Message #9 From:
NewsBot Date: December 5, 2006 10:12:00 AM
AVNA News Advance Nanotech, a Commercial Partner in FLUTEST, Part of the European Commission's Support to Combat the Spread of Avian Influenza
NEW YORK--(BUSINESS WIRE)--Advance Nanotech, Inc., (OTCBB: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 been selected to participate in FLUTEST, a
European Commission supported research project for improved diagnosis
and early warning systems for avian influenza outbreak management,
commonly referred to as “bird flu.”
Collaborating with the University of Cambridge’s
Centre for Advanced Photonics and Electronics (CAPE), Advance Nanotech
joins a consortium of elite government labs in Europe, South Africa, and
the USA led by the Veterinary Laboratories Agency DEFRA, to develop,
evaluate and validate diagnostic tools to aid in the early detection of
avian influenza.
The European Commission has committed $37.7 million of new projects into
avian and pandemic influenza. The new projects cover human and animal
health, and address research needs identified by organizations such as
the World Health Organization, the World Organization for Animal Health
and the Food & Agriculture Organization of the UN. The €28.3
million allocated to these projects comes in addition to the $28 million
previously made available by the European Commission.
In parallel with FLUTEST, Advance Nanotech's CAPE BiMAT program, is
developing technology to enable first responders -- medics, EMTs and
doctors -- to instantly analyze microscopic amounts of biological
material on site. BiMAT technology will eliminate the need to send
samples to specialized laboratories, speeding treatment and reducing
problems of sample handling, storage, and mislabeling that can cause
significant delays in treatment. Advance Nanotech’s
BiMAT technology may also be customized for the detection of other
diseases such as E. Coli.
"We are honored that DEFRA and the European Commission recognize the
potential of our BiMAT technology to detect, and thus, help control,
infectious diseases," said Tony Goncalves, CEO of Advance Nanotech. "In
the effort to combat the spread of avian influenza, and infectious
disease in general, there is a critical need for inexpensive,
field-deployable biosensors. The support received from the European
Commission will significantly shorten BiMAT's time-to-market for the
surveillance of emerging diseases such as avian influenza in remote
locations allowing rapid response and containment of these diseases."
The World Health Organization is the United Nations specialized agency
for health. It coordinates the global response to human cases of H5N1
avian influenza and monitoring the corresponding threat of an influenza
pandemic. Since 2003, the H5N1 virus has killed more than 100 people and
millions of birds worldwide, sparking fears that the virus could mutate
into a pandemic influenza.
BiMAT is part of Advance Nanotech's Homeland Security Division which
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. This division launched its first product earlier
this year, recently reported revenues for the first time and has a
customer base across the defense and industrial process control
industries.
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.
