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Advance Nanotech Announces the Establishment of Southeast Asian Operations and the Closing of a $3.5 Million Financing to Finance Initial Acquisitions

NEW YORK, March 8, 2005 (PRIMEZONE) -- Advance Nanotech, Inc. (OTCBB:AVNA), a company that specializes in the acquisition and commercialization of nanotechnologies, today announced the incorporation of Advance Nanotech (Singapore) Pte Ltd and the final closing of a $3.5 million financing of common stock to finance the acquisition of initial, identified technologies.

Magnus Gittins, CEO of Advance Nanotech said, "We are very pleased to have established operations in Singapore. This provides a base to continue our assessment of promising new technologies within the innovative Southeastern Asian markets. Moreover, as a result of this round of financing, we now have specific resources in hand to do so. This is the next step in our business model where we seek to lower-risks to emerging nanotechnologies through diversification of technology, industry sector and academic partner."

The Company will initially focus efforts on opportunities within Singapore and Thailand. Part of the assessment process will include an analysis on how complementary the technologies are with the Company's existing portfolio of eighteen nanotechnology subsidiaries.

Professor Christofer Toumazou, Professor of Electrical Engineering, Director of Institute of BioMedical Engineering at Imperial College, London and founder of Toumaz Technologies will serve as a Strategic Advisor to Advance Nanotech (Singapore) Pte Ltd and will assist with the technology selection process. Professor Toumazou commented, "As one of the Advisors to the Science and Engineering Research Council in Singapore, I am highly confident of Singapore scientists playing a pioneering role in the global nanotechnology wave. Singaporean scientists, engineers, and technology policy makers are building a leadership position in nanotechnology. Our scientists, engineers, and entrepreneurs have therefore been very keen to build collaborative research and commercialization ties with Singapore. The decision of Advance Nanotech to invest in nanotechnology research and applications out of Singapore will be of great mutual benefit."

The conclusion of this financing was announced in the 8-K report recently filed by the Company with the SEC on February 28, 2005.

About Advance Nanotech Inc.

Advance Nanotech, Inc. ("Advance") commercializes innovative nanotechnologies. Operating in three areas, electronics, biopharma and materials, Advance leverages relationships with financial and development resources to enable a product-focused fast-track commercialization of nanotechnology. Advance has established relationships with academic institutions throughout the world 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 markets. Advance Nanotech is quoted on the Over-The-Counter Bulletin Board under the symbol "AVNA.OB." For more information on Advance Nanotech, visit the company's website at http://www.advancenanotech.com.

Advance Nanotech Safe Harbor Statement

CONTACT:
Advance Nanotech, Inc. -- New York
Stephanie Interbartolo
(212) 332-4386
sinter@advancenanotech.com

Advance Nanotech, Inc. -- London
Charlotte Ramelli
+44 (0) 207 451 2466
charlotte.ramelli@advancenanotech.com

www.nano-tsunami.com
This story has been adapted from a news release -
Diese Meldung basiert auf einer Pressemitteilung -
Deze tekst is gebaseerd op een nieuwsbericht -

 


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