SOURCE: Advance Nanotech, Inc.

March 04, 2010 08:08 ET

Owlstone Receives Contract From UK Ministry of Defence

MONTEBELLO, NY--(Marketwire - March 4, 2010) -   Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to announce that its subsidiary, Owlstone Nanotech Inc. ("Owlstone") has been awarded an $80k contract from an agency of the UK Ministry of Defence for a 3-month investigation into the application of its core miniaturised FAIMS technology in ultra-trace vapor detection. Pending success of this 3-month proof-of-principle stage there is an opportunity for contract extension to a longer second Phase in which field deployment trials would be undertaken. 

Bret Bader, Owlstone's CEO, commented, "We are pleased to have received this contract which is set for delivery and completion during this first quarter of 2010. We are looking forward to working more closely with the MoD on a program that has the potential to demonstrate a novel application for our core technology." 

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. and 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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