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Advance Nanotech, Inc. (OTCBB: AVNA) today announced that the Company's majority owned subsidiary, Owlstone Nanotech, Inc., has received a follow-on order from SELEX Galileo totaling $272,000.
SELEX Galileo, a Finmeccanica company and one of Europe's foremost Aerospace and Defense organizations, is a leader in surveillance, protection, tracking, targeting, navigation & control and imaging systems. This contract is the third contract from SELEX Galileo and follows the contract announced in June 2008 that was completed in December. Owlstone is expected to complete delivery under this new contract by July 2009.
The order from SELEX Galileo contracts Owlstone to continue to build specific chemical detection end instruments that meet the specifications set forth by the U.S. Department of Defense. The work involved is primary product development and engineering work on the surrounding components for a specific application using the NEXSENSE C platform that was initiated with SELEX Galileo in 2007.
"We are very pleased to further our working relationship with SELEX Galileo by supporting the continued commercialization efforts of NEXSENSE C," commented Bret Bader, CEO of Advance Nanotech. "This contract represents an important milestone in both our ongoing relationship with SELEX Galileo and the overall commercialization efforts of our technology in Homeland Defense."
Michaela Clarke, Capability Manager Security & Surveillance Systems at SELEX Galileo, added, "We have been working closely with Owlstone to advance technological capabilities in the chemical detection arena through the development of systems utilizing their core sensor technology." Ms. Clarke continued, "We are thrilled with the progress of the Owlstone technology and system and believe it can represent a next generation leap in the overall ability to deliver end instruments that better protect soldiers and military infrastructure."
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 of 1933 and Section 21E of the Exchange Act of 1934. 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, the Company's ability to secure additional working capital and/or generate sufficient cash flow to support its operations, and other factors could cause actual results to differ materially from the Company's expectations. Advance Nanotech's Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, 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 Advance Nanotech, Inc.
Advance Nanotech, Inc. (d/b/a Owlstone) is in the process of realigning its business and becoming an operating company focused on its majority owned subsidiary Owlstone Nanotech's next generation chemical detection technology. Owlstone Nanotech, Inc. ("Owlstone") is a pioneer in the commercialization of 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 sensor that is significantly smaller and can be produced more cost effectively than products using 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 industries 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 about Advance Nanotech, Inc. and Owlstone, please visit www.owlstonenanotech.com.
About SELEX Galileo
SELEX Galileo is the brand adopted by Galileo Avionica SpA and SELEX Sensors and Airborne Systems Ltd, Finmeccanica companies, to present a common identity to the market. With the name SELEX Galileo, the two companies employ over 7,000 people in the UK, Italy and the United States and represent a leading defense electronics supplier, providing world-class capabilities in surveillance, protection, tracking, targeting, navigation & control, and imaging systems. Further details can be obtained from their website www.selexgalileo.com.
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Advance Nanotech, Inc.
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