Advance Nanotech Announces Increase in Facility to Portfolio Company Owlstone Nanotech; Increase Brings Advance Nanotech Commitment to $3 Million
"Owlstone has made tremendous progress in the last 18 months. The company is already beta testing a set of advanced chemical detection systems that will dramatically change industries ranging from security to healthcare," said Magnus Gittins, chief executive officer of Advance Nanotech. "The increase in the financing facility for Owlstone Nanotech represents the first additional investment from Advance Nanotech into one of its portfolio companies. The additional capital provided to Owlstone will ensure the company is well positioned to complete its business and corporate initiatives in the fourth quarter of 2005 and fiscal 2006. We expect the company to generate revenues this year."
“Advance Nanotech's increase in financial support underscores its commitment to bringing the Owlstone detection systems to market and achieving these goals.”
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 is redefining the concept of chemical detection systems. By changing the size and enhancing the functionality of these devices, we're making it possible to deploy unobtrusive security systems in every school, every hospital, every office, and every military facility to protect our citizens, our soldiers, and our children from the threat of chemical or explosive attack," said Andrew Koehl, co-founder of Owlstone Nanotech. "Advance Nanotech's increase in financial support underscores its commitment to bringing the Owlstone detection systems to market and achieving these goals."
As consideration for the increase in the facility Advance Nanotech is to be issued an additional 6,000,000 shares of Owlstone Nanotech. The additional investment increases the company's ownership position to approximately 64 percent.
About Owlstone Nanotech, Inc.
Owlstone Nanotech is a pioneer in the commercialization of nanotechnology-based chemical detection products. Its initial commercial product, The Owlstone Detector, is a revolutionary dime-sized device 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 system a hundred times smaller and a thousand times cheaper than existing technology. 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 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.
For more information on Advance Nanotech, please visit www.advancenanotech.com.
This document contains forward-looking statements by Advance Nanotech regarding its expectations as to its business, and involves risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.
Factors that may cause such a difference include, but are not limited to, problems and risks associated with developments in the nanotechnology industry in general and in Advance Nanotech's products under development in particular; the potential failure of Advance Nanotech's products under development to prove safe and effective in application; uncertainties inherent in the early stage of Advance Nanotech's products under development; failure to successfully implement or complete research programmes; failure to receive marketing clearance from regulatory agencies for our products under development; acquisitions, divestitures, mergers, licenses or strategic initiatives that change Advance Nanotech's business, structure or projections; the development of competing products; uncertainties related to Advance Nanotech's dependence on third parties and partners; and those risks described Advance Nanotech 's filings with the SEC. Advance Nanotech disclaims any obligation to update these forward-looking statements.
Further information about these and other relevant risks and uncertainties may be found in the Advance Nanotech's findings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.