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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
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SOURCE Advance Nanotech, Inc.
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