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
-- 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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