SOURCE: Oncologix Tech Inc.

December 31, 2007 09:56 ET

Oncologix Tech Announces Suspension in Operations and Board Changes

SUWANEE, GA--(Marketwire - December 31, 2007) - Oncologix Tech Inc. (OTCBB: OCLG) announced today that it has been unable to obtain the financing necessary to continue operations after December 31, 2007. Consequently, it is terminating the employment of all of personnel, effective as of that date, including Andrew Green, President, Adam Lowe, VP and COO, and Andrew Kennedy, Medical Officer, who will continue as officers of the Company although not formal employees. The Company anticipates that several of the employees will continue to assist in any continuing activities as independent consultants.

Although operations have been suspended, the announcement also stated that the Company is engaged in seeking various solutions, to continue to develop and obtain government approval of the Oncosphere product; including reviving our operations, obtaining sufficient financing to complete the development project, selling our proprietary technology, or the formation of joint venture or other arrangement with another party. The Company further stated that "While we are in contact with several interested parties, there are presently no agreements with any of them and no assurance that any will ensue."

In addition, Mr. Stanley L. Schloz, the Chairman, has resigned from the Board of Directors effective as of 1:00 PM, Mountain Standard Time, December 27, 2007. Mr. Schloz expressed no disagreement with the Company on any matter relating to the Company's operations, policies or practices, and no such disagreement between Mr. Schloz and the Company is known to any executive officer of the Company. He had been a member of the Finance Committee of the Board of Directors. Judy Lindstrom was elected to the position of Chairman of the Board of Directors and Adam Lowe was elected to the Finance Committee to replace Mr. Schloz.

About Oncologix Tech Inc. and its subsidiary, Oncologix Corporation:

Oncologix Tech Inc. (formerly BestNet Communications Corp.) was formerly a provider of long distance telephone communication services but disposed of that business in January 2007.

The Company is developing a brachytherapy (radiation therapy) device, the Oncosphere System, for the advanced medical treatment of soft tissue cancers. It is based on a radioactive microparticles designed to deliver therapeutic radiation directly to a tumor site by introducing the microparticles into the artery that feeds the tumor tissue.

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives. The forward-looking statements herein are based on current expectations that involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond control of the company. Although the company believes that the assumptions underlying the forward-looking statements are reasonable, any one of the assumptions could be inaccurate and, therefore, can be no assurance that the forward-looking statements included in this release will prove to be accurate.

Contact Information

  • Contacts:
    Andrew Green
    Chief Executive Officer
    Tel: (770) 831-8818

    Michael Kramarz
    Chief Financial Officer
    Tel: (616) 977-9933