NEW 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."
Individual investors 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 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 markets.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed time to time in the Company's filings with the Securities and Exchange Commission (SEC).