SOURCE: Advance Nanotech, Inc.

March 12, 2010 11:12 ET

Owlstone Receives Additional Funding From US Government

MONTEBELLO, NY--(Marketwire - March 12, 2010) -  Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to announce that Owlstone Nanotech Inc. ("Owlstone") has been awarded an additional $200,000 in funding under its existing and previously announced contract with a US government agency. The contract modification provides additional resources for the continued miniaturization of the surrounding electronics employed in Owlstone's chemical detection solution. 

"We are pleased with Owlstone's continued progress with the US government on developing a next generation chemical detection solution that fits the strict requirements of the US government," commented Jon Buttles, CEO of Advance Nanotech, Inc. "This contract addition, along with last week's UK Ministry of Defence announcement, provides further validation of the support and potential of Owlstone within government organizations to provide novel chemical detection solutions that are relevant for today's challenging deployment scenarios."

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.

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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