updated 1/18/2011 8:45:35 AM ET 2011-01-18T13:45:35

LONDON, Jan. 18, 2011 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Company") (OTCBB:FXFL) announces an update on progress at its 63% owned subsidiary, BioAMD Holdings Limited ("Bio-AMD").

Bio-AMD is targeting its medical diagnostic device technologies at the fast growing global Point of Care ("PoC") market. Independent research indicates the PoC market was expected to have grown to $5.5bn annually (excluding blood glucose testing) by the end of 2010, and to grow at an average rate of over 10% per annum through to 2014, with particularly strong growth in the areas of infectious diseases, cardiac and cancer markers.

Since the last update on August 23, 2010, considerable progress has been made in advancing Bio-AMD's three core technologies into near market-ready products.

DSR (Digital Strip Reader)

A full prototype reader has been developed and initial tests for digital pregnancy testing have proven successful. Bio-AMD has engaged with a third party manufacturer / distributor ("Manufacturer") to further commercialise the DSR application into pregnancy testing. The Manufacturer has supplied pregnancy test strips which have been successfully read by Bio-AMD's technology. Further testing in conjunction with the Manufacturer is expected during the course of early 2011. Bio-AMD has entered into an Intellectual Property agreement with the Manufacturer to protect their respective technologies.

Confidentiality agreements have also been entered into with a further three companies based in Europe and one in the U.S. with the intention of exploring DSR applications other than pregnancy, including cholesterol testing, fertility and ovulation.

Despite cutbacks in government funding generally in the UK, Bio-AMD is pleased to report that it has attracted an Eco-Innovation grant funded by the European Union. This grant allows Bio-AMD to receive consultancy input to assess the ecological impact of its DSR product, providing valuable resource and marketing data.

COAG (ProthrombinTime – Blood Coagulation Monitor)

Bio-AMD and the Manufacturer have also proceeded with the joint development of a COAG device utilising a novel detection assembly, electronics and a customized test strip.

A supplier has been engaged to fabricate a revised prototype magnetic drive incorporating new, miniaturized electro-magnetic components. It is anticipated that the prototype strip will be fabricated using a rapid prototyping technique to facilitate a rapid development cycle with minimum inter-revision lead-time.

MPR (Magnetic Particle Reader)

Bio-AMD has entered into discussion with a UK government backed research body with a view to establishing a collaboration agreement to develop its technology. If entered into, such a collaborative effort would significantly enhance the profile of this development work. It is expected to provide Bio-AMD with unrivalled access to additional expertise in the areas of nanotechnology and nanoparticle manipulation. The development of "lab-on-chip" devices for microfluidic based diagnostics coupled with MPR technology is expected to lead to a versatile technology enabling the miniaturisation of complex body fluids handling and fully quantitative measurement by way of integrated magnetic detection.

Bio-AMD is currently in the process of applying for various development grants available in the UK to help fund the costs of feasibility studies and to take the MPR to the next stage of development. 

More information on Bio-AMD's technologies and its target market is available at www.bioamd.com .

Nasser Djennati, Managing Director of Bio-AMD, said, "I am extremely pleased with the progress and achievement that we have made in a relatively short amount of time. We are committed to working with our partners to ensure that our technologies and products are successful and come to market. This is an exciting time for Bio-AMD."

About Flex Fuels Energy, Inc.

Flex has two majority owned UK subsidiaries: Bio-AMD ( www.bioamd.com ), a technology developer for medical diagnostic devices; and the WDX Organisation Ltd, the owner of the Wocu™, a global currency data reference source for application in financial markets. ( www.wocu.com ).

To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexgp.com.

The Flex Fuels Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6756

Forward-Looking Statements

Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed on March 22, 2010. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

CONTACT: Flex Fuels Energy, Inc.
         Tom Barr, CEO
         +44 (0)8445 861 910

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