Advance Nanotech (fka AVNA)

[Swimmingly]

Owlstone Issues Third Quarter 2010 Shareholder Update9:38a ET October 28, 2010 (Market Wire)
Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to present Owlstone's quarterly shareholder update for the third quarter of 2010. A copy of the 10 page report can be found through Advance Nanotech's website at www.advancenanotech.com/quarterlyreport.html.

Owlstone's Q3 shareholder report provides a detailed review of Owlstone's three newly formed business segments: Owlstone Defense, Owlstone Industrial, and Owlstone Scientific. The report also includes a letter from Owlstone's chief executive with his perspective on Owlstone's progress.

"We continue to be impressed with Owlstone's achievements across its business segments as reported in Owlstone's Q3 shareholder report," remarked Jon Buttles, Principal Executive Officer of Advance Nanotech, Inc. "We are pleased to see continued progress in the defense segment, with the renewal of a relationship with Owlstone's military partner, and successful live tests by government agencies on Owlstone's miniaturized chemical detector (MCD) that demonstrated unmatched levels of selectivity. Most notably, in the scientific segment, Owlstone expects to have product sales in 2011 through a contract with a leading mass spectrometer manufacturer, providing one of the first demonstrations of commercial acceptance of Owlstone's technology in a potential large scale deployment. As in prior quarters, we urge all shareholders of Advance Nanotech to thoroughly review the Owlstone Q3 report."

A copy of the report is available upon request or through Advance Nanotech's website at www.advancenanotech.com/quarterlyreport.html. If you would like to order a copy of the Advance Nanotech investor relations packet, including a physical copy of the Owlstone shareholder report, please contact Advance Nanotech investor relations at [phone] or send an email to [e-mail].

About Advance Nanotech, Inc. and Owlstone, Inc.

Advance Nanotech, Inc. owns a minority position in Owlstone, 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. For more information about Advance Nanotech, Inc. please visit www.advancenanotech.com. For more information about Owlstone, please visit www.owlstoneinc.com. Follow Advance Nanotech on Twitter: www.twitter.com/AVNA_IR.

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
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SOURCE: Advance Nanotech, Inc.

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