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Advance Nanotech, Inc., (OTC BB:AVNA.OB), the premier provider of financing and support services to drive the commercialization of nanotechnology related products for homeland security and display technologies announced that Singular ID, a company in which Advance Nanotech holds a 11.45% stake has received a repeat order from Sanden International (Singapore) Pte Ltd (SIS).
Singular ID, the provider of enxure, an individually tailored tagging solution designed to combat counterfeiting and forgeries offers unique, irreproducible tags with nanoscale magnetic domains that act like fingerprints to identify each tagged item. Unlike radio frequency (RF) tags, they cannot be detected remotely - this prevents others from finding Singular ID tags and removing them - an inherent advantage in the anti-counterfeit market. The Singular ID investment falls within the Homeland Security division of Advance Nanotech.
The new order is to provide labels for SIS's entire compressor production for the next twelve months. In addition to purchasing the labels, SIS is subscribing to the enxure data-hosting service and will pay an authentication fee per successful transaction. Although neither SIS nor Singular ID would disclose the full value of the contract, as a minimum it is into the six figures in Singapore dollars. Singular ID is now scaling-up its production to meet this substantially increased demand. SIS began as a small marketing office in 1974 and is wholly-owned by Sanden Corporation, Japan (TSE:6444). SIS has grown into a multi-faceted, manufacturing and distribution organization with exports to more than 30 countries generating annual sales of more than S$200 million.
Dr Peter Moran, Singular ID's Chief Technology Officer, comments: "We are pleased that SIS has committed to scaling-up its use of our brand security system. This is particularly gratifying because of the fact that it is a repeat order clearly demonstrating confidence in our system. As a growing company, we are continuing to execute our business model of rolling-out innovative products, gaining commercial traction, and engaging our manufacturing partners to scale-up to meet the demands of high volume production."
Mr Robert Kheng, Managing Director of SIS, added: "We have been working with Singular ID over the past year to implement their brand security system on our products. We are very pleased with the proactive support from Singular ID and are enthusiastic to start implementing the solution for our entire product range."
Further details of this roll-out by Sanden International (Singapore) can be found on SIS's company website ( http://www.sanden.com.sg/singular_id.html ) and in a recent article that appeared in the November issue of Global Identification (a portion of the text is available on-line at http://www.global-identification.com/index.php?id=771 ).
Commenting on the announcement, Tony Goncalves, CEO of Advance Nanotech, said: "This order will serve to further cement Singular IDs relationship with this established partner and reaffirms Singular IDs significant technical advantage over competitors. The success of Singular ID is a further testament to the value of Advance Nanotech's Homeland Security division. We are confident of a strong 2007 performance for the division which presently has two products at market. The division is generating revenues and continues to sign-up new customers."
About Advance Nanotech
Advance Nanotech identifies patented, patent-pending and proprietary technologies at leading universities and funds the additional development of such technologies in exchange for the exclusive rights to commercialize any resulting products. Advance Nanotech has interests in over 20 nanotechnologies which are grouped into two operating subsidiaries: Advance Display Technologies plc, which is listed on the PLUS-Quoted market in London (ADTP) and Advance Homeland Security plc. By partnering with universities and leveraging the infrastructure and multi-disciplinary human resources of our university partners, we reduce our cost base and mitigate risk. After prototypes are proven within the lab and we develop a product roadmap and business plan, we form majority owned subsidiaries around the specific technology. We seek to return value to our shareholders through the sale or licensing of the technology, by securing additional financing for the subsidiary from either the venture capital community or the capital markets, or by successfully executing our business plan and consolidating its income as the majority shareholder. For more information on Advance Nanotech, please visit http://www.advancenanotech.com .
About Singular ID Pte. Ltd. ( http://www.singular-id.com )
Singular ID is a nanotechnology spin-off company that was founded to commercialize magnetic tagging technology. With a mission to safeguard customers' interests by providing integrated tagging solutions that protect people, brands, corporate images and market share, Singular ID aims to be the leading solution provider for tracing and authenticating items of value.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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Advance Nanotech, Inc.
Tom Black / Meghan Muldoon
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