SOURCE: Advance Nanotech, Inc.

July 08, 2010 14:58 ET

Owlstone Receives Prestigious 2010 R&D 100 Award

MONTEBELLO, NY--(Marketwire - July 8, 2010) -  Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to report that Owlstone Ltd. ("Owlstone") has been announced as a recipient of the 48th Annual R&D 100 Award by R&D Magazine, which salute the 100 most technologically significant products introduced into the marketplace over the last year. Owlstone received its award for its ion mobility spectrometer on a microchip, in partnership with Pacific Northwest National Laboratory.

"We would like to congratulate Owlstone on winning such a prestigious award," commented Jon Buttles, Principal Executive Officer of Advance Nanotech. "The R&D 100 Awards are given to organizations that produce significant technological innovation across a wide variety of industries. The award is a testament to the depth of innovation provided by Owlstone's technology. We are thrilled that Owlstone has received this award alongside of other well known industrial players and government laboratories."

The Awards, widely recognized as the "Oscars of Innovation," identifies and celebrates the top high technology products of the year. Sophisticated testing equipment, innovative new materials, chemistry breakthroughs, biomedical products, consumer items, high-energy physics: the R&D 100 Awards spans industry, academia, and government-sponsored research. 

As reported in the announcement on R&D Magazine's website, familiar industry names such as IBM, Frito Lay, Siemens, Intel Corp., and Toyota won awards this year for products ranging from biodegradable packaging to drive management systems for next-generation automobiles. Innovation was also strong from high-profile government and academic laboratories including Oak Ridge National Laboratory, Lawrence Livermore National Laboratory and MIT's Lincoln Laboratory. They won awards for technologies including nanostructured batteries and safety systems for airports of the future.

The press release from R&D Magazine can be found at: http://www.rdmag.com/News/2010/07/2010-R-D-100-Awards-Winners/

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.

SOURCE: Advance Nanotech, Inc.

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