaime@hanser.com
Web site: http://www.bioforcenano.com/
