AVNA Advance Nanotech's Owlstone Subsidiary Receives Third Contract From Selex Galileo
Advance Nanotech, Inc. (OTCBB: AVNA stock) 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."
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 http://www.selexgalileo.com.
About Advance Nanotech, Inc. and Owlstone 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.
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.
