YORK, Feb. 3, 2005 (PRIMEZONE) -- Advance Nanotech,
Inc. (OTCBB:AVNA), a company specializing in the acquisition
and commercialization of nanotechnology, today announced
the final closing of a $20 million financing of common
stock and the formation of, and initial appointments
to, the Company's Corporate Advisory Board.
The Company intends
to use the proceeds from this round of financing for
the further development of its portfolio of eighteen
nanotechnology subsidiaries, licensing of additional
opportunities and working capital. Commenting on the
financing, Magnus Gittins, CEO of Advance Nanotech
said, "We are delighted to have closed this round
in such a short period of time. Investor interest
was such that we increased the size of the original
offering. In addition to fully funding the requirements
of the Company's portfolio for the foreseeable future,
this increased capital provides us with funding for
other strategic investments currently under assessment."
in this round who have offered to serve on the Company's
Corporate Advisory Board included:
Michael Jordan, the
Chairman and CEO of EDS and former CEO of Westinghouse
and CBS; David Clarke, Chairman and CEO of Jacuzzi
Brands, Inc., formerly U.S. Industries, Inc. and former
Vice Chairman of Hanson PLC; Jonathan Segal the Founder
of WorldPay, subsequently sold to Royal Bank of Scotland;
Louis Marx Jr., venture capitalist and early investor
in DLJ, Ariba and US Surgical; Larry D. Bouts, former
Chairman and CEO of Six Flags Theme Parks and former
CEO of Toys r Us International; Greg Osborn, Co-Founder
and Partner IndiGo Securities and former SVP Smith
Barney; and Timothy Lane, former Chairman and CEO
of Holiday Inn Worldwide and former President of FritoLay
International. Institutional investors in this round
included, SRG Capital, LLC; Truk Opportunity Fund,
LLC; GSSF Master Fund; Gryphon Master Fund; RENN Capital
Group, Inc.; Palisades Master Fund; Voltron Ventures
and Blue Hill Ventures.
"We are extremely
pleased by the quality of investors, both individuals
and institutions, that have chosen to participate
in this round of financing," added Magnus Gittins.
"In particular we welcome those individual investors
who have also agreed to serve on our Corporate Advisory
Board. As we progress with the commercialization of
our nanotechnologies, this Board will play a key role
in facilitating the introduction of our products to
potential licensees. The proven commercial experience
of this Board will be a tremendous asset to the Company."
The conclusion of
this financing includes the amounts previously announced
in the two 8-K reports recently filed by the Company
with the SEC on January 26, 2005 and February 1, 2005.
Advance Nanotech was
advised by IndiGo Securities and Griffin Securities.
About Advance Nanotech,
Inc. ("Advance'') commercializes innovative nanotechnologies.
Operating in three areas: electronics, biopharma,
and materials, Advance leverages financial and development
resources to enable a product focused, fast-track
commercialization of nanotechnologies. Advance has
established relationships with academic institutions
in Europe, Asia and North America that are at the
forefront of nanotechnology research and development.
Advance's objective is to invest in patented innovation
to bridge early stage product development with valuable
Advance Nanotech, Inc. -- New York
(646) 723 8962
Inc. -- London
+44 (0) 207 451 2466