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Advance Nanotech, Inc., (OTCBB :AVNA), a leading provider of financing and support services to drive the commercialization of nanotechnology related products for homeland security and display technologies, today announced that its Owlstone Nanotech subsidiary has received a repeat order totaling $266,000 from a leading UK-based defense contractor.
Under the terms of the order, Owlstone Nanotech will conduct engineering tasks with the aim of further commercializing the technology for homeland defense and military applications. This contract also serves to further deepen the relationship between the defense contractor and Owlstone Nanotech. Due to the confidential nature of the work undertaken, the Company is unable to disclose the name of the contractor at this time.
"We are very pleased to have secured this follow on order," said Bret Bader, CEO of Owlstone Nanotech. "This order will serve to further our efforts toward commercialization and is the last step before formalizing our collaboration with this established partner as we seek to address the burgeoning opportunities for the Owlstone sensor in the homeland defense and military markets."
Owlstone Nanotech, in which Advance Nanotech owns a majority stake, has used leading-edge micro- and nano-fabrication techniques to create a chemical detection system one hundred times smaller and a thousand times cheaper than existing technology. Owlstone Nanotech partners with market leaders to integrate its technology into a wide range of commercial applications to allow the efficient and accurate detection of various chemical agents including contaminants, chemical warfare agents and potentially harmful gases. This revolutionary technology will help to redefine chemical detection systems, opening the door to new and innovative products across a wide-range of industries.
Commenting on the announcement, Tony Goncalves, CEO of Advance Nanotech, said: "This order will serve to further cement Owlstone Nanotech's relationship with this established partner and reaffirms the significant technical advantages over competitors. The success of Owlstone Nanotech 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 multiple products at market. The division is generating revenues and continues to sign up new customers."
About Advance Nanotech, Inc.
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, 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 its university partners, Advance Nanotech reduces its cost base and mitigates risk. After prototypes are proven within the lab and the Company develops a product roadmap and business plan, it forms majority-owned subsidiaries around the specific technology. It seeks 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 its business plan and consolidating its income as the majority shareholder. For more information on Advance Nanotech, please visit http://www.advancenanotech.com .
About Owlstone Nanotech, Inc.
Owlstone Nanotech is a pioneer in the commercialization of nanotechnology-based chemical detection products. Its initial commercial product is a revolutionary microchip spectrometer that can be programmed to detect a wide range of chemical agents that may be present in extremely small quantities. There are numerous applications -- across industries from security and defense to automotive and healthcare -- that depend on the rapid, accurate detection and measurement of chemical compounds. Owlstone works with market leaders within these applications to integrate the detector into next generation chemical sensing products and solutions. Owlstone's technology offers a unique combination of benefits, including small size, low manufacturing costs, minimal power consumption, reduced false-positives, and a customizable platform. For more information on Owlstone Nanotech, please visit http://www.owlstonenanotech.com .
Safe Harbor statement: This news release contains forward-looking statements within the meaning of the "safe harbor" 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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Investor Relations International
Haris Tajyar, Managing Partner, 818-382-9702
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