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[June 14, 2006]
Sales Climb for Owlstone Nanotech's Chemical Detection Technology; Advance Nanotech Subsidiary to Ship Four Additional Orders of Owlstone Tourist(TM) Components and Accessories
NEW YORK --(Business Wire)-- June 14, 2006 -- Owlstone Nanotech, Inc., a pioneer in the commercialization of nanotechnology-based chemical detection products, today announced that it has received four new purchase orders for Owlstone Tourist(TM) components and accessories. Owlstone is now servicing seven clients since the product line was launched in May of this year. The Tourist(TM) is the first widely available production model chemical detection device from Owlstone based on Owlstone's revolutionary micro-machined gas sensor. Owlstone Nanotech is a subsidiary of Advance Nanotech, Inc. (OTC BB:AVNA.OB).
"The sales figures we're reaching in such a short period of time, far surpass our initial expectations for the market. The technology behind the Tourist and its components and accessories are cutting edge; in our view, these sales figures represent a serious interest in new ways to increase security and detect harmful airborne chemicals," said Bret Bader, CEO of Owlstone Nanotech. "These additional sales are a significant milestone for our company, but also represent a broader trend in the market."
The Owlstone Tourist(TM) is the first production model sensor offered by Owlstone, and reflects the company's rapid progress in developing leading-edge micro- and nano- fabrication techniques. The Tourist(TM) represents chemical detection technology that is significantly smaller and less expensive than existing technology. In addition to offering its own products, Owlstone Nanotech partners with market leaders to integrate its technology into a wide range of commercial applications to allow the efficient and accurate detection of various chemical agents including contaminants, chemical warfare agents and potentially harmful gases.
"The growth in sales for Owlstone's core technology reaffirms the company's market strategy and we remain confident in the ability of the executive and product development teams at Owlstone to bring the company to the next level," said Magnus Gittins, CEO of Advance Nanotech. "The Advance Nanotech team is pleased with Owlstone's progress, and we look forward to continuing to work with the company as it achieves its goals."
About Owlstone Nanotech, Inc.
Owlstone Nanotech is a pioneer in the commercialization of nanotechnology-based chemical detection products. Its initial commercial product, The Owlstone Detector, is a revolutionary dime-sized device 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 system a hundred times smaller and a thousand times cheaper than existing technology. There are numerous applications - across industries from security and defense to automotive and healthcare - that depend on the rapid, accurate detection and measurement of chemical compounds. Owlstone works with market leaders within these applications 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. Owlstone Nanotech, Inc., is a subsidiary of Advance Nanotech, Inc. For more information on Owlstone Nanotech, please visit www.owlstonenanotech.com.
About Advance Nanotech, Inc.
Advance Nanotech is dedicated to the successful commercialization of disruptive nanotechnologies to produce nano-enabled products. Advance provides financing and support services including commercialization guidance, project and infrastructure management, leadership assets, and counsel on intellectual property, licensing and regulatory issues to ensure maximum market potential. Advance Nanotech's diversified portfolio of over 20 nanotechnologies impacts a range of applications, including, but not limited to sensors, medical therapeutics and composites. Advance is forging partnerships with leading manufacturers and universities in Europe, Asia and North America to transform innovative nanotechnology concepts into practical solutions.
This document contains forward-looking statements by Advance Nanotech regarding its expectations as to its business, and involves risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.
Factors that may cause such a difference include, but are not limited to, problems and risks associated with developments in the nanotechnology industry in general and in Advance Nanotech's products under development in particular; the potential failure of Advance Nanotech's products under development to prove safe and effective in application; uncertainties inherent in the early stage of Advance Nanotech's products under development; failure to successfully implement or complete research programmes; failure to receive marketing clearance from regulatory agencies for our products under development; acquisitions, divestitures, mergers, licenses or strategic initiatives that change Advance Nanotech's business, structure or projections; the development of competing products; uncertainties related to Advance Nanotech's dependence on third parties and partners; and those risks described Advance Nanotech's filings with the SEC. Advance Nanotech disclaims any obligation to update these forward-looking statements.
Further information about these and other relevant risks and uncertainties may be found in the Advance Nanotech's findings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.
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