SOURCE: Advance Nanotech, Inc.

May 20, 2010 10:04 ET

Owlstone Receives Industrial Application Development Order From Global Food Processing Company

MONTEBELLO, NY--(Marketwire - May 20, 2010) - Advance Nanotech, Inc. (OTCBB: AVNA) today reported that Owlstone Nanotech, Inc. ("Owlstone") has received an order for application development work from a global food processing company. The order consists of a work program based off of Owlstone's successful preliminary testing for a specific need within the organization's manufacturing process work. 

"While the details available are limited on this contract win, we are pleased to see certain pilot projects in pursuit by Owlstone move into the next phase," commented Jon Buttles, Principal Executive Officer of Advance Nanotech, Inc. "In Owlstone's shareholder letter from April 5, 2010, Owlstone mentioned several programs underway for its Lonestar product for industrial process control applications. We are thrilled that Owlstone is executing on these programs targeted at applications with high volume deployments with high profile customers, clearly demonstrating the superior detection characteristics of Owlstone's technology and its relevance in industrial process control applications."

Owlstone's Lonestar product is a new generation of analytical instrumentation using Owlstone's proprietary and established FAIMS (Field Asymmetric Ion Mobility Spectrometry) technology. Lonestar can be trained to respond to a broad range of chemical scenarios and is easily integrated with other sensors and third party systems. Lonestar outperforms conventional instruments in the critical areas of response speed, sensitivity, versatility, power consumption, size and weight. The robust solid state FAIMS chip at the heart of the Lonestar instrument is capable of the detection of chemical agents in concentrations as low as a few parts per billion, making Lonestar ideally suited to a wide variety of applications ranging from online process monitoring to laboratory based research and development.

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 For more information about Owlstone, please visit

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.

Contact Information

  • For more information, contact:
    Advance Nanotech, Inc.
    Investor Relations
    (212) 583-0080