Navigation Links
Advance Nanotech Announces Shareholder Proxy Vote Results

NEW YORK, Feb. 13 /PRNewswire-FirstCall/ -- Advance Nanotech, Inc., (OTC Bulletin Board: AVNA), a leader in next generation chemical detection systems, announced today that at a special meeting of shareholders held at Company headquarters in New York, on February 12, 2008, a proposal was approved to increase the authorized number of shares of Capital stock from 100,000,000 shares to 225,000,000 shares. Ninety-five percent of the shares present at the meeting were voted in favor of the proposal to increase the Company's authorized shares.

As a result of the approval to amend the Company's charter, the Company will be able to close the remaining portion of its private placement sale of 8% Convertible Notes 2010, which occurred in December 2007, and will issue to the original Convertible Note holders additional notes in the aggregate principal amount of approximately $2.75 million and warrants to purchase 5,494,000 shares of common stock.

"This is a pivotal day for Advance Nanotech and its shareholders," commented Magnus Gittins, chairman of Advance Nanotech. "I believe the strong vote in favor of passing the proposal reflects investors' optimism regarding our unique position within the chemical detection industry. As our technology is at commercialization, we have been afforded the opportunity to aggressively market our capability while controlling costs and capturing full earnings potential. As of today, the strengthened financial condition of the Company now allows us to provide forward looking financial guidance for the first time. The Company anticipates achieving approximately $7.7 million in revenues for its 2008 fiscal year and despite forecasting a net operating loss, expects that its fourth quarter is to generate both positive earnings and cash flow."

About Advance Nanotech

Advance Nanotech is in the process of transitioning to become an operating company that is principally focused on next generation chemical and biological detection. Its proprietary technologies are uniquely silicon based thus offering the benefits of miniaturization and network capability. The core detector allows for real-time precision analytics leading to potential prevention of ensuing issues, concerns and dangers. Through its majority owned subsidiary, Owlstone Nanotech, Advance Nanotech has 1 recently awarded patent and 18 patent pending applications. For more information on Advance Nanotech, 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 and Section 21E of the Exchange Act. 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 and other factors could cause actual results to differ materially from the Company's expectations. Advance Nanotech's Annual Report on Form 10KSB, recent and forthcoming Quarterly Reports on Form 10QSB, 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.

For more information, contact:

Yvonne Zappulla

Managing Director

Grannus Financial Advisors, Inc.


SOURCE Advance Nanotech, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Dendreon Announces Publication of Phase 1 Study Highlighting Immunologic and Clinical Activity of Lapuleucel-T (Neuvenge(R)) in Advanced Breast Cancer Patients
2. KGI Names Kerry Howell Vice President for Advancement
3. Advanced Life Sciences Announces Receipt of Nasdaq Staff Letter
4. Advanced Cell Technology Announces Proposed Financing
6. Advanced Cell Technologys Dr. Robert Lanza Makes List of 100 Most Inspiring People in the Life-Sciences Industry
7. NovaQuest Advances Virtual Development Model With Strategic Investment in TOPIGEN Pharmaceuticals
8. Lorus Advances Clinical Development of GTI-2040 Combined with Ara-C in Acute Myeloid Leukemia
9. Advanced Life Sciences to Present at 2007 UBS Global Life Sciences Conference
10. Microfluidic chambers advance the science of growing neurons
11. Dow AgroSciences and Exelixis Plant Sciences Announce Major Research Collaboration, Asset Purchase to Advance Gene Discovery and Validation
Post Your Comments:
(Date:11/25/2015)... CA (PRWEB) , ... November 25, 2015 , ... ... genomics company uBiome, were featured on AngelList early in their initial angel funding ... an AngelList syndicate for individuals looking to make early stage investments in the ...
(Date:11/24/2015)... SUNNYVALE, Calif. , Nov. 24, 2015 ... executives will be speaking at the following conference, and ... New York, NY      Tuesday, December 1, ... New York, NY      Tuesday, December 1, ...      Piper Jaffray Healthcare Conference, New York, NY ...
(Date:11/24/2015)... ... November 24, 2015 , ... ... But unless it is bound to proteins, copper is also toxic to cells. ... at Worcester Polytechnic Institute (WPI) will conduct a systematic study of copper in ...
(Date:11/24/2015)... Global, Inc., a worldwide provider of clinical research services headquartered in ... company has set a new quarterly earnings record in Q3 of ... for Q3 of 2014 to Q3 of 2015.   ... with the establishment of an Asia-Pacific office ... Kingdom and Mexico , with the ...
Breaking Biology Technology:
(Date:10/29/2015)... Mich. , Oct. 29, 2015  Rubicon ... Genomics for U.S. distribution of its DNA library ... kit and Rubicon,s new ThruPLEX Plasma-seq kit. ThruPLEX ... enable the preparation of NGS libraries for liquid ... for diagnostic and prognostic applications in cancer and ...
(Date:10/27/2015)... Germany , October 27, 2015 ... SMI,s Automated Semantic Gaze Mapping technology (ASGM) automatically maps ... SMI,s Eye Tracking Glasses , so that they ... BeGaze. --> Munich, Germany , ... (ASGM) automatically maps data from mobile eye tracking videos ...
(Date:10/23/2015)... , Oct. 23, 2015 Research and ... the "Global Voice Recognition Biometrics Market 2015-2019" ... --> The global voice recognition biometrics ... 2014-2019. --> --> ... has been prepared based on an in-depth market analysis ...
Breaking Biology News(10 mins):