Advance Nanotech Portfolio Investment Wins Technology Awards
Singular ID awarded ZDNet Asia’s Breakthrough Award and listed in the inaugural Top Ten Asian TechnoVisionaries
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 Singular ID, a company in which Advance Nanotech holds a 11.45% stake, has won ZDNet Asia’s Breakthrough Award for “its innovative technology to solve a real-life business issue: counterfeiting.”
“We are delighted that Singular ID is earning such high accolades for its magnetic tagging technology”
Singular ID provides individually tailored tagging solutions designed to combat counterfeiting and forgeries. The technology offers unique, irreproducible tags with nanoscale magnetic domains that act like fingerprints to identify each tagged item. Unlike radio frequency (RF) tags, they cannot be detected remotely – this prevents others from finding Singular ID tags and removing them - an inherent advantage in the anti-counterfeit market. The Singular ID investment falls within the Homeland Security division of Advance Nanotech.
Singular ID is also one of ten winners in the Top Asian TechnoVisionaries for 2006. Nominees were judged on six criteria: technology innovation, market potential, business model, investor/financial record, customer strategy, and creative branding/marketing.
“We are delighted that Singular ID is earning such high accolades for its magnetic tagging technology,” says Tony Goncalves, Advance Nanotech’s CEO. “This award is a testament to Singular ID significant technical advantage over competitors. There is an urgent need for a tamperproof authentication system that is widely applicable across different industries and Singular ID is well positioned to supply this technology solution.”
Singular ID 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.
Singular ID platform technology can serve the needs of a wide variety of industries. The initial focus concerns a few niche areas such as diamonds / luxury items and the aircraft industry. For certain aircraft components the tag’s ability to withstand high temperatures gives an immediate advantage. In the case of diamonds / luxury items, a microscopic tag is essential. Since Singular ID technology is widely portable, devices developed to address one area can easily be applied to others. The range of markets is substantial, spanning from personal identification systems to supply chain tracking. One specific example is computer-readable tags on CDs in order to prevent software piracy.
ZDNet Asia is a comprehensive guide for enterprise and small-medium business technology decision-makers provided by CNET Networks Asia Pacific, a subsidiary of CNET Networks, Inc. (NASDAQ: CNET), a global interactive content company. The resource regularly features technology news and insight with regional perspectives, and an Information Technology library with whitepapers, webcasts and toolkits.
About Advance Nanotech, Inc. (www.advancenanotech.com)
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.
About Singular ID Pte. Ltd. (www.singular-id.com)
Singular ID is a nanotechnology spin-off company that was founded to commercialize magnetic tagging technology. With a mission to safeguard customers’ interests by providing integrated tagging solutions that protect people, brands, corporate images and market share, Singular ID aims to be the leading solution provider for tracing and authenticating items of value.
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.