SOURCE: Oncologix Tech, Inc.

February 11, 2011 09:42 ET

Oncologix Tech, Inc. Announces Entry Into New Business

SCOTTSDALE, AZ--(Marketwire - February 11, 2011) - Oncologix Tech Inc. (PINKSHEETS: OCLG) today announced that it had entered into a Pre-Incorporation Agreement with Mr. Melvin Brown, of Gilbert, Arizona, providing for their joint entry into a new business enterprise. The Pre-Incorporation Agreement is subject to the condition that Oncologix provide, not later than May 30, 2011, a minimum of $150,000 in cash to fund the new enterprise. These funds are not now available but will be sought from private investors. There are presently no agreements providing for such investments and no assurance that they can be obtained.

The new enterprise is to be conducted by a newly formed Nevada corporation, called WatchMe Profile Media Services, Inc. ("WatchMe"). Initially, Oncologix will own 60% and Mr. Brown 40% of the outstanding capital stock. Upon the formation of WatchMe, Oncologix, WatchMe and Mr. Brown will enter into agreements providing for the employment of Mr. Brown as Chief Executive Officer of WatchMe, a shareholder agreement providing for certain "buy/sell" arrangements and a license whereunder Mr. Brown will grant a license to WatchMe for use of technology developed and owned by him.

According to Mr. Brown, "The business of WatchMe will be to provide automated video interviewing services to employers, recruiters, and job seekers. By using these services, customers will be able to purchase digitally transmitted delivered and encapsulated videos showing their responses to pre-recorded questions that are prepared on the basis of industry experience in recruiting employees. The videos can be used by job seekers in their own self-promotion at the networking level as well as uploading to WatchMe's own website or other popular sites such as YouTube, Facebook, MySpace, and LinkedIn. Videos produced by WatchMe will be formatted for use in iTunes, iPods, iPhones, iPads, and can be featured on private websites. Businesses both employers and recruiters, will be able to store videos for future reference."

The process for recording and transmitting the interviews is based on computer software being developed by Mr. Brown and licensed toWatchMe. It is anticipated that the development will be completed within six months after the availability of funds but, as stated by Mr. Brown, "as with most new technology, there is no assurance that development will be completed within any particular period of time or that development will ever be successful."

Mr. Anthony Silverman, President of Oncologix, said in his statement that, "We are excited at the opportunity to work with Mel Brown in the WatchMe enterprise. While the technology is new, we anticipate that his experience in using video to market himself as a successful entertainer (a Grammy winning artist) provides a great reason to believe that there this business has a great potential."

Mr. Brown added, "I am confident that our technology will be readily accepted in the marketplace and will greatly assist job seekers and employers to streamline the hiring process."

The Oncologix announcement further stated that the entry into the Pre-Incorporation Agreement and the business operations to be pursued pursuant thereto are not expected to affect plans with respect to future participation in the medical radiation business, as previously reported.

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. In September 2010, Oncologix signed a Memorandum of understanding with IUT and IUTM confirming certain understandings among the parties with respect to their future relationships and business activities as originally contemplated in February 2009. Any such development will be subject to the availability of financing and successful product development.

Contact Information

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

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