2009
March, 2009
NANOTECH’S SUBSIDIARY RECEIVES THIRD CONTRACT FROM APOLLO
Nanotech Industries, Inc., today announced that one of the Company’s subsidiaries, has received a follow-on order from Apollo Industries. Apollo Industries, a Swedish company and one of Europe’s foremost Aerospace and Defense organizations, is a leader in surveillance, protection, tracking, targeting, navigation & control and imaging systems. This contract is the third contract from Apollo Industries and follows the contract announced in June 2008 that was completed in December. Nanotech is expected to complete delivery under this new contract by July 2009.
The order from Apollo contracts Nanotech to continue to build specific chemical detection end instruments that meet the specifications set forth by the U.S. Department of Defense. The work involved is primary product development and engineering work on the surrounding components for a specific application using the work that was initiated with Apollo in 2007.
“We are very pleased to further our working relationship with Apollo by supporting the continued commercialization efforts the technology,” commented Nimit Khongsomborn, CEO of Nanotech. “This contract represents an important milestone in both our ongoing relationship with Apollo and the overall commercialization efforts of our technology in
Homeland Defense.”
“We have been working closely with Nanotech to advance technological capabilities in the chemical detection arena through the development of systems utilizing their core sensor
technology.” Tim Sylvia of Apollo commented, “We are thrilled with the progress of the Nanotech technology and system and believe it can represent a next generation leap in the overall ability to deliver end instruments that better protect soldiers and military infrastructure.”
About Nanotech Industries, Inc.
Nanotech Industries 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.
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.
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels, market acceptance of product lines, the recent economic slowdown affecting technology companies, the future success of scientific studies, ability to successfully develop products, rapid technological change, changes in demand for future products, legislative, regulatory and competitive developments, the Company’s ability to secure additional working capital and/or generate sufficient cash flow to support its operations, and other factors could cause actual results to differ materially from the Company’s expectations. Advance Nanotech’s Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports and other SEC filings discuss some of the important risk factors that may affect Advance Nanotech’s business, results of operations and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
For more information, contact:
Investor Relations
Nanotech Industries, Inc.
ir@nanotechindusries.me