Advance Nanotech,
Inc., today announced that it has appointed four new members to its Board
of Directors. The Board appointments follow completion of the share exchange
with certain shareholders of the Company's majority-owned subsidiary, Owlstone
Nanotech, Inc., announced on Friday, September 5, 2008. The following persons
have been appointed to the Board of Directors of the Company: Andrew Cosentino
as Chairman of the Board, Joseph Zappulla, Dr. Peter Gammel and Jon Buttles.
Andrew Cosentino, a graduate of Yale University, has nearly 30 years of
experience in structuring, negotiating and consummating strategic
transactions for public and private companies ranging from early growth
phase companies to mature industry leaders, as well as investment banking
firms and funds, in the United States, Europe and elsewhere. After many
years as a partner in major U.S. law firms, Mr. Cosentino left the private
practice of law to offer his own services as a high level consultant to
businesses, primarily consulting for management and boards of directors of
public and private companies in high technology, investment banking,
biotechnology, and software-driven businesses. He regularly counsels clients
in the formation and structuring, capitalization (through private and public
equity financing, including seed capital, early stage, venture capital and
mezzanine financing, private placements, IPOs and secondary offerings, and
bank, lease and other financings), operation (including matters such as key
contracts with vendors, customers and executives, compliance and corporate
governance), merger, acquisition and disposition, and recapitalization and
reorganization of their businesses. As an outgrowth of consulting
relationships, Mr. Cosentino serves as a director of a number of publicly
listed companies.
In addition to joining the Board, Joseph Zappulla has accepted the role as
Chairman of the Audit Committee, replacing Peter Rugg, who will be focusing
upon other matters and remains on the Board. Mr. Zappulla has over 25 years
of executive management experience in financial operations, investment
banking, mergers and acquisitions, investment analysis, capital raising,
corporate development and strategic planning and budgeting. Mr. Zappulla
founded in 1999 and serves as CEO of Grannus Financial Advisors, Inc., a
strategic consulting firm on matters such as financial operational review,
corporate governance, investor relations, capital raising, mergers and
acquisitions, and general business needs. Prior to Grannus, Mr. Zappulla
served as a director for Mabon Securities engaged to help turn-around the
100 year brokerage firm. In this role, he also managed strategic planning,
compliance, and internal audit. Earlier, he served as member of the U.S.
equities management team at S.G.Warburg and Co. directing the firm's
institutional equities effort worldwide, as well as its finance and
administration, treasury operations, and accounting in the U.S. For nearly
10 years, Mr. Zappulla worked at Donaldson, Lufkin and Jenrette in its
institutional equities division in varying capacities from trading to
management, including strategic planning and budgeting and financial
administration. He began his career at American Express Co. as an analyst,
where he spent two years analyzing financial operations and markets. He
holds an MBA from Suffolk University (Boston, MA) and is currently FINRA
Registered Series 7, 24 and 63.
Dr. Peter Gammel previously served on the Company's Board of Directors from
August 10, 2006 to November 13th 2006. In addition to rejoining the Board,
he will assume the added responsibility of Governance Committee Chairman.
Dr. Gammel has his PhD in Physics from Cornell University (1987) and his
B.S. in both physics and mathematics from M.I.T. (1981), and was awarded
A.D. White Fellowship and the Phi Beta Kappa, W. McMillan Prize. Dr. Gammel
has published more than 200 technical publications, presented at over 50
conferences and has been issued or is in the process of applying for more
than 25 patents. He is currently Chief Technical Officer and Vice President
of Engineering for SiGe Semiconductor. SiGe is a global leader in RF for
WLAN and GPS Dr. Gammel was Vice President of Engineering at Renaissance
Wireless where he managed the development of a line of RF acoustic wave
filters and switches, and served as Chief Technical Officer of the Analog
Products Business Unit of Agere Systems, where his team was responsible for
the development of laterally diffused metal oxide semiconductor power
amplifiers. For over 15 years into 2002, Dr. Gammel was a Distinguished
Member of Technical Staff with Bell Laboratories-Lucent Technologies. Dr.
Gammel also served as the Chief Technical Officer for Advanced Nanotech for
14-months through August 2006.
Jon Buttles has been a partner and consultant to the Company's Owlstone
Nanotech, Inc. subsidiary since its inception. Mr. Buttles is the founder
and managing partner of Core Equity Group LLC, a financial advisory and
strategic consulting firm focused on building, financing and growing
emerging technology companies. Prior to Core Equity Group LLC, Mr. Buttles
was managing director at SBI USA LLC, a boutique investment bank formerly
affiliated with SOFTBANK Japan, where he led banking transactions in the
public and private banking sectors across a diverse group of industries.
Prior to SBI USA, Mr. Buttles worked at Monument Advisors Inc, a middle
market private equity boutique, managing a mezzanine fund and a leveraged
buyout fund. Mr. Buttles has a strong base of corporate finance experience
in technology investment banking, public and private placements, leveraged
buy-outs, private equity fund management and mergers and acquisitions. Mr.
Buttles holds a bachelors degree from Miami University in Finance.
"The addition of these new members to the Board of Directors marks a
significant milestone in the progression of the company," commented Bret
Bader, CEO of Advance Nanotech. "The return of Dr. Peter Gammel as a Board
member is a clear validation of the direction we are heading as a company.
Dr. Gammel's familiarity with the Owlstone sensor, experience in
commercialization and application development, along with his contacts in
the industry, will prove extremely valuable to Owlstone as it continues its
product development and pursuit of strategic relationships. Andrew
Cosentino has been integral to the completion of the Exchange Agreement, and
his business and securities experience will prove invaluable to the Company
as it continues its pursuit of strategic partnerships and development
agreements."
Mr. Bader continued, "Owlstone has benefited greatly from Jon Buttles'
assistance over the years. His understanding of our business model, coupled
with the business expertise has enabled him to provide knowledgeable counsel
during our transition period. His continued involvement from a Board level
will be instrumental as we move into the commercializing phase." Mr. Bader
concluded, "We were encouraged when Joe Zappulla accepted a seat on the
Board and, especially, as Chairman of the Audit Committee. Joe has spent an
a great deal of time examining our financial structure, and understands the
importance of financial disclosure to the investment community. His
background in strategic planning and financial modeling will also aid us in
this crucial process. We are fortunate to have attracted such talent to
augment the company's leadership. This will enable me to focus my energies
on developing a