SOURCE: Advance Nanotech, Inc.

July 09, 2010 13:06 ET

Owlstone Receives Award for Innovative and Unique IMS Microchip

MONTEBELLO, NY--(Marketwire - July 9, 2010) -  Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to learn that Owlstone Nanotech, Inc. ("Owlstone"), in partnership with Pacific Northwest National Laboratory ("PNNL"), has been selected to receive an award from the R&D100 Magazine. The following email was sent to Owlstone shareholders today to provide further elaboration and perspective on this prestigious award.

The Awards, sponsored by R&D Magazine, are widely recognized as the 'Oscars of Innovation,' and identify and celebrate the most innovative technological breakthroughs of the year. Based on collaborative research involving Owlstone's innovative microchip based Ion Mobility Spectrometer, the R&D100 Award acknowledges the potential of the technology to provide unprecedented analysis speed and sensitivity as a stand-alone sensor and to be seamlessly integrated into other analytical stages to enable more accurate measurements.

The technique, often referred to as Field Asymmetric waveform Ion Mobility Spectrometry (FAIMS), relies on the manipulation of electrically charged molecules, or ions, by an applied electric field. The separation of these ions as they traverse the electric field is critical to the chemical detection process.

In previous FAIMS systems, the distance ions travelled ranged from as little as 15 to 55 millimetres although this took too long for the desired performance. "We needed to shorten the racetrack," said PNNL chemist Alex Shvartsburg. But a shorter racetrack requires more intense electric fields to separate the pack of ions. So the team developed a FAIMS microchip with 0.3 millimetre-long channels that were only 35 micrometers wide. The short, narrow channels allow ion separation 100 to 10,000 times faster than previous instruments.

Bret Bader, CEO of Owlstone Nanotech, commented, "It has been a great privilege for us to work with PNNL during this further exciting development of our FAIMS technology. We are thrilled to have been chosen for this Award and look forward to continuing our research activities with PNNL."

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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