Advance Nanotech Recaps Major Events of First Half of 2005; Highlights Include New Partnerships, Expansion into Asia, And $23.5 Million in New Financing

NEW YORK--(BUSINESS WIRE)--July 19, 2005--Advance Nanotech, Inc., (OTC BB:AVNA.OB), the premier provider of financing and support services to drive the commercialization of nanotechnology discoveries, today announced a recap of major events occurring in the first two quarters of 2005. AVNA year-to-date highlights include completing $23.5 million in funding, establishing operations in Asia, forming a corporate advisory board, expanding partnerships with key universities, and making several executive hires.

"We've made significant strides in the first half of 2005, but our growth is indicative of a larger trend. Nanotechnology is opening up opportunities for major technological advances across many industries. As we move forward in 2005 and 2006 we expect to continue this level of activity," said AVNA CEO Magnus Gittins. "Advance Nanotech is fulfilling the distinct role of providing the financial support and services that burgeoning nanotechnology companies require to bring discoveries from the lab to practical application."

“Advance Nanotech is fulfilling the distinct role of providing the financial support and services that burgeoning nanotechnology companies require to bring discoveries from the lab to practical application.”

Highlights for the first half of 2005 include:

-- January 25 - AVNA subsidiary, Owlstone Limited, announces the expansion of its development team with the recruitment of two UK Government scientists, Russell Parris and Martyn Rush. Their experience and expertise in the field of chemical and explosive analysis will prove invaluable to Owlstone and the development of its nanofabricated threat detection technology.

-- February 3 - AVNA announces the final closing of a $20 million financing of common stock and the formation of, and initial appointments to, the company's Corporate Advisory Board. The company will use the proceeds from this round of financing for the further development of its portfolio of 18 nanotechnology subsidiaries, licensing of additional opportunities and working capital. For information on the individual investors who were invited to sit on the company's advisory board please see the original release at http://www.advancenanotech.com/050203_corp_advisory_formed.html.

-- February 16 - AVNA announces a joint venture with Toumaz Technology Ltd. to bridge the gap between nanosystems and the macroscopic world.

-- February 23 - AVNA subsidiary, NanoFED Limited, announces the launch of a $2 million collaborative project with the University of Bristol to develop a new emissive display technology based on diamond dust.

-- March 3 - AVNA announces that it had joined global businesses ALPS Electric Company Limited, Dow Corning Corporation and Marconi Corporation plc, to jointly fund a portfolio of strategic research and development work in electrical engineering at the University of Cambridge.

-- March 8 - AVNA announces the incorporation of Advance Nanotech (Singapore) Pte Ltd and the final closing of a $3.5 million financing of common stock to finance the acquisition of initial, identified technologies.

-- March 15 - AVNA announces it would fund the latest research of Dr. Molly Stevens to develop composites incorporating nanoparticles for drug delivery applications, a project inspired by the intelligence of biological systems in sensing changes in their environment.

-- April 13 - AVNA announces that it has invested in the procurement of an electron beam lithography tool for use at the University of Cambridge (United Kingdom). The EBL will directly benefit researchers at the university and at several of AVNA's portfolio companies in the UK. The device will enable scientists to quickly and accurately carve components for prototype nanodevices, speeding the advancement of discoveries in nanotechnology.

-- May 11 - Bio-Nano Sensium Technologies, a subsidiary of AVNA, files for a patent on a new technology that will automatically bring imbedded biosensors into conformance with international frequency and operating requirements.

-- May 31 - Bio-Nano Sensium Technologies files for an additional patent application that will reduce the cost and complexity of programming wireless biosensors.

-- June 28 - Owlstone Limited announces that Dr. Ashley Wilks is leaving Smiths Detection, a division of Smiths Group PLC, to join Owlstone, where he will play a key role in helping the company further advance the development of nanofabricated threat detection technology. Wilks is Owlstone's third senior-level hire this year.

-- July 5 - Bio-Nano Sensium Technologies announces a limited beta test program of its wireless biosensor system. Under terms of the program, beta-stage versions of Bio-Nano Sensium (BNS) system will be available to potential partners and customers for evaluation.

-- July 11 - AVNA announces the appointment of Peter Gammel to the position of Senior Vice President, Electronics. Dr. Gammel will be responsible for managing all of the firm's partnerships and investments in electronics-related nanotechnology companies.

About Advance Nanotech, Inc.

Advance Nanotech Inc. is dedicated to ensuring nanotechnology discoveries reach maximum market potential through successful commercialization. Advance is the trusted guide to commercial success for nanotech entrepreneurs spanning the globe, partnering with leading universities to provide scientists and researchers with mission critical infrastructure support to transform their discoveries to marketable solutions. The organization provides a range of services and support including financing, leadership assets and counsel on intellectual property, licensing and regulatory issues. With a portfolio of nearly 20 companies developing technologies which offer potentially breakthrough nanotechnology discoveries in the electronics, biopharma and materials sectors, Advance's goal is to transform the potential for nanotechnology discoveries into innovative products that further evolve existing industries and enable new markets.