SHARON, Pa., Aug. 7 /PRNewswire-FirstCall/ -- NanoLogix, Inc. , a nano-biotechnology company engaged in the development and commercialization of technologies for the creation of hydrogen bioreactors, today announced that the Company has received $1 million from a California financial group. Terms of the financing were not disclosed. Net proceeds will be used to further the research and development of its proprietary hydrogen bioreactor technology, processes and applications. NanoLogix is currently focused on producing high- value hydrogen fuel from industrial and municipal wastewater streams, and is researching the potential of agricultural feedstock to create new sources of hydrogen for use as energy.
Bret T. Barnhizer, Business and Energy consultant to Nanologix stated, “We are pleased to receive this interim funding, as it will enable us to further expand our research and development efforts and assist NanoLogix in demonstrating efficient and economic bio-tech production of hydrogen gas from a variety of waste streams and engineered-feedstock sources. We consider this funding essential for positioning the company as a potential partner with the energy industry in their efforts to transition from a fossil fuel based economy to one in which the dependence upon those fuels is replaced by the use of alternative energy. The patents that we have developed and other processes currently under development, coupled with awareness of our proprietary-process hydrogen bioreactor, should significantly increase the energy industry’s level of interest in the potential of hydrogen from biomass. This funding is one more step along the path to a clean-fuel hydrogen-oriented economy and we are excited to be at what we view as the center of that effort.”
About NanoLogix, Inc.
NanoLogix is an industry innovator in the research, development and commercialization of nano-biotechnologies, applications and processes. The Company has an extensive portfolio of 32 patented technologies. The Company is currently focused on the production of hydrogen from agricultural feedstock, industrial wastewater and municipal waste streams to create new sources of energy. NanoLogix is successfully operating a hydrogen bioreactor at Welch’s Food and has recently signed an agreement with the City of Erie Wastewater Treatment Plant for a prototype bioreactor installation. Additionally, NanoLogix develops and markets diagnostic test kits for use in early detection of infectious human diseases such as cancer, cystic fibrosis and AIDS, and owns a patent for the non-toxic induction of apoptosis (“cell suicide”) for the treatment of cancer. For more information on the Company, visit http://www.nanologix.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.
NanoLogix, Inc.
CONTACT: Geoffrey Eiten, Investor Relations of OTC Financial Network,+1-781-444-6100, ext. 613, or geiten@otcfn.com, for NanoLogix, Inc.
