NuWay Medical, Inc. Acquires Marketing and Development Rights for BioLargo Technology
NuWay Medical, Inc. announced today that it has acquired the marketing and development rights for the BioLargo technology from IOWC, Inc. and Kenneth Reay Code, the inventor of the BioLargo technology. The BioLargo technology relates to a unique and innovative process whereby highly effective disinfecting chemistry is incorporated into absorbent materials, which materials can be used in products in multiple industries.
Irvine, CA (PRWEB) January 19, 2006 -- NuWay Medical, Inc. (NMED.pk) announced today that it has acquired the marketing and development rights for the BioLargo technology from IOWC, Inc. and Kenneth Reay Code, the inventor of the BioLargo technology. The BioLargo technology relates to a unique and innovative process whereby highly effective disinfecting chemistry is incorporated into absorbent materials, which materials can be used in products in multiple industries.
Through a wholly-owned subsidiary, BioLargo Life Technologies, Inc. (“BLTI”), NuWay will develop, market, sell and distribute BioLargo products that have been developed, as well as products that are in development. NuWay was also assigned certain license agreements that were previously entered into, pursuant to which the BioLargo technology has been licensed for certain uses. In a related development, Kenneth Reay Code joins NuWay as its Chief Technology Officer.
The parties also intend to enter into additional agreements in furtherance of a letter of intent between NuWay and IOWC, including an agreement for NuWay to acquire the two U.S. patents related to the BioLargo technology held by IOWC. Kenneth Code and the shareholders of IOWC will receive a combined total of 56.6% of NuWay’s common stock in the transaction, subject to the approval of NuWay’s shareholders.
Dennis Calvert, the President of NuWay stated, “We are pleased to be associated with this important technology that contributes to the prevention of disease transmission and has the potential to make a meaningful contribution to the general health of people worldwide. In addition, I welcome Ken as part of the NuWay team and look forward to continuing our close working relationship.”
Kenneth Reay Code, the President of IOWC and the inventor of the BioLargo technology, added, “I believe that the existing management team and the NuWay platform will facilitate the successful commercialization of the BioLargo technology and I am pleased to join with NuWay.”
Safe Harbor Statement
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause actual results and performance in future periods to be materially different from any future results or performance suggested by the forward- looking statements in this press release. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that actual results will not differ materially from these expectations. From time to time, these risks, uncertainties and other factors are discussed in our filings with the Securities and Exchange Commission, including those set forth in the company’s Annual Report on Form 10-KSB for the year ended December 31, 2004.
For further information, please contact:
Dennis Calvert, President
NuWay Medical, Inc.
949-643-9540
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