SHARON, Pa.--(BUSINESS WIRE)--Jan. 25, 2006--NanoLogix, Inc. (Pink Sheets:NNLX) today announced that it has signed a definitive agreement to sell part of its Medical Test Kit patent portfolio and license other key patents to Nutra Pharma Corp. (OTCBB:NPHC), a Boynton Beach, FL-based biotechnology company. According to the terms of the agreement, NanoLogix will sell eleven key test-kit patents to Nutra Pharma in consideration for that company's entire NanoLogix common stock holdings, approximately 4.5 million shares, plus a 6% royalty on the gross sales of the subject products. Based upon NanoLogix's closing price on Tuesday of $.14, total consideration dollar value for the sold patents is a minimum of $630,000.00 USD. The terms also include a license back, relative to NanoLogix's current pursuits.
