Message #7 From:
NewsBot Date: September 12, 2006 05:30:00 AM
AVNA News Advance Nanotech Homeland Security Subsidiary Owlstone Nanotech, Inc. Secures $250,000 Purchase Order from Leading UK-Based Company
NEW YORK--(BUSINESS WIRE)--Sept. 12, 2006--Advance Nanotech, Inc., (OTCBB:AVNA), the premier provider of financing and support services to drive the commercialization of nanotechnology products for homeland security and display technologies, today announced that its subsidiary Owlstone Nanotech, Inc., has been awarded a $250,000 purchase order for technology development work from a leading UK-based company. Under the terms of the purchase order, Owlstone will conduct engineering tasks with the aim to deepen the relationship between the two companies. Due to the confidential nature of the work undertaken, Owlstone is unable to disclose the name of the partner at this time.
"We are very pleased to have secured this order," said Bret Bader, CEO of Owlstone Nanotech. "This purchase order will serve to further cement our relationship with this established partner as we seek to address the burgeoning opportunities for the Owlstone sensor."
Owlstone Nanotech has used leading-edge micro- and nano-fabrication techniques to create a chemical detection system one hundred times smaller and a thousand times cheaper than existing technology. Owlstone Nanotech partners with market leaders to integrate its technology into a wide range of commercial applications to allow the efficient and accurate detection of various chemical agents including contaminants, chemical warfare agents and potentially harmful gases. This revolutionary technology will help to redefine chemical detection systems, opening the door to new and innovative products across a wide-range of industries.
Owlstone Nanotech is the leading subsidiary within the Advance Nanotech Homeland Security Division. Following the announcement on August 14, 2006, Advance Nanotech's new Homeland Security Division includes thirteen related nanotechnologies providing solutions across two application areas: CBRNE Detection (Chemical, Biological, Radiation, Nuclear and Explosive), and Wireless Monitoring for cognitive awareness, triage and first response therapy. According to Fredonia, the market opportunity for chemical sensing in the United States alone is worth $5.4 billion. The division launched its first product earlier this year and has a customer base across the defense and industrial process control industries.
About Owlstone Nanotech, Inc.
Owlstone Nanotech is a pioneer in the commercialization of nanotechnology-based chemical detection products. Its initial commercial product is a revolutionary microchip spectrometer that can be programmed to detect a wide range of chemical agents that may be present in extremely small quantities. There are numerous applications -- across industries from security and defense to automotive and healthcare -- that depend on the rapid, accurate detection and measurement of chemical compounds. Owlstone works with market leaders within these applications 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.
About Advance Nanotech, Inc.
Advance Nanotech commercializes nanotechnology products across a range of industries including homeland security, display technology and medical devices.
We identify patented, patent-pending and proprietary technologies at leading universities and fund the additional development of such technologies in exchange for the exclusive rights to commercialize any resulting products. By partnering with universities and leveraging the infrastructure and multi-disciplinary human resources of our university partners, we reduce our cost base and mitigate risk.
After prototypes are proven within the lab and we develop a product roadmap and business plan, we form majority owned subsidiaries around the specific technology. We seek to return value to our shareholders through the sale or licensing of the technology, by securing additional financing for the subsidiary the capital markets, or by successfully executing our business plan and consolidating its income as the majority shareholder. For more information on Advance Nanotech, please visit www.advancenanotech.com.
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
