LAS VEGAS, Aug. 31, 2005 (PRIMEZONE) -- NanoSignal Corp. (Pink Sheets:NNOS), a fully reporting company, announced today that it completed reassessing the company organization in order to improve its operations. "The assessment is wide ranging and covers all aspects of the company's operations," said Dr. Rupert Perrin.
The assessment included the Board of Directors. Dr. Lawrence Madoff served as a member of the Board for over three years and is leading the transition of the company in its new alliance with Cell Robotics International, Inc. (CRII). Dr. Madoff is joining the Board of CRII. "CRII and NanoSignal Corporation, Inc. have entered into a strategic marketing relationship and exploring other areas of collaboration," said Dr. Madoff
In other news, Gary W. Walters, former President and CEO and former Super Preferred Shareholder, is pursuing other interests and will devote his efforts to personal matters. Mr. Walters, who has maintained his ties to the company through consulting agreements since relinquishing his status of Super Preferred Shareholder in September 2003, guided the company through the lengthy court proceedings that resulted in NanoSignal prevailing in the court action against George Parks and the original Pennsylvania company.
The company has negotiated a 504 Regulation D exemption in order to raise one million dollars for investment in the Company. The funds will be used to complete the beta testing of a Dicom compatible version of its Slices(tm) product with the Hitachi MRI products.
The company also announced the hiring of a new corporate secretary, Ms. Shay Hansen. Ms. Hansen has a degree in Criminal Justice with an Associate Degree in Psychology. Ms. Hansen who is from Roy, Utah, has worked in numerous secretarial and clerical positions and will be responsible for maintaining all corporate records.
Chairman of the Board Sir Dr. Rupert Perrin stated that, "There are many exciting developments for the company in the next few months including two acquisitions, hiring full-time staff, adding new Board members and focusing on the completion of the beta tests and the marketing of our products. Our number one priority has always been and will continue to be to bring this revolutionary technology to market and bring value to our shareholders."
This press release contains "forward-looking statements" within the meaning of Private Securities Litigation Reform Act of 1995. Such statements can be identified by lead-in "Looking Forward". These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statement.