Advance Nanotech Appoints Tony Goncalves as Chief Operating Officer with Dr. Peter Gammel Joining the Board of Directors.

NEW YORK -- Advance Nanotech, Inc., (OTCBB:AVNA), the premier provider of financing and support services to drive the commercialization of nanotechnology products for homeland security and display technologies, today announced that it has appointed Tony Goncalves to the position of Chief Operating Officer (COO). Mr. Goncalves previously served on the Advance Nanotech Board of Directors and as Chairman of the Audit Committee. Mr. Goncalves has stepped down to assume his responsibilities as COO where he will be responsible for the operational and strategic leadership of the Company's portfolio. He will report directly to Magnus Gittins, Chief Executive Officer. Dr. Peter Gammel will be joining the Board of Directors and will chair the Technology Advisory Board with responsibility for strategic technology direction.

"I am pleased to announce that Tony is joining the Advance Nanotech executive team. As Advance Nanotech continues to mature and consolidate its operations, experienced and proven operational capabilities are essential ingredients to our success. Tony possesses an extensive background in domestic and international environments, and has a proven track record in evaluating markets and business opportunities," said Magnus Gittins, CEO of Advance Nanotech. "Tony will play an essential role in executing our strategic vision."

Prior to joining Advance Nanotech, Mr. Goncalves held several leadership positions with Purdue Pharmaceutical L.P. and its independent associated companies. Most recently he served as associate director of finance where he directed the risk management and insurance functions for the company, acted as the financial lead for several segments of the company, and had responsibilities in the Cash Management and Treasury functions. Mr. Goncalves also previously held the position of associate director of corporate audit where he directed internal audit functions, provided business-consulting services and identified risk, exposures and opportunities for improvement within the company.

Prior to Purdue Pharmaceutical L.P., Mr. Goncalves was the senior manager of worldwide corporate audit for DaimlerChrysler AG. He previously held the position as Controller at People's Capital and Leasing and managed internal audits at People's Bank. Mr. Goncalves received a bachelor of science degree in accounting from Sacred Heart University and is a Certified Business Manager (CBM).

"I'm honored to join the executive team at Advance Nanotech," said Mr. Goncalves. "During my time on the Board of Directors, I witnessed the company begin to emerge as a leader in the nanotechnology industry. I plan to help capitalize on the opportunities ahead of us and to continue our sustained growth."

Commenting on his appointment to the board Dr. Peter Gammel said, "I am very pleased to be serving on the Board of Directors and to chair the Technology Advisory Board. This is an exciting time for Advance Nanotech and I am looking forward to adopting a strategic role in support of the business."

About Advance Nanotech, Inc.

Advance Nanotech commercializes nanotechnology products across a range of industries including homeland security, display technology and medical devices.

We identify patented, patent-pending and proprietary technologies at leading universities and fund the additional development of such technologies in exchange for the exclusive rights to commercialize any resulting products. By partnering with universities and leveraging the infrastructure and multi-disciplinary human resources of our university partners, we reduce our cost base and mitigate risk.

After prototypes are proven within the lab and we develop a product roadmap and business plan, we form majority owned subsidiaries around the specific technology. We seek 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 our business plan and consolidating its income as the majority shareholder. For more information on Advance Nanotech, please visit www.advancenanotech.com.

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 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 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, 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.