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BioForce Nanosciences Holdings, Inc. (OTCBB:BFNH) announced today that it received forgiveness on its $150,000 loan from the State of Iowa Department of Economic Development. The State of Iowa granted forgiveness for the loan, which BioForce received in 2005 to aid with the costs of developing its offices in Ames, Iowa, because the company met specified criteria regarding the acquisition of additional capital and growth in employment.
BioForce's Ames facility includes production space for its Nano eNabler(tm) molecular printing system, which is used by elite academic institutions around the world, including Harvard Medical School and Johns Hopkins University, for research and development of novel bionanotechnology applications. The Ames facility is also the location where BioForce uses the Nano eNabler(tm) system to develop its own proprietary bionanotechnology applications, including the ViriChip(tm) virus detection system and Chip-on-a-Tip(tm) ultra-miniaturized diagnostic tests.
BioForce's CFO, Greg Brown, said, "We appreciate this support from the State of Iowa. The funding was one of the building blocks that enabled BioForce to develop into a commercial entity, with sales and installations having been achieved on a worldwide basis. The forgiveness of this loan is an important part of our ongoing efforts to strengthen our balance sheet. Being able to utilize capital sources such as the state, thereby reducing our dependence upon relatively high cost equity capital, is important for young, growing companies such as BioForce."
About BioForce Nanosciences Holdings, Inc.
BioForce Nanosciences develops and commercializes nanotech tools and solutions for the life sciences. BioForce's flagship product, the Nano eNabler(tm) molecular printer, gives the Company a platform for development and discovery. BioForce technology is being used in sensor functionalization, patterning and cell adhesion, and printing proteins to guide neural cell growth. For more information, visit http://www.bioforcenano.com or call 515-233-8333.
This news release contains forward-looking information that may be affected by certain risks and uncertainties, including those risks and uncertainties described in BioForce Nanosciences' most recent filings with the Securities and Exchange Commission. BioForce Nanosciences' actual results could differ materially from such forward-looking statements. BioForce assumes no duty to update these statements at any future date.
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BioForce Nanosciences Holdings, Inc.
Greg Brown, CFO
515-233-8333 ext. 118
RedChip Companies, Inc.
1-800-REDCHIP (733-2447) ext. 104
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