Contact Information: Contacts: Investor Relations Andrew Barwicki 516.662.9461 Website: www.nanologix.net
NanoLogix Receives First Royalty Payment From Joint Venture
| Source: NanoLogix
SHARON, PA -- (MARKET WIRE) -- March 27, 2007 -- NanoLogix, Inc. (PINKSHEETS : NNLX ) announced
today that the company has received its first royalty payment from Nutra
Pharma (OTCBB : NPHC ) for the sale and distribution of Nutra Pharma
diagnostic test kits, marketed by their wholly owned subsidiary Designer
Diagnostics.
NanoLogix originally developed the patented intellectual property
incorporated as a basis for Nutra Pharma's diagnostic test kits. These
test kits are currently marketed for use in early detection of infectious
human diseases such as tuberculosis and nontuberculosis mycobacterium.
NanoLogix has assigned the rights to 11 patents and licensed the rights to
18 others to Nutra Pharma for use in diagnostic test kit development.
NanoLogix retains a license for the nanotechnology aspects of the assigned
patents and the rights to all nanotechnology aspects of the licensed
patents. In exchange for this licensing and assignment, Nanologix receives
the greater of either a 6% royalty on gross sales or a significant annual
guarantee.
Bret T. Barnhizer, Chairman of the Board, CEO and President of NanoLogix,
stated, "Our licensing partnership with Nutra Pharma and the increasing
demand for Designer Diagnostics test kits in Africa and Asia has enabled us
to achieve a significant corporate goal of establishing a revenue stream
from our patented intellectual property. We look forward to a long and
rewarding partnership and association with Nutra Pharma and anticipate an
ever-increasing revenue stream from that association."
"Not only does this royalty payment secure our licensing rights to the test
kit technology, but it also confirms our commitment to building Designer
Diagnostics and bringing the test kits to market," explained Rik J Deitsch,
Chairman and CEO of Nutra Pharma Corporation. "We look forward to the
future success of Designer Diagnostics and developing a closer relationship
with NanoLogix over the next several years," he added.
About NanoLogix, Inc.
NanoLogix is an industry innovator in the research, development, and
commercialization of nano-biotechnologies, applications and processes. The
Company has developed and owns or has rights to 31 patents related to
various medical technologies, 5 of which also have hydrogen-generation
aspects. In the past year the Company has filed an additional 28 patent
applications for discoveries related to hydrogen bioreactors, medical
testing, and innovative medical treatments potentially related to leukemia
and sepsis. NanoLogix is presently 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. While
much of the Company's current focus is on the production of hydrogen from
agricultural feedstock, industrial wastewater and municipal waste streams
in an effort to meet the need for economic sources of clean fuel, the
medical heritage of the Company has not been neglected. NanoLogix-developed
patents are used to design and market diagnostic test kits for use in early
detection of the bacteria present in infectious and noninfectious human
diseases such as tuberculosis, pneumonia, HIV/AIDS, cancer, and cystic
fibrosis. The company also 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.net.
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.