On November 2, 2005, Owlstone Nanotech, Inc., a
subsidiary of Advance Nanotech, Inc. (OTCBB:AVNA), filed a
registration statement with the SEC. Since the time of filing,
however, strategic and financing options have been presented that have
the potential of enhancing Owlstone's value, and, in order to further
explore these opportunities, Owlstone has voluntarily filed an
application today to withdraw its registration statement. The
appointment announced earlier today was made to enable Owlstone to
pursue certain opportunities which Advance Nanotech believes to be
beneficial to the creation of significant shareholder value. As part
of this strategic initiative, Advance Nanotech has delayed
distribution of its dividend until Owlstone conducts an initial public
offering or otherwise decides to publicly register its shares for
trading. The registration statement was filed to cover the dividend of
6,000,000 shares of Owlstone common stock to Advance Nanotech
shareholders as part of Advance Nanotech's strategy to deliver value
to its shareholders through the funding and development of subsidiary
companies.
Owlstone is a leader in the commercialization of dime sized chemical detection technologies, and Advance Nanotech, Inc. (OTCBB:AVNA) is a premier provider of financing and support services driving the commercialization of nanotechnology research and discoveries engaged in ventures in the U.S., the U.K. and Singapore.
"Part of the mission of Advance Nanotech is to deliver value to our shareholders through the monetization of our portfolio assets," commented Magnus Gittins, CEO and President of Advance Nanotech. "The dividend has been delayed since we believe that pursuing this recently presented opportunity will deliver greater value and liquidity to our shareholders when the dividend is distributed. As a majority shareholder and commercialization partner of Owlstone, we are constantly evaluating strategic options within both the public and private arenas to determine the fastest path to commercialization with the most promising return to our shareholders. At this time we believe that alternative strategies, currently available, are the best course of action in building long term shareholder value within Owlstone."
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.
About Advance Nanotech, Inc.
Advance Nanotech Inc. is dedicated to ensuring nanotechnology discoveries reach maximum market potential through successful commercialization. Advance Nanotech is a trusted guide to commercial success for nanotech entrepreneurs spanning the globe, partnering with leading universities to provide scientists and researchers with mission critical infrastructure support to transform their discoveries to marketable solutions. The organization provides a range of services and support including financing, leadership assets and counsel on intellectual property, licensing and regulatory issues. With a portfolio of nearly 20 companies developing technologies which offer potentially breakthrough nanotechnology discoveries in the electronics, biopharma and materials sectors, and Advance Nanotech's goal is to transform the potential for nanotechnology discoveries into innovative products that further evolve existing industries and enable new markets.
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.
Owlstone is a leader in the commercialization of dime sized chemical detection technologies, and Advance Nanotech, Inc. (OTCBB:AVNA) is a premier provider of financing and support services driving the commercialization of nanotechnology research and discoveries engaged in ventures in the U.S., the U.K. and Singapore.
"Part of the mission of Advance Nanotech is to deliver value to our shareholders through the monetization of our portfolio assets," commented Magnus Gittins, CEO and President of Advance Nanotech. "The dividend has been delayed since we believe that pursuing this recently presented opportunity will deliver greater value and liquidity to our shareholders when the dividend is distributed. As a majority shareholder and commercialization partner of Owlstone, we are constantly evaluating strategic options within both the public and private arenas to determine the fastest path to commercialization with the most promising return to our shareholders. At this time we believe that alternative strategies, currently available, are the best course of action in building long term shareholder value within Owlstone."
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.
About Advance Nanotech, Inc.
Advance Nanotech Inc. is dedicated to ensuring nanotechnology discoveries reach maximum market potential through successful commercialization. Advance Nanotech is a trusted guide to commercial success for nanotech entrepreneurs spanning the globe, partnering with leading universities to provide scientists and researchers with mission critical infrastructure support to transform their discoveries to marketable solutions. The organization provides a range of services and support including financing, leadership assets and counsel on intellectual property, licensing and regulatory issues. With a portfolio of nearly 20 companies developing technologies which offer potentially breakthrough nanotechnology discoveries in the electronics, biopharma and materials sectors, and Advance Nanotech's goal is to transform the potential for nanotechnology discoveries into innovative products that further evolve existing industries and enable new markets.
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.
© 2006 Business Wire
