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Advance Nanotech, Inc. (OTCBB: AVNA) today announced that the Company's majority owned subsidiary, Owlstone Nanotech, Inc., has received a new development contract from Alphasense Ltd, a UK based leading independent gas sensor technology company. Alphasense supplies high quality oxygen, toxic and flammable sensors to many of the world's leading industrial OEMs and end users.
The development contract is the first of a FAIMs derivative technology developed by Owlstone called Advection Diffusion Spectrometry (ADS). ADS is applicable to a wide range of applications where target chemicals are known and size is relevant in deployment. The Owlstone ADS platform combines high sensitivity with mobility measurement in an extremely compact and efficient form factor. The development work with Alphasense centers on applications for a broad range of detection applications, including process monitoring of industrial feedstocks.
"Alphasense is a leader in the development and manufacture of sensors for industrial gas detection, stack gas analysers and environmental monitoring instruments," commented Bret Bader, CEO of Advance Nanotech. "This development contract leverages the additional technologies in Owlstone's IP portfolio, which will lead to superior gas detection applications."
John Saffell, Technology Director at Alphasense, commented, "Successful development of this new sensor technology will open a range of exciting commercial opportunities for Alphasense. We are very happy to be working with Owlstone in what should prove to be a mutually rewarding partnership."
About Alphasense Ltd
Alphasense Ltd is an independent Sensor Manufacturing and Technology Company, founded in response to an overwhelming demand from gas detection OEMs and end users for better quality gas sensors with a higher level of support. Alphasense is located in Great Notley, England. Information about Alphasense is available on the Web at www.alphasense.com.
About Advance Nanotech, Inc.
Advance Nanotech, Inc. (d/b/a Owlstone) is in the process of restructuring 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 Nanotech, please visit www.owlstonenanotech.com.
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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