Oakville, Ontario--(Newsfile Corp. - May 29, 2024) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the "Company" or "FendX"), a nanotechnology company developing surface protection coatings is pleased to announce it will be collaborating with McMaster University ("McMaster") to assess an additional surface protection formulation of its licensed spray nanotechnology that has demonstrated the ability to detect bacteria on surfaces using AI and a colorimetric sensor. The Company plans to assess this surface protection spray formulation with the intention of establishing a plan for further development.
When this spray nano-coating is applied to surfaces it can identify bacterial contamination through a colorimetric sensor and artificial intelligence ("AI") which results in a color change in the presence of bacterial contamination on its surface with over 96% reliability, as demonstrated in McMaster's lab. The formulation is comprised of a nanoparticle chemical mixture similar to what is currently being used to develop the spray nano-coating formulation, as well as use of a colorimetric sensor and AI to detect bacterial contamination.
Dr. Carolyn Myers, President and CEO of FendX, stated, "We are excited about the prospects that this new surface protection formulation may hold, which has the same properties as the spray nano-coating we have in development but with the added feature of detecting bacteria on a coated surface using AI and sensors." Dr. Myers continues, "This new application can potentially complement our current development projects, and we believe it could contribute to our goal to create solutions to protect against the spread of lethal pathogens."
This new application that uses colorimetric sensors and AI to detect bacteria on surfaces is covered under the spray license agreement announced on May 17, 2023 and the collaborative research agreement announced on July 20, 2023, and will not require any additional research funding by FendX.
About FendX Technologies Inc.
FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has exclusive worldwide licenses to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
ON BEHALF OF THE BOARD
"Carolyn Myers"
Carolyn Myers
Chief Executive Officer and Director
Contacts:
Dr. Carolyn Myers, CEO and Director
1-800-344-9868
Alyssa Barry, Investor Relations
1-833-947-5227
investor@fendxtech.com
For more information, please visit https://fendxtech.com/ and the Company's profile on SEDAR+ at www.sedarplus.ca.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding the new nano-spray formulation; statements regarding the plans to assess this surface protection spray formulation with the intention of establishing a plan for further development; statements regarding anticipated benefits; the Company's belief that this application could further contribute to early contamination detection; the Company's belief the new application could contribute to its goal to create solutions to protect against the spread of lethal pathogens; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and involve several risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. The reader is urged to refer to such public filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210884
SOURCE: FendX Technologies Inc.
