AVNA News Advance Nanotech Appoints Tony Goncalves as Chief Executive Officer
NEW YORK--(BUSINESS WIRE)--Advance Nanotech, Inc., (OTC BB:AVNA), the premier provider of financing
and support services to drive the commercialization of nanotechnology
related products for homeland security and display technologies today
announced that it has appointed Tony Goncalves to the position of Chief
Executive Officer (CEO). Mr. Goncalves previously served as Chief
Operating Officer (COO) and on Advance Nanotech’s
Board of Directors.
In August 2006, the Company announced its reorganization within two
discrete operating divisions; Homeland Security and Displays. Magnus
Gittins, who as co-founder has been with Advance Nanotech since its
inception, has relinquished his role as CEO in order to assume the same
positions for Advance Homeland Security plc (AHS) and Advance Display
Technologies plc (ADT), newly-formed and wholly-owned subsidiaries of
Advance Nanotech. It is the company’s
intention to consolidate its technology portfolio within these two
operating divisions. Mr. Gittins will remain Executive Chairman of
Advance Nanotech, Inc.
“I fully support this transition. Tony is an
accomplished leader backed by a proven track record with multi-billion
dollar worldwide corporations across multiple industries. His decisive
leadership strengths and extensive knowledge of industry and government
are extremely valuable in the execution of Advance Nanotech’s
strategic vision” said Magnus Gittins. Mr.
Gittins continued, “We are confident that a
focused, divisional structure will offer the most expeditious and
value-generating path of return to stockholders.”
Advance Nanotech's Homeland Security Division includes 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.
Technologies within this division include the Owlstone Nanotech chemical
sensor and wireless technologies for simultaneous event detection and
low-power transmission. This division launched its first product earlier
this year and has a customer base across the defense and industrial
process control industries.
Advance Nanotech's Display Division includes nanotechnologies providing
nano-enabled materials and devices across three display applications
areas: flat panel and projection displays, plastic electronics and
flexible displays. The combined portfolio of technologies will aim to
serve current unmet technology needs and create value by commercializing
nanotechnology-enabled products for the $100 billion display and plastic
electronics industries, by building businesses that transform academic
sourced platform technologies into products (www.adtplc.com).
Commenting on his appointment to CEO, Mr. Goncalves said “I’m
honored to have the support of the Board of Directors and eager to build
on Magnus’ accomplishments as the Company
continues to maximize the commercial potential of its innovative
nanotechnologies and strengthen its leadership in the industry. It’s
testament to our evolution towards a true operating company that we were
able to report our first revenues in the quarter just past.”
Prior to joining Advance Nanotech, Mr. Goncalves held several leadership
positions with Purdue Pharmaceutical L.P., most recently he directed the
risk management and insurance functions for the company, acted as the
financial lead for several segments of the company, and had
responsibilities in the Cash Management and Treasury functions. Prior to
Purdue Pharmaceutical L.P., he was the senior manager of worldwide
corporate audit for DaimlerChrysler AG and Controller at People’s
Capital and Leasing. He received a Bachelor of Science degree in
accounting from Sacred Heart University and is a Certified Business
Manager (CBM).
About Advance Nanotech, Inc.
Advance Nanotech identifies patented, patent-pending and proprietary
technologies at leading universities and funds the additional
development of such technologies in exchange for the exclusive rights to
commercialize any resulting products. Advance Nanotech has interests in
over 20 nanotechnologies. In August 2006, the company completed a
strategic realignment of its portfolio to more aptly leverage the
strengths of the portfolio to provide the greatest value to
shareholders. The Company currently possesses a critical mass of
technologies in two core areas of activity; Homeland Security and
Displays.
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 from
either the venture capital community or 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.
