SOURCE: Oncologix Tech, Inc.

April 01, 2010 12:00 ET

Oncologix Tech, Inc. Enters Into a Letter of Intent to Form a Joint Venture With AirWare International Corp. for Product Expansion in Asia

GRAND RAPIDS, MI--(Marketwire - April 1, 2010) -  Oncologix Tech Inc. (PINKSHEETS: OCLG) announced today that it had entered into a non-binding agreement with AirWare® International Corp., the manufacturer of the popular new nasal breathing aid, Brez®, for the purpose of launching a version of the Brez product that will be infused with essential oils in the Asian market including China. Brez is a patented, over-the-counter medical device available in retail stores and at the company's website, that has been clinically proven to significantly reduce snoring.

The proposed partnership will be managed by Anthony Silverman, President and CEO of Oncologix; Mindi Osborn, President and CEO of AirWare and Mitchell Saltz, Managing Director of Southwest Capital Partners. Mr. Silverman has led financings aggregating over $500 million for approximately 100 companies and created or initially financed companies including Reno Air, ValueJet, Thermogenesis (KOOL), Royce Laboratories, American Wireless, Celutel and ISORay (ISR). Recruited to lead AirWare in April of 2008, Mrs. Osborn took the Brez product from concept to retail shelf with a national presence in the OTC market in only eight months including strategic development, business start-up, clinical trials, market research, investor funding, marketing direction as well as the procurement of distribution channels and manufacturing contractors. Mr. Saltz is a member of the Board of Directors of Smith & Wesson (SWHC) and is one of its largest individual shareholders. The formation of the partnership is dependent upon the approval of an operating budget, business plan and sufficient capital to close the transaction. The non-binding letter of intent extends through May 15, 2010.

The new products being developed under this joint venture will incorporate the use of essential oils infused in the Brez device, with treatment applications for common health problems such as insomnia, migraine headaches and allergies. "The infused Brez product will provide a way for people to tap the health benefits of essential oils with a truly innovative delivery system" said AirWare President and CEO Mindi Osborn. 

About Oncologix Tech, Inc.:
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 was developing a brachytherapy (radiation therapy) device, the Oncosphere System, for the advanced medical treatment of soft tissue cancers until it suspended operations at the end of December 2007 because of financial difficulties. 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. After ceasing its own operations, the Company transferred rights to its technology to Institut fur Umwelttechologien GmbH ("IUT") while retaining marketing rights. It intends to seek to further develop its relationship with IUT with respect to the development and marketing of medical radiation devices. Any such development will be subject to the availability of financing and successful product development. Oncologix has recently entered into a non-binding agreement with AirWare International Corp. to commence discussions for the formation of a joint venture for the marketing in Asia of health related products.

About AirWare International Corp.:
AirWare International Corp. develops, manufactures and markets Brez, a patented, over-the-counter, medical device that has been clinically proven to significantly reduce snoring and increase the sleep quality of the bed partner. Brez has been reviewed and categorized as a Class I exempted medical device, based on the U.S. Food and Drug Administration definition, for marketing as an over-the-counter treatment to help relieve symptoms for many conditions related to impaired breathing such as snoring, congestion due to the common cold or allergies, and deviated septum.

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:
    Anthony Silverman
    Chief Executive Officer
    Tel: (480) 980-0179

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