4 months now since this......
NanoLogix End of Year Update
NanoLogix provides the following as information to recipients of the Corporate Newsletter and the general public.
Over the past twenty-plus months the Company has experienced events with significant influence on operations, development, and perception of the Company. We are taking aggressive steps to resolve this situation.
One negative factor involving the sale of FlatPack petri plates was unpredictable, unavoidable, and caused substantial harm to a huge number of US businesses, including NanoLogix. The suspension of classes for most schools due to the COVID-19 pandemic resulted in a notable reduction of our FlatPack sales to a major customer sector. At this point with students back in schools the situation is turning around.
A second event of significant consequence was the development of the Rapid Viral Assay (RVA) technology. This technology has enormous potential not only for rapid detection of COVID-19 but multiple other viruses and variants.
The third factor was a change in SEC regulations that shifted thousands of companies from tradable non-reporting Pink Sheet status to a much more difficult to trade “grey market” status. This shift has had a drastic effect on stock prices.
Those three events present challenges for NanoLogix. We are dealing with those in the following ways:
1) With the reopening of many schools, we are prepared to increase FlatPack petri production to satisfy rebounding market demand.
2) We are also preparing for FDA Registration in January 2022 in order to be authorized to sell to laboratories and other groups that use Petri plates for testing samples under FDA regulated conditions. The FDA registration will list the FlatPack, our currently produced product, along with the ELISA variants of the N-Assay and RVA technologies.
3) After discussions with the OTC, and determining they will not accept independent SEC filings in order to restore NanoLogix to tradable Pink Sheet status, we will begin providing OTC with financials, and accept the burden of a $10,000 yearly fee. This is required to restore the Company to tradable status.
An Exciting and Vital Development
We have received a proposal from a large and very well respected research and development corporation titled for "Development of a Rapid Viral Assay (RVA) Suitable for Detection of COVID-19 and Other Viruses". This work will be accomplished utilizing live virus samples of multiple strains of COVID-19. Our initial portion of the development costs for the proposal is roughly $500,000. We have begun raising that amount through the use of a mechanism offering a small net revenue interest percentage of potential RVA sales. We have already raised $150,000 from interested medical groups through use of that mechanism, and intend to raise the balance with no sale or dilution of stock.
Along with the research and development partner described above, we believe that the patented Rapid Viral Assay (RVA) represents the only technology with the ability to detect live virus and determine both infection status and contagiousness potential. Our commitment is to push this critical technological development forward with all our resources and focus—both due to the overwhelming need for such a capability, and because we expect to be able to access a vast market for use of what promises to be a leading tool for accurate and rapid viral diagnostics.
This update or 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.
