Contact Information: Contacts: Investor Relations Andrew Barwicki 516.662.9461 Website: www.nanologix.net
NanoLogix Announces New Chairman and Chief Executive Officer
| Source: NanoLogix
SHARON, PA -- (MARKET WIRE) -- March 19, 2007 -- NanoLogix, Inc. (PINKSHEETS : NNLX ) announced
today that Mr. Bret Barnhizer has been appointed as NanoLogix Chairman,
Chief Executive Officer and President, effective immediately. Mitchell
Felder, M.D. has resigned as Chairman and Chief Executive Officer and
assumed the position of Chief Technology Officer.
Mr. Barnhizer is responsible for launching new strategic, financial and
corporate directives for NanoLogix and will lead the company in expanding
sales, operations and financing. Mr. Barnhizer brings to his new position a
significant background in corporate management, finance, and project
management. For more than 25 years, Mr. Bret Barnhizer has provided
engineering, operations and project management services to Chevron, BP,
Unocal, Occidental Petroleum, and others in the U.S., Europe, Africa, and
Asia. Mr. Barnhizer has managed and been involved in projects of varied
scope, ranging from 40 million to over 500 million dollars in value.
Through the enabling of individuals in numerous teams in the energy
industry, he has been responsible for the adoption of breakthrough
applications of technology, now in widespread industry use, that have
resulted in dramatically improved economics and performance in upstream
operations.
Dr. Mitchell Felder has served as CEO since 1989 and as Chairman since
2003. Dr. Felder has been appointed Chief Technology Officer effective
immediately. In this new position he will be able to focus his efforts on
further research and development, and contribute to expanding the company's
technologies, intellectual properties, and patents.
"Dr. Felder has added great value to NanoLogix, guiding in the research,
development and commercialization of nano-biotechnologies, applications and
processes," said Bret Barnhizer. "We look forward to Dr. Felder's continued
support as the Chief Technology Officer where he will now be able to devote
his talents to concentrate on our research and development efforts. We are
in a very good position to take advantage of NanoLogix's leading technology
position and emerging commercial markets."
In addition, at the Directors' meeting where Mr. Barnhizer was appointed, a
motion was adopted to reduce the stock compensation program for the
NanoLogix Board of Directors and Company Officers by 50% with no offsetting
increase in other compensation or benefits. This reduction is in the
interests of increasing shareholder value on both a short and long-term
basis.
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 32 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.