Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to report that its minority
owned subsidiary, Owlstone
Nanotech, Inc. ("Owlstone") has entered into an exclusive strategic
development agreement with SELEX Galileo, a Finmeccanica company and one of
Europe's foremost aerospace and defense organizations.
Owlstone and SELEX Galileo have executed a licensing agreement by which SELEX
Galileo will obtain the exclusive right to develop and distribute Owlstone's
FAIMS chemical detection technology products within the military marketplace.
Although the terms are confidential, the agreement is inclusive of an upfront
exclusivity fee and development funding provided to Owlstone for the purposes
of securing Owlstone's engineering and technology capability within the military
sector. The initial agreement is for a period of 12 months.
This strategic transaction is the latest development in a three year SELEX
Galileo funded collaboration to design and evolve its NexSense integrated detection
platform to meet specifications set forth by military customers around the world.
SELEX Galileo is a leader in surveillance, protection, tracking, targeting,
navigation & control and imaging systems.
"This new initiative marks a significant evolution in our continuing relationship
with SELEX Galileo," commented Owlstone's CEO, Bret Bader. "We are
delighted to forge this stronger link between our two companies as part of our
ongoing effort to deliver revolutionary technology to this critical market."
Alastair Morrison, Senior Vice President Radar and Advanced Targeting at SELEX
Galileo, said, "We chose to work with Owlstone on the basis of their superior
technical capabilities in micro-fabricated FAIMS systems. Securing exclusivity
for the military sector represents a win for both organisations as it combines
SELEX Galileo's established market position with Owlstone's proven innovation
and engineering capability."
Advance Nanotech, Inc. owns a minority position in Owlstone Nanotech, Inc.
("Owlstone"). Owlstone is a pioneer in the commercialization of chemical
detection products. The Owlstone detector is a revolutionary dime-sized sensor
that can be programmed to detect a wide range of chemical agents that may be
present in extremely small quantities. Using leading-edge micro- and nano-fabrication
techniques, Owlstone has created a complete chemical detection sensor that is
significantly smaller and can be produced more cost effectively than products
using existing technology. There are numerous applications -- across industries
from security and defense to industrial process, air quality control and healthcare
-- that depend on the rapid, accurate detection and measurement of chemical
compounds. Owlstone works with market leaders within these industries to integrate
the detector into next generation chemical sensing products and solutions. Owlstone's
technology offers a unique combination of benefits, including small size, low
manufacturing costs, minimal power consumption, reduced false-positives, and
a customizable platform.