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Advance Nanotech Subsidiary Is Awarded Its First U.S. Patent for Chemical Detection
Thursday, December 13, 2007
Advance Nanotech Subsidiary has 18 Additional Patents-pending Protecting its Chemical Detection IP
New York, NY -- Advance Nanotech, Inc., , a leader in next generation chemical detection, announced today that it has been issued with a patent award by the United States Patent and Trademark Office for its 3-D miniature pre-concentrator and inlet sample heater application which was originally filed September 20, 2005. Pre-concentrators are used to collect molecules that are present in low concentrations. Accordingly, pre-concentrators increase the sensitivity of our products and, in particular, are useful in aiding the detection of trace compounds such as drugs, explosives, and other toxic agents. This patent represents significant technical advances in the miniaturization of the pre-concentrator.
Advance Nanotech subsidiary, Owlstone is pleased to acknowledge that this is the first patent to be issued from its intellectual property portfolio. Over the past two years, Owlstone has filed 18 additional patent applications specifically related to its chemical detection IP.
This particular patent was co-invented by Billy Boyle, David Ruiz-Alonso, Andrew Koehl, Martyn Rush, Russell Parris and Ashley Wilks. Commenting on the patent, Andrew Koehl said, "We are delighted that the novelty of our invention has been acknowledged in this way. We are further encouraged that every one of our claims was approved by the U.S. Patent Office."
Owlstone has developed products that are based on a patent-pending, proprietary technology. The products incorporate a silicon chip that can rapidly detect a broad range of chemicals in the ambient air. Applications in homeland security, defense, industrial process control, environmental and healthcare for Owlstone's detection systems are wide-ranging and immediate. Owlstone has successfully completed its R&D and design-related work for its first products and is now delivering products that meet real-time chemical detection needs.
Owlstone launched two products during 2007. Most of the R&D investment on the core technology has been completed. Further product development is now focused on reducing the size and increasing the portability of the next two planned product lines. The Lonestar product is a fully integrated chemical sensor. The Lonestar is capable of sampling and identifying chemicals in the ambient air and has been designed for the industrial process control market.
About Owlstone Nanotech, Inc.
Owlstone Nanotech is a majority owned subsidiary of Advance Nanotech and is a pioneer in the commercialization of nanotechnology-based chemical detection products. Its initial commercial product, The Owlstone Detector, is a revolutionary dime-sized device that can be programmed to detect a wide range of chemical agents that may be present in extremely small quantities. Using leading-edge micro- and nano-fabrication techniques, Owlstone has created a complete chemical detection system a hundred times smaller and a thousand times cheaper than existing technology. There are numerous applications -- across industries from security and defense to automotive and healthcare -- that depend on the rapid and accurate detection and measurement of chemical compounds. Owlstone works with market leaders within these applications to integrate the detector into next generation chemical sensing products and solutions. Owlstone's technology offers a unique combination of benefits, including: small size, low manufacturing costs, minimal power consumption, reduced false-positives, and a customizable platform.
About Advance Nanotech, Inc.
Advance Nanotech identifies patented, patent-pending and proprietary technologies at leading universities and funds the additional development of such technologies in exchange for the exclusive rights to commercialize any resulting products. Advance Nanotech has interests in over 20 nanotechnologies, grouped into two operating subsidiaries: Advance Display Technologies PLC, which is listed on the PLUS-Quoted market in London (ADTP) and Advance Homeland Security PLC. By partnering with universities and leveraging the infrastructure and multi-disciplinary human resources of its university partners, Advance Nanotech reduces its cost base and mitigates risk. After prototypes are proven within the lab and the Company develops a product roadmap and business plan, it forms majority-owned subsidiaries around the specific technology. It seeks to return value to our shareholders through the sale or licensing of the technology, by securing additional financing for the subsidiary from either the venture capital community or the capital markets, or by successfully executing its business plan and consolidating its income as the majority shareholder.
For more information on Advance Nanotech, please visit www.advancenanotech.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward- looking statements as a result of various factors and uncertainties, including market acceptance of the OVG-4 product line, the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our 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 our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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