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Advance Nanotech, Inc., (OTC Bulletin Board: AVNA), today announced that the Company's majority owned subsidiary, Owlstone Nanotech, Inc., was awarded a multiple unit contract for its Lonestar environmental monitoring sensor from a U.S. based commercial entity. This sale represents Owlstone's first-ever field deployment of sensors for environmental monitoring. The initial order totaling approximately $180,000 is expected to be shipped within the next 30 days. Due to the nature of the application for which the sensors are intended, the Company is not authorized to provide any further information on the purchasing entity.
Commenting on the contract, Bret Bader, CEO of Advance Nanotech, said, "This order marks our entry into environmental monitoring, a very large market, similar in size to the homeland defense and industrial process controls verticals for which we recently launched applications. The versatility of our Lonestar gas and chemical monitor has enabled us to develop multi-market applications. The Owlstone technology was chosen for its superior real-time, advanced detection capabilities that are able to identify chemicals such as chlorine, ammonia and other toxic industrial chemicals in the parts per million and parts per billion ranges. Lonestar, the first commercial product embedding the Owlstone technology, is unique, ensuring a high level of sensitivity, selectivity while delivering the ability to be easily reprogrammed."
About Advance Nanotech, Inc.
Advance Nanotech, through its majority owned subsidiary Owlstone Nanotech, Inc., is 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 Owlstone, Advance Nanotech has 2 recently awarded patent and 17 patent pending applications.
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 10-KSB, recent and forthcoming Quarterly Reports on Form 10-QSB, 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.
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 materially more cost 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. For more information on Owlstone, please visit www.owlstonenanotech.com.
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Grannus Financial Advisors, Inc.
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