Octillion to Focus on Solar Energy Technologies; Biotech Subsidiary to be Spun Out to Shareholders

MicroChannel Technologies, a wholly owned subsidiary, focused on periphery and optic nerve regeneration technologies to be spun out to Octillion shareholders of record August 22, 2007; Octillion’s focus to be on the development of solar based energy technologies.

Vancouver, BC – August 3, 2007 – As part of new initiatives to focus Octillion’s financial and managerial resources on the development of leading edge solar energy technologies, including the development of the first-of-its-kind transparent glass window capable of generating electricity, Octillion Corp. (Symbol: OCTL) today announced the spin-out of its wholly owned subsidiary, MicroChannel Technologies Corporation, to shareholders of record on August 22, 2007.

“In order to concentrate our efforts in developing leading edge solar energy technologies, we’ve decided to spin out our MicroChannel subsidiary to shareholders,” stated Mr. Harmel S. Rayat, Octillion’s President and CEO. “This will allow each of the companies to utilize management and financial resources fully on the development of their lead and other synergistic technologies, and thereby ultimately, we believe further enhance shareholder value.”

Mr. Rayat continues, “As fully functioning, stand-alone corporations owned by our shareholders, both Octillion and MicroChannel will benefit from dedicated management teams focused solely on their dedicated operations and technologies.  I will continue to serve as a director and President and CEO of Octillion, and I’m happy to announce that Dr. Kaiyo Nedd, presently a director of Octillion, will be appointed President and CEO of MicroChannel, which will continue to work towards developing technologies and products for peripheral and optic nerve damage and nerve regeneration, as well as potentially other innovative healthcare and medical technologies.”

Dr. Nedd is a regarded speaker for the pharmaceutical industry who lectures to physicians on current therapeutic issues, and conducts leading edge clinical therapeutics research in HIV, diabetes and hypertension. Along with being a practicing physician, Dr. Nedd is also a clinical teacher for foreign medical students. Dr. Nedd holds a Bachelor of Science degree (Cell Biology and Genetics) from the University of British Columbia and a Doctor of Medicine from Howard University in Washington, DC.

Concluding his comments regarding the spin-out, Mr. Rayat noted that, “The spin-out will be completed immediately upon compliance with, and satisfaction of, applicable securities and regulatory requirements.”

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MicroChannel Technologies Corporation::

The research being performed by MicroChannel Technologies involves using a patented combination of physical, chemical and biological cues at the “cellular” level to facilitate peripheral nerve regeneration. This technology was co-invented by Dr. Surya Mallapragada, an Iowa State University scientist, named one of the world’s top 100 young innovators in 2002 by Technology Review, a technology magazine published by the Massachusetts Institute of Technology.

This methodology involves etching linear micro sized grooves onto a biodegradable substrate into which preferred cues, such as Schwann cells, stem cells and laminin, are added. The combination of micropatterned substrates and cues resulted in accelerated nerve elongation rates, and excellent nerve alignment along the substrate grooves, in in vitro studies and restored nerve functionality in animal studies. This technology has also resulted in the issuance of a US Patent entitled “Patterned Substrates and Methods for Nerve Regeneration” (US Patent # 6,676,675).

Additional research and animal studies were published in a peer-reviewed research paper entitled “Synergistic Effects of Micropatterned Biodegradable Conduits and Schwann Cells on Sciatic Nerve Regeneration” in the Journal of Neural Engineering. In this study, a 1 cm segment of rats’ sciatic nerves, which deliver nerve messages to the hind legs, were removed. After the initial surgery, the paws (toes) curled up completely and the animals were unable to walk.

The severed nerves were then surgically reconnected using micropatterned conduits pre-seeded with Schwann cells.  Over time, as motor skills were regained, the animals’ paw uncurled and the toes spread in order to support their weight. Though initially unable to walk, the rats started to regain use of their legs after three weeks and were able to function normally after six weeks.

This study demonstrated that biodegradable micropatterned conduits pre-seeded with Schwann cells that provide a combination of physical, chemical and biological guidance cues for regenerating axons at the cellular level offer a better alternative for repairing sciatic nerve transactions than conventional biodegradable conduits.

Due to the limited availability of Schwann cells, MicroChannel Technologies plans to conduct research to study the efficacy of using various types stem cell lines, which can differentiate preferentially to neurons and astrocytes (cells in the central nervous system).  Using a rat model, MicroChannel Technologies will conduct studies using conduits with micropatterned film inserts preseeded with various stem cells to promote sciatic nerve regeneration.  Contingent on the progress and success of these peripheral nerve studies using neural stem lines, MicroChannel Technologies will then expand the scope of research to include optic nerve regeneration.

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Peripheral Nerve Damage::

Peripheral nerve damage, as a result of a penetrating trauma (by way of accidents, fractures, lacerations, etc.) or an iatrogenic injury (e.g. unintended consequence of prostatectomy surgery) often leads to debilitating pain, and to the inability to move muscles or feel normal sensations.

Peripheral neuropathy, a general term referring to disorders of peripheral nerves that reportedly affects at least 20 million people in the United States. Peripheral neuropathy can be caused by nerve compression, entrapment, laceration, exposure to toxins and even certain types of diseases. For example, individuals with diabetes can, over time, have damage to nerves throughout the body, which may lead to numbness, pain and weakness in the hands, arms, feet, and legs. An estimated 50 percent of those with diabetes have some form of neuropathy. In fact, more than half of all lower limb amputations in the United States occur in people with diabetes, about 86,000 amputations per year.

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Optic Nerve Damage.::

Optic nerve damage is often a result of traumatic injury and or retinal disorders. Many retinal disorders, such as diabetic retinopathy and age-related macular degeneration (AMD), are accompanied by damage to the retinal ganglion cells, a hallmark of many ophthalmic diseases, disrupting the transmission of signals from the optic nerve to the brain, resulting in loss of sight. Diabetes mellitus is reportedly the leading cause of loss of vision in Americans of working age (20-60 years old) and AMD is the leading cause of loss of vision in Americans over 60 years old.

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SolarWindow Technologies, Inc. creates transparent electricity-generating liquid coatings. When applied to glass or plastics, these coatings convert passive windows and other materials into electricity generators under natural, artificial, low, shaded, and even reflected light conditions.

Our liquid coating technology has been presented to members of the U.S. Congress and received recognition in numerous industry publications. Our SolarWindow™ technology may generate 50-times the power of a conventional rooftop solar system and may achieve a one-year payback when installed on all four sides of a 50-story building, according to independently-validated power and financial modeling.

Power and Financial Model Disclaimer

The company's Proprietary Power Production & Financial Model (Power & Financial Model) uses photovoltaic (PV) modeling calculations, which are consistent with renewable energy practitioner standards for assessing, evaluating and estimating renewable energy for a PV project. The Power & Financial Model estimator takes into consideration building geographic location, solar radiation for flat-plate collectors (SolarWindow™ irradiance is derated to account for 360 degrees building orientation and vertical installation), climate zone energy use and generalized skyscraper building characteristics when estimating PV power and energy production, and carbon dioxide equivalents. Actual power, energy production and carbon dioxide equivalents modeled may vary based upon building-to-building situational characteristics and varying installation methodologies.

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