Advance Nanotech Subsidiary Successfully Lists in London.
NEW YORK -- Advance Nanotech, Inc., (OTC BB:AVNA.OB), the premier provider of financing and support services to drive the commercialization of nanotechnology related products for homeland security and display technologies announced that the Company's subsidiary, Advance Display Technologies plc ("ADT"), commenced trading today on the PLUS-quoted market in London.
ADT was formed in August 2006 as one of two operating divisions and majority-owned subsidiaries of Advance Nanotech. ADT, the first PLUS market listing in 2007, listed 50 million shares at $0.96 (GBP 0.50p) per share. Following the placing there were 50 million Ordinary Shares in issue, valuing the company at approximately $49 million at the placing price. Advance Nanotech, Inc. holds 94% of the issued share capital with a market value of just over $46 million. ADT trades under the ticker: ADTP
Commenting on the announcement, Magnus Gittins, Chairman of Advance Nanotech, said: 'We estimate that the global display market is worth over $100 billion. This growing market offers huge potential for our nano-enabled technologies. This listing will serve to augment the profile of the business such that we may take full advantage of the opportunities the sector offers." Tony Goncalves, CEO of Advance Nanotech, continued, "ADT has a nine-strong technology pipeline and we anticipate the commercialization of five of these by the end of 2007. We are pleased that the value of the portfolio has been reflected in our first trading day."
About Advance Display Technologies plc
Advance Display Technologies plc has been established to commercialize innovative, nano-enabled technologies within the global [pounds sterling]54 billion display industry. ADT develops materials and devices across three distinct display applications areas: flat panel and projection displays, plastic electronics, flexible displays. ADT has nine technologies in development with commercialization anticipated within 12-36 months time, and possesses agreements with global-leading scientific groups at the University of Cambridge, UK, and the University of Bristol, UK. By partnering with universities and leveraging their infrastructures and multi-disciplinary human resources, ADT reduces its cost base and mitigates its risk. Uniquely, ADT embeds employees to work in partnership with University in order to provide assistance and ensure that commercial potential is fully realized. Advance Display Technologies is a Subsidiary of Advance Nanotech Inc. For more information on ADT, please visit www.adtplc.com.
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 which are 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 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 harbour" 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.