Nanotechnology Now - Press Release: Advance Nanotech's Owlstone Subsidiary Selected as One of Four Finalists in The 2008 Royal Academy of Engineering MacRobert Awards Competition

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Abstract:
Advance Nanotech, Inc.,(OTC Bulletin Board: AVNA), announced today that its Owlstone Nanotech Inc.
subsidiary has been selected as one of four finalists for the 2008 Royal
Academy of Engineering MacRobert Award, the UK's premier award for innovation
in engineering. HRH the Duke of Edinburgh will present a 50,000 pounds
Sterling prize and the gold award medal to the winner of this year's
competition at the Academy Awards Dinner in London on June 9th, 2008. The
MacRobert award recognizes the successful development of innovative ideas in
engineering. The academy seeks to demonstrate the importance of engineering
and the role of engineers and scientists in contribution to national
prosperity and internal prestige.

Advance Nanotech's Owlstone Subsidiary Selected as One of Four Finalists in The 2008 Royal Academy of Engineering MacRobert Awards Competition

New York, NY | Posted on May 22nd, 2008

"Our technology enables unprecedented miniaturization of sensors with
superior analytical capability, the ability to be programmed and reprogrammed
to detect a wide range of substances, and high selectivity and sensitivity,"
commented Andrew Koehl, founder of Owlstone and original inventor of its core
technology. "Our commercial opportunity is enormous given the need for new and
innovative deployment scenarios in chemical detection for homeland security,
industrial process control, environmental and healthcare markets. We are
deeply honored to be chosen as a finalist candidate for the prestigious
MacRobert Award and are proud to be recognized among the three highly regarded
companies that have also achieved 2008 finalist status, The Automation
Partnership, Johnson Matthey, and Touch Bionics."

Owlstone has successfully developed a silicon chip that can detect
chemicals in the ambient air. What once required a large enclosure and
connected apparatus due to the sheer size of conventional sensors has been
reduced down to a dime sized silicon chip that can detect a wide variety of
chemicals in real time from virtually any location. The system can then be
connected to a wireless communication system to send back real-time results to
a command station. Owlstone's proprietary FAIMS technology offers the
flexibility to provide rapid alerts and detailed sample analysis with reduced
flow and improved ion drive over current conventional technology. The
performances of existing systems, which largely use conventional Ion Mobility
Spectrometry, worsen dramatically as they are reduced in size. By contrast,
the Owlstone FAIMS solution has improved sensitivity, improved selectivity at
reduced power as it is miniaturized. The small size of the Owlstone sensor
enables a highly integrated system with the necessary electronic and
mechanical components squeezed into a compact footprint. Micro and
nano-fabrication techniques enable the sensor to be manufactured in a
massively parallel fashion, achieving small form factor, economy of scale and
reduced unit cost. Unlike alternate miniature detectors, Owlstone's technology
does not rely on exotic materials, custom engineered for each application,
which often degrade over time. The Owlstone technology is easily customized to
each application through software updates and can be dynamically reprogrammed
for new chemicals even after deployment. Use of chemically inert materials
ensures a long operational and storage life.

The Owlstone detector was conceived by Andrew Koehl who began the
development of Owlstone's fundamental technology in 2001 at Caltech
(California Institute of Technology) with further development at Cambridge
University, England. Mr. Koehl is the inventor of the microchip spectrometer
technology, the core of the Owlstone technology. That technology was
furthered as he was later joined by Paul Boyle, a researcher in the
Microsystems and Nanotech group at Cambridge University responsible for the
design and development of the silicon-opto hybrid devices for next generation
telecom systems, and David Ruiz-Alonso, a Cambridge University PhD in
superconductor modeling.

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About Advance Nanotech, Inc.
Advance Nanotech is in the process of restructuring its business and
becoming an operating company focused on next generation chemical and
biological detection. Its proprietary technologies, developed at Cambridge
University, are uniquely silicon-based, thereby 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.

Owlstone Nanotech, Inc. ("Owlstone") is a 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 that is significantly smaller and can be
produced more cost effectively 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 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 on 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 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.