Navigation Links
Advance Nanotech Announces Shareholder Proxy Vote Results
Date:2/13/2008

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 http://www.advancenanotech.com.

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.

212-681-4108

Yvonne@grannusfinancial.com


'/>"/>
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
5. YM BIOSCIENCES, EUROPEAN PARTNER, ONCOSCIENCE AG, ANNOUNCES INITIATION OF ADVANCED NIMOTUZUMAB TRIALS IN ADULT GLIOMA AND PANCREATIC CANCER
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:
*Name:
*Comment:
*Email:
(Date:2/9/2016)... ... 09, 2016 , ... With a presidential election in November and the future ... bring together over 500 top healthcare leaders for a night and day of debates ... by MBA students of the University of Pennsylvania’s Wharton School, will be held February ...
(Date:2/9/2016)... (PRWEB) , ... February 09, 2016 , ... Tunnell Consulting, ... Based in Paris, he will focus on acquiring new accounts and work closely ... , “Fred brings to our European clients more than 15 years ...
(Date:2/9/2016)... , Feb. 9, 2016 This market ... the current and future prospects of the market in ... report include companies engaged in the manufacture of microbiology ... executive summary with a market snapshot providing the overall ... of this report. This section also provides the overall ...
(Date:2/8/2016)... Feb. 8, 2016 /PRNewswire/ - BIOREM Inc. (TSXV: BRM) ("Biorem" ... ten finalists for clean technology companies in the TSX Venture ... 10 companies listed on the TSX Venture Exchange, in each ... clean technology & life sciences, diversified industries and ... given to return on investment, market cap growth, trading volume ...
Breaking Biology Technology:
(Date:1/20/2016)... , Jan. 20, 2016   MedNet Solutions ... the entire spectrum of clinical research, is pleased to ... MedNet,s significant achievements are the result of the company,s ... iMedNet eClinical , it,s comprehensive, easy-to-use and ... --> Key MedNet growth achievements in ...
(Date:1/15/2016)... , Jan. 15, 2016 Recent publicized ... small to find new ways to ensure data security ... iOS and Android that ties ... biometrics, transforming it into a hardware authorization token. Customer ... swipe their fingerprint on their KodeKey enabled device to ...
(Date:1/11/2016)... Synaptics Incorporated (NASDAQ: SYNA ), the ... its ClearPad ® TouchView ™ 4300 touch ... categories in the 8 th Annual Mobile Excellence ... The Synaptics ® TDDI solution enables faster time-to-market, ... devices, brighter displays and borderless designs. ...
Breaking Biology News(10 mins):