NanoLogix Announces Appointment Of Barnhizer As Chairman, CEO And President
SHARON, PA -- 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.
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