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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 provided an update on its investment in Singular ID Pte Ltd, the provider of the integrated high-technology enterprise brand security system called enxure.
Headquartered in Singapore, with a subsidiary in Italy, Singular ID has been supplying its enxure system to customers primarily in the automotive market. It has recently established new partnerships in the fashion industry and is pursuing enquiries from the pharmaceutical industry. Based on these and other developments, Advance Nanotech believes that Singular ID is poised to grow considerably over the next 12 months.
Investment Up 300% After New Financing Round
On July 31, 2007, Singular ID closed a "Series A" round of investment, led by Innogest SGR and Upstream Ventures, to fund its growth. Innogest SGR is a start-up fund of the Torino Wireless group that has strong connections in the IT and electronics industries as well as the manufacturing sector in northern Italy. Upstream Ventures is an Asian venture capital firm that provides funding, expertise and networks to emerging companies across India, China and Singapore. Based on the terms of the "Series A" financing, Advance Nanotech's July 2005 investment of 300,000 Singaporean Dollars (approximately US $200,000) has increased by more than 300%.
On July 4, 2007, Singular ID Italia, a subsidiary of Singular ID, announced that it has teamed up with EuroMark, an Italian leader in designer labels and packaging for the mid to high-end fashion industry. Singular ID Italia and EuroMark, both located in Padua in northern Italy, had been collaborating for several months on incorporating Singular ID's proprietary anti-counterfeiting materials into fabric labels. Each label that is produced has a unique magnetic structure that gives it an identity that is prohibitively difficult to copy and hence counterfeit. Using Singular ID's scanners and database system, the authenticity and pedigree of fashion products, to which the labels are attached at the time of manufacturing, can thus be verified out in the field.
The enxure system can also provide valuable information within the supply chain, helping to prevent manufacturing overruns and grey-market diversion. EuroMark unveiled the product at Bread & Butter Barcelona, the International Tradeshow of Barcelona for Casual Fashion, held July 4-6, 2007. Approximately 1,000 top fashion houses were introduced to the anti-counterfeiting system during the event.
Product Demonstrates Broad Compatibility
On May 18, 2007, Singular ID announced that it has continued to meet key technology milestones in enhancing its product and service. On that day the enxure system was successfully demonstrated in Japan during a meeting at the Japan Auto Parts Industries Association (JAIPA). Japan makes use of an alternative mobile telecommunication network to GSM (the Global System for Mobile communications) found in many countries worldwide. As such, GSM-based General Packet Radio Service (GPRS) is not supported in Japan for data transmission. To overcome this limitation, Singular ID has successfully migrated its mobile phone software to work seamlessly with 3G mobile phone networks.
In addition, Singular ID has successfully demonstrated its Bluetooth scanner prototypes and it is no longer necessary to connect a serial cable between the scanner and the mobile phone or computer, allowing more flexibility for users, better freedom of movement and broader compatibility with different mobile phone models.
To date, Singular ID has shown compatibility of its enxure system with Motorola (NYSE: MOT), BenQ-Siemens and Nokia (NYSE: NOK) mobile phone models. In addition, industrial personal digital assistants made by Symbol and Intermec (NYSE: IN) have been used to provide connectivity to the enxure system. This on-going broadening of support for third-party hardware helps to keep down customer implementation costs and allows users to connect to their existing equipment where available.
Commenting on these developments, Advance Nanotech CEO Tony Goncalves said, "Progress at Singular ID has exceeded all of our expectations. Moreover, the technology fulfills a vital role in our Homeland Security division by 'closing the loop' of detection, whether biological or chemical, with asset tracking and inventory management. For example, being able to diagnose biological infection and then tagging the infected organism for future oversight will provide more effective solutions to managing outbreaks."
Mr. Goncalves, continues to serve on Singular ID's board of directors representing the seed financiers of Singular ID.
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 Singular ID, Pte Ltd
Headquartered in Singapore, and with a subsidiary in Padua, Northern Italy, 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. To achieve this, Singular ID works closely with its clients to tailor its technology to meet specific customer requirements. This may involve undertaking pilot projects where beneficial. For companies who wish to understand more about nanotechnology and the applicability of different brand protection technologies, Singular ID also offers a consultancy service to evaluate the options and create a roadmap for their implementation. Singular ID has licensed core technology from the Agency for Science Technology and Research (A*STAR), Singapore. For more information on Singular ID, please visit http://www.singular-id.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 market value of Advance Nanotech’s investment in Singular ID Pte Ltd, 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
Zachary Bryant, 818-382-9718
Vice President and Account Group Manager
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