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Advance Nanotech, Inc. (OTCBB: AVNA) today announced that the Company's majority owned subsidiary, Owlstone Nanotech, Inc., has received a development contract from Crowcon. Crowcon Detection Instruments Ltd, based in the United Kingdom, specializes in developing, manufacturing and marketing innovative, reliable and cost-effective flammable and toxic gas detection equipment. Crowcon, founded in 1970, is a leader in the fields of safety and environmental monitoring.
The contract will take Owlstone's Lonestar detection platform and integrate it into Crowcon's PGSi Programmable Sampling System, a highly versatile system that can monitor up to 32 sample lines sequentially. The PGSi is used in applications for which a wide area detection is required, such as building protection and brewery monitoring. The integration of Lonestar adds a broad band detection capability that will allow the combined unit to be sold into a wider range of industrial applications.
"We are pleased to announce this development contract with Crowcon, who has been a long time partner and believer in our technology," commented Bret Bader, CEO of Advance Nanotech. "This latest contract provides further commercial validation of the broad applicability of the Owlstone technology, as both a stand alone solution as well as an enhancement to existing systems. With superior detection being the driver, we are able to open up new markets for Advance Nanotech and its partners, as demonstrated by this contract with Crowcon."
Stefan Kukula, Technology Director at Crowcon, said, "We have successfully sold our PGSi in a number of industries. The addition of Lonestar to this platform will open up the application space for our sales team to pursue." Dr Kukula went on to comment, "We have been evaluating Owlstone's FAIMS technology and Lonestar platform and think it represents a significant improvement in detection capability compared with conventional sensors."
About Crowcon Detection Instruments Ltd
Crowcon Detection Instruments specialises in developing, manufacturing and marketing innovative, reliable and cost-effective flammable and toxic gas detection equipment. The company was formed in 1970 and has constantly led the field with products designed for safety and environmental monitoring. Based in Abingdon, Oxfordshire in the U.K. and with branch offices in Holland, the USA, Singapore and China, Crowcon's products are sold throughout the world, serving oil, gas and petrochemical companies, public utilities, clean water and sewage treatment companies, fire brigades, construction companies and other organisations where accidental leakage of gas or vapour can become a toxic or explosive danger. For more information, please visit the company's website at www.crowcon.com.
Crowcon is a Halma Company. Halma makes products for hazard detection and life protection and is a market leader in specialist electronic, safety and environmental technologies. Visit the Halma website at www.halma.com
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.
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.
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Advance Nanotech, Inc.
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