Advance Nanotech Subsidiary Plans Listing in London
Advance Display Technologies Plc Applies for Its Shares to Be Admitted for Trading on the London PLUS-Quoted (OFEX) Market
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 its subsidiary, Advance Display Technologies Plc (“ADT”), has applied for its shares to be admitted for trading on the PLUS-Quoted (OFEX) market in London. ADT has published a prospectus disclosing details of its proposed floatation by way of a placing of 50 million shares at £0.50p ($0.96) per share. Following the placing there will be 50 million Ordinary Shares in issue, valuing the company at approximately $49 million at the placing price. Advance Nanotech, Inc will hold 94% of the issued share capital. Trading is expected to commence in early January.
“We remain on course to fulfill our reorganization objectives. With ADT independently financed and on a path for listing it will have the resources required to commercialize its pipeline of technology.”
The proposed listing of ADT follows the Company’s reorganization, announced in August 2006, in which two new subsidiary companies were incorporated; Advance Display Technologies Plc and Advance Homeland Security Plc. The Company’s technology portfolio has been divided between these two new organizations. On December 1, 2006, ADT entered into a Facility Agreement with NAB Ventures Limited providing ADT with a loan of up to approximately USD$ 6.9 million for the purpose of working capital.
Commenting on the announcement, Magnus Gittins, Chairman of Advance Nanotech, Inc., said; “This is a significant milestone for the Company. Following the reorganization we have taken the first step in realizing the inherent value of our technology portfolio.” Continuing, Tony Goncalves, CEO of Advance Nanotech commented; “We remain on course to fulfill our reorganization objectives. With ADT independently financed and on a path for listing it will have the resources required to commercialize its pipeline of technology.”
Advance Display Technologies comprises nine nanotechnologies providing nano-enabled materials and devices across three display applications areas: flat panel and projection displays, plastic electronics and flexible displays. In aggregate this presents an addressable market opportunity of over $100 billion. The combined portfolio of technologies will aim to serve current unmet technology needs with commercialization planned over the next one to three years. (www.adtplc.com).
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.