NanoLogix Inc. Sets Date for Annual Shareholder Meeting and Provides Shareholder Update

HUBBARD, Ohio, Oct. 30  /PRNewswire-FirstCall/ -- NanoLogix, Inc. (OTC:NNLX) (BULLETIN BOARD: NNLX)  a nano-biotechnology company announces the date and venue for the Company's annual shareholder meeting.

The meeting will take place at 1 PM on 12/28/07 and will be held at the Company's Hubbard, Ohio office. A call-in number will be provided for questions to management. The number will be made available on our website two days prior to the meeting. Shareholders of record as of 11/23/07 will receive proxy statements.

Research and development continues with the prototype bioreactor at Welch's, with design and economic modeling proceeding for construction of the next generation of hydrogen bioreactors for both Welch's and the Erie Wastewater Treatment Plant projected installations. State and Federal grant assistance is being explored and pursued for both Pennsylvania and Ohio operations.

Testing for Department of Defense anthrax decontamination confirmation has been completed successfully and NanoLogix is currently working on additional BioTerrorism issues, such as toxin identification.

The Board of Directors met on 10/22/07, with a majority of directors passing a motion to reduce director and executive stock compensation by 50%. Coupled with a 50% reduction last March, this measure reduced the maximum shares awardable annually to any one individual from 2,000,000 to 500,000. Bret Barnhizer, CEO and President, stated, "This measure accomplishes this year's goal of reducing compensation-related dilution. Every share issued to directors and executives is a share that is not available for use in raising capital necessary for research and development and operational expenses.  This management team is committed to NanoLogix's future and believes in the philosophy of building company value over the long term."

On raising capital, Dana Allen, Vice President for Strategic Partnering said: "NanoLogix is currently pursuing multiple strategies for funding: existing revenue from patent royalties,  developing sales of BioNanoChannel(TM) technology, pursuing grant funding, strategic partnering with companies in our technology sectors, and lastly, through private investment. This private investment approach is focused on providing stability to the share price, and is designed to partner with investors who have a long term view of the company and its prospects. We have been successful in this approach over the last four months and have raised capital from a group of accomplished Silicon Valley private investors. Ultimately, we are looking forward to the time when revenue and cash flow will be the sole funding mechanism for the Company."

About NanoLogix, Inc.

NanoLogix is a leading innovator in the research, development, and commercialization of nano-biotechnologies, applications and processes. The Company has 31 granted Patents and 36 Patents Pending for bioreactor-based Hydrogen Production, revolutionary rapid medical testing technologies, potential treatments for sepsis and cancer (via apoptosis), and bioremediation. Information on NanoLogix is available at http://www.nanologixinc.com/.

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.

  Contact:
  Investor Relations
  Bret Barnhizer, CEO
  Telephone: [phone]
  E-mail: 

DATASOURCE: NanoLogix Inc.



CONTACT:  Investor Relations: Bret Barnhizer, CEO of NanoLogix Inc.,

[phone],  



Web site:  http://www.nanologixinc.com/ 

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