HOLBROOK, New York, Oct. 1, 2004 (PRIMEZONE) -- Artwork & Beyond Inc. (OTCBB:ABYD) has today announced that it has acquired Advance Nanotech Inc., a Delaware corporation ("Advance Nanotech").
Upon closing of the transaction, 70,000,000 shares of common stock of Artwork & Beyond Inc. were issued to the former shareholders of Advance Nanotech in exchange for their shares of Advance Nanotech together with rights to acquire a further 1,910,000,000 of shares of the Artwork & Beyond Inc. if and when the Company's capital stock is changed to permit the issuance of such shares. Upon completion of the transaction including the issuance of shares pursuant to the rights the new shareholders will own 99% of the outstanding. . The current Directors of Artwork & Beyond Inc., shall continue to serve on the board for a short period of time to effect a smooth handover and transition as the transaction concludes. The Company's officers have resigned and were replaced by Magnus Gittins as Chief Executive Officer and President and Linden Boyne as Chief Financial Officer, Secretary and Treasurer. The foregoing constitutes a change in control.
As part of the agreement to acquire Advance Nanotech, after the transaction Artwork & Beyond Inc. disposed of its entire interest in Artwork & Beyond Inc., a Delaware corporation ("Sub"), its only direct subsidiary prior to the acquisition of Advance Nanotech. The Sub was transferred for consideration including the assumption of liabilities. The Advance Nanotech shareholders have agreed to make certain payments to the Sub.
Advance Nanotech, Inc., is a leading commercialization vehicle for nanotechnology. The company operates primarily through subsidiary companies grouped into three nanotechnology areas: electronics, biopharma and materials. Advance Nanotech has established relationships with academic institutions that are at the forefront of nanotech research and development. Our business strategy is to leverage relationships with, and access to, financial and development resources to enable a product focused fast-track commercialization of nanotechnology. The Company's objective is to invest in patented innovations to bridge development from early stages to development supported by the capital markets and, ultimately, commercialization. Management believes that Advance Nanotech's development network creates economic and time efficiencies which can advance the development of University research-programs towards final product. Each of Advance Nanotech's subsidiaries addresses a market whose potential is estimated to be at least $200 million, is following a path to commercialization which is not expected to exceed four years, and is based upon an intellectual property strategy which is grounded in one or more foundation patent applications. There is a defined capital commitment to each subsidiary business dependent upon achievement of product milestones. The Company's business model is intended to maximize the potential for significant growth for our portfolio of subsidiary companies and our shareholders. At the same time, the breadth of our portfolio of products under development and our businesses is intended to mitigate risks.
-0- Artwork & Beyond, Inc. Howard Blum (631) 471 0065 Advance Nanotech, Inc. Magnus Gittins magnus.gittins@advancenanotech.com +44 207 451 2466