NEW YORK, March 8, 2005 (PRIMEZONE) -- Advance Nanotech, Inc. (OTCBB:AVNA), a company that specializes in the acquisition and commercialization of nanotechnologies, today announced the incorporation of Advance Nanotech (Singapore) Pte Ltd and the final closing of a $3.5 million financing of common stock to finance the acquisition of initial, identified technologies.
Magnus Gittins, CEO of Advance Nanotech said, "We are very pleased to have established operations in Singapore. This provides a base to continue our assessment of promising new technologies within the innovative Southeastern Asian markets. Moreover, as a result of this round of financing, we now have specific resources in hand to do so. This is the next step in our business model where we seek to lower-risks to emerging nanotechnologies through diversification of technology, industry sector and academic partner."
The Company will initially focus efforts on opportunities within Singapore and Thailand. Part of the assessment process will include an analysis on how complementary the technologies are with the Company's existing portfolio of eighteen nanotechnology subsidiaries.
Professor Christofer Toumazou, Professor of Electrical Engineering, Director of Institute of BioMedical Engineering at Imperial College, London and founder of Toumaz Technologies will serve as a Strategic Advisor to Advance Nanotech (Singapore) Pte Ltd and will assist with the technology selection process. Professor Toumazou commented, "As one of the Advisors to the Science and Engineering Research Council in Singapore, I am highly confident of Singapore scientists playing a pioneering role in the global nanotechnology wave. Singaporean scientists, engineers, and technology policy makers are building a leadership position in nanotechnology. Our scientists, engineers, and entrepreneurs have therefore been very keen to build collaborative research and commercialization ties with Singapore. The decision of Advance Nanotech to invest in nanotechnology research and applications out of Singapore will be of great mutual benefit."
The conclusion of this financing was announced in the 8-K report recently filed by the Company with the SEC on February 28, 2005.
About Advance Nanotech Inc.
Advance Nanotech, Inc. ("Advance") commercializes innovative nanotechnologies. Operating in three areas, electronics, biopharma and materials, Advance leverages relationships with financial and development resources to enable a product-focused fast-track commercialization of nanotechnology. Advance has established relationships with academic institutions throughout the world that are at the forefront of nanotechnology research and development. Advance's objective is to invest in patented innovation to bridge early stage product development with valuable markets. Advance Nanotech is quoted on the Over-The-Counter Bulletin Board under the symbol "AVNA.OB." For more information on Advance Nanotech, visit the company's website at http://www.advancenanotech.com.
Advance Nanotech Safe Harbor Statement
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with those inherent in the early stage of Advance Nanotech's technologies 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 other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, Advance Nanotech, Inc., undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.