NanoLogix Inc (NNLX)

[Omar8]

Didn't "believe " ??


"During the course of these events, and until their resolution, we did not believe we could approach investors for funding necessary for the further development of the technology. Nor could we seek development partners until this “Matter” was resolved. NanoLogix was delayed and blocked for approximately five months until the resolution of the “Matter” with no action recommended."


Don't they KNOW ? Seems like below they were seeking a partner. I found that "we did not believe", seems weird especially reading they entered into Confidentiality Agreements". Don't they have Lawyers who could tell them instead of " we did not believe" ? That was confusing.


"June 3, 2020

NanoLogix Seeks Development & Marketing Partner for Their Sub 1-Hour COVID-19 Detection Tests

HUBBARD, Ohio, June 3, 2020 /PRNewswire/ -- NanoLogix, Inc. (OTC: NNLX), an innovator in the rapid detection and identification of viruses and bacteria, is seeking a partner or partners for obtaining FDA Emergency Use Authorization, if required, and for development and marketing of their sub 1-hour COVID-19 Point of Care modified-ELISA detection test. This Rapid Viral Assay can also be configured for other viruses, such as, but not limited to, HIV, HPV, Hepatitis, MERS, and SARS-1. A Home-Test version of the COVID-19 test has the potential of 30-minute results using a nasopharyngeal swab or saliva samples.

CEO Bret Barnhizer stated: "NanoLogix does not possess the scale of production or marketing required for this essential test distribution for COVID-19. We cannot expand rapidly enough to meet the immediate need for testing. We have entered into Confidentiality Agreements with two diagnostic and financial groups in the last week for this purpose and are inviting additional interest."