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Advance Nanotech Reports First Quarter 2008 Financial Results

Company achieves four-fold revenue increase as broad corporate changes are


NEW YORK, May 19 /PRNewswire-FirstCall/ -- Advance Nanotech, Inc. (OTC Bulletin Board: AVNA) today reported financial results for its first quarter ended March 31, 2008. This quarter was the first, full fiscal period since the Company refocused its business model from managing the development of a portfolio of early-stage nanotechnologies to developing one technology within the portfolio that has extraordinary immediate and long-term commercial potential: the Owlstone chemical detection system. Highlights from the quarter include:

-- Commenced a realignment of operations to focus on the Owlstone


-- Board approved Bret Bader as incoming CEO effective upon completion of

Owlstone Exchange Agreement

-- Achieved initial product orders and shipments for Lonestar and Owlstone

vapor generators

-- Awarded second patent from the U.S. patent office, bringing total

issued U.S. patents to two, with 17 pending by Owlstone Nanotech, Inc.

Added homeland security expert to its Board of Directors

"The chemical detection industry is a large, rapidly growing market that spans across many commercial sectors, including industrial process control, homeland security, environmental monitoring and healthcare. Owlstone has developed next generation chemical detection products that are based on patented and patent-pending, proprietary technology to port real-time detection capabilities onto a silicon chip. Having successfully concluded the development of the core sensor, we are now developing and shipping product to meet real-time chemical detection needs in a wide range of industries. Given the near completion of the Advance Nanotech restructuring, we are eager to take the reins and rigorously grow our opportunities with our unique chemical detection platform," commente

SOURCE Advance Nanotech, Inc.
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