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Advance Nanotech Reports First Quarter 2008 Financial Results
Date:5/19/2008

Three months Three months

ended ended

March 31, March 31,

2008 2007

Revenue- product $126,079 $ $86,973

Revenue- service 544,816 53,205

Total net revenue 670,895 140,178

Cost of sales (399,721) (79,971)

Gross margin 271,174 60,207

Research and development (550,202) (1,166,781)

Selling, general and administrative (2,236,421) (1,919,694)

Total operating expenses (2,786,623) (3,086,475)

Loss from operations (2,515,449) (3,026,268)

Other income/ (expense)

Interest Income 12,953 24,400

Grant income - 113,318

Gain on sale of investment - -

Forgiveness of accounts payable

and other income 86,554 -

Interest expense (165,649) (19,737)

Fair value of warrants gain / (loss) 961,516 -

Accrued late registration costs - -

Net loss before minority interest $(1,620,075) $(2,908,287)

Minority interest in net loss

of subsidiary 534,434 475,919

Net loss $(1,085,641) $(2,432,368)

Foreign currency translation

adjustment gain / (loss)
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SOURCE Advance Nanotech, Inc.
Copyright©2008 PR Newswire.
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