HUBBARD, Ohio--(BUSINESS WIRE)--NanoLogix Inc. (NNLX), an innovator in the rapid detection, identification and determination of antibiotic resistance and sensitivity of live bacteria, announces that the State of Ohio Department of Economic Development’s International Trade Assistance Center (ITAC) based at Youngstown State University (YSU) is providing support to Hubbard Ohio-based NanoLogix Inc. for international distribution of NanoLogix products by Nasaem Al-Jazira, a Saudi Arabian Trading and Distribution Company.
NanoLogix, a biotechnology company, manufactures technologies for uniquely fast detection and identification of bacteria and other microorganisms. Nasaem Al-Jazira, Inc. is headquartered in Riyadh, Kingdom of Saudi Arabia. The distribution agreement was signed January 9, 2014 in Hubbard, Ohio with the CEO’s of both NanoLogix and Nasaem Al-Jazira present and assisted by Mr. Mousa Kassis of ITAC. The agreement was then submitted to the US Department of State and the Embassy of the Kingdom of Saudi Arabia in Washington DC for further approval. The agreement received those approvals the week of Jan 20-24 and has been sent to Saudi Arabia for further processing by the appropriate Saudi Arabian Ministries prior to the beginning of product export to the region. Further information on ITAC and NanoLogix was released in a YSU News Brief: http://www.ysunews.com/ysu-international-trade-assistance-center-supports-companies/
NanoLogix will distribute their products through Nasaem Al-Jazira in the Gulf Cooperation Council (GCC) area over a 5-year period. The GCC is comprised of Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and the United Arab Emirates. In a conservative estimate from a Saudi Arabian and GCC marketing expert based in Switzerland, the first year of sales for NanoLogix is projected to total $900,000 from this contract. The agreement provides the opportunity for expansion of the geographic area upon achievement of sales targets. NanoLogix projects the agreement will result in the hiring of additional production workers by summer 2014 with the ramp up in sales.
NanoLogix currently has business relationships in nine countries on four continents. ITAC is working with NanoLogix, Inc. as the company continues to increase business ties with companies in Thailand, Singapore, and Europe. ITAC will assist with further distribution agreements projected for signing with those companies and other companies in 2014.
ITAC is an extension of the Ohio Small Business Development Center at YSU and the Ohio Development Services Agency. Mousa Kassis, ITAC advisor, assists companies with focusing their efforts on increasing export sales and employment, as well as assisting companies in 13 counties. The counties extend from Ashtabula (North) to Tuscarawas and Muskingum (South).
About NanoLogix, Inc.
NanoLogix is a biotechnology company focused primarily on rapid diagnostics. Its products offer accelerated detection and identification of microorganisms. In addition to medical, National Defense, and homeland security applications, NanoLogix technology is applicable in pharmaceutical, industrial, veterinary and environmental testing.
Patents granted to NanoLogix can be used in the areas of applied microbiology, soil microbiology and bioremediation, microbial physiology, molecular biology, pharmacology, pharmaco-kinetics, and antibiotic sensitivity.
For more information visit: http://www.nanologix.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.