SOURCE: Advance Nanotech, Inc.

July 15, 2010 08:00 ET

Owlstone Issues Second Quarter 2010 Shareholder Update

MONTEBELLO, NY--(Marketwire - July 15, 2010) -  Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to present Owlstone's quarterly shareholder update for the second quarter of 2010. A copy of the 11 page report can be found through Advance Nanotech's website at www.advancenanotech.com/quarterlyreport.html

The Owlstone shareholder report provides a comprehensive review of recent activities across the entire spectrum of Owlstone's business, including the Military & Homeland Security segment, the Industrial Process Control segment, and each of its additional products. The report provides many specific details on orders, application development progress, and strategic relationships that are relative to the ongoing and future prospects for Owlstone.

"In the past 6 months Owlstone's progress has increased exponentially, resulting in a wide range of interest from both military and high profile industrial clients," commented Jon Buttles, Principal Executive Officer of Advance Nanotech, Inc. "I urge shareholders of Advance Nanotech to read the full report set forth by Owlstone which is available through our website. The shareholder report includes a high level of relevant detail on current initiatives as well as a letter from the Owlstone CEO providing his perspective on Owlstone's recent progress."

Mr. Buttles continued, "We have had a chance to review the Owlstone report and are overwhelmingly pleased with the progress Owlstone has made in each of its operating segments. From additional development funds and unit orders in the Military/Homeland Security segment to newly announced Industrial Process Control applications for the detection of substances like melamine and TBA, the achievements and pursuits in the second quarter have truly been significant. We at Advance Nanotech are extremely enthusiastic about the progress Owlstone has made, and urge all shareholders to review the most recent report."

A copy of the report is available upon request or through Advance Nanotech's website at www.advancenanotech.com/quarterlyreport.html. If you would like to order a copy of the Advance Nanotech investor relations packet, including a physical copy of the Owlstone shareholder report, please contact Advance Nanotech investor relations at (212) 583-0080 or send an email to ir@advancenanotech.com

About Advance Nanotech, Inc. and Owlstone Nanotech, Inc.

Advance Nanotech, Inc. owns a minority position in Owlstone Nanotech, Inc. ("Owlstone"). Owlstone is a pioneer in the commercialization of chemical detection products. The Owlstone detector is a revolutionary dime-sized sensor 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 sensor that is significantly smaller and can be produced more cost effectively than products using existing technology. There are numerous applications -- across industries from security and defense to industrial process, air quality control and healthcare -- that depend on the rapid, accurate detection and measurement of chemical compounds. Owlstone works with market leaders within these industries 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 about Advance Nanotech, Inc. please visit www.advancenanotech.com. For more information about Owlstone, please visit www.owlstonenanotech.com. Follow Advance Nanotech on Twitter: www.twitter.com/AVNA_IR.

The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels, market acceptance of product lines, the recent economic slowdown affecting technology companies, the future success of scientific studies, ability to successfully develop products, rapid technological change, changes in demand for future products, legislative, regulatory and competitive developments, the Company's ability to secure additional working capital and/or generate sufficient cash flow to support its operations, and other factors could cause actual results to differ materially from the Company's expectations. Advance Nanotech's Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports and other SEC filings discuss some of the important risk factors that may affect Advance Nanotech's business, results of operations and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

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