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Advance Nanotech, Inc., (OTC Bulletin Board: AVNA), a leader in next generation chemical detection systems, announced today that it has confirmed the appointment of Bret Bader as its incoming Chief Executive Officer. Mr. Bader is currently Chief Executive Officer of Owlstone Nanotech, Inc, Advance Nanotech's majority owned subsidiary. Mr. Bader is a recognized authority on the availability and effective deployment of security technology, with emphasis on explosive, chemical, biological, narcotics and weapons detection systems.
The appointment of Mr. Bader as Chief Executive Officer of Advance Nanotech is in line with the previously announced plan of transitioning Advance Nanotech into an operating company focused on the chemical detection industry. Mr. Bader's appointment to Chief Executive Officer will become effective upon completion of the Exchange Agreement, as previously disclosed. In the interim period, Mr. Bader shall be responsible for all aspects of furthering the Owlstone business along with all necessary steps to complete the Exchange Agreement.
"We are excited to have Mr. Bader taking the senior leadership position in Advance Nanotech at this important transformational point in the company's development. The company has just concluded an extensive realignment of operations, financial metrics and performance targets, which will ensure that Advance Nanotech's growth potential is realized in the near and long term as Advance Nanotech shifts from being a portfolio of technologies into an operating company focused on the Owlstone Nanotech chemical detection system. Mr. Bader has been and will be instrumental in the product development and next-generational mission critical chemical detection solutions for our customers," commented Peter Rugg, acting Chairman of Advance Nanotech.
Mr. Bader was the general manager and vice president of Smith's Detection, Americas from 2004 to 2005. He was responsible for the generation and implementation of business strategy and development plane, and is well versed in the oversight of US accounting and controller operations. His previous experience (1999 to 2004) as general manager of the U.S. Security Inspection Division in the Heimann Systems organization (acquired by Smiths Detection), and with the EG&G Astrophysics Corp. (1989 to 1999) brings invaluable expertise with the creation, management and delivery of detection technology business strategy, to Advance Nanotech. Currently, Mr. Bader has been CEO of Owlstone Nanotech, Inc. since August 2006 and has been responsible for establishing corporate structure and its rapid progress towards commercialization.
As a temporary measure to facilitate the completion of the Exchange Agreement, Mr. Lee Cole has accepted the position of acting Principal Executive Officer and Mr. Peter Rugg has accepted the position of acting Chairman of the Board of Directors
About Advance Nanotech, Inc.
Advance Nanotech is in the process of shifting to becoming an operating company focused on chemical and biological next generation detection. Its proprietary technologies, developed at Cambridge University, are uniquely silicon based thus offering miniaturization and network capability with wireless opportunities. The advantages of this protocol permits for real-time precision analytics leading to potential prevention of ensuing issues, concerns and dangers. Through its majority owned subsidiary, Owlstone Nanotech, Advance Nanotech has 1 recently awarded patent and 18 patent pending applications.
About Owlstone Nanotech, Inc.
Owlstone Nanotech, Inc. ("Owlstone") is majority owned subsidiary of Advance Nanotech and is a pioneer in the commercialization of nanotechnology-based chemical detection products. The Owlstone Detector is a revolutionary dime-sized sensor that can be programmed to detect a wide range of chemical agents that may be present in extremely small quantities. Using leading-edge micro- and nano-fabrication techniques, Owlstone has created a complete chemical detection system capable of superior performance, significantly smaller and can be produced for far less than existing technology. There are numerous applications -- across industries from security and defense to industrial process, air quality control 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.
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels, market acceptance of product lines, the recent economic slowdown affecting technology companies, the future success of scientific studies, ability to successfully develop products, rapid technological change, changes in demand for future products, legislative, regulatory and competitive developments and other factors could cause actual results to differ materially from the Company's expectations. Advance Nanotech's Annual Report on Form 10K, recent and forthcoming Quarterly Reports on Form 10Q, recent Current Reports and other SEC filings discuss some of the important risk factors that may affect Advance Nanotech's business, results of operations and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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Grannus Financial Advisors, Inc.
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