AVNA.OB.......Owlstone Nanotech and Advance Nanotech Announce Intention to Declare Stock Dividend to Advance Nanotech Shareholders
Monday November 7, 8:45 am ET
NEW YORK--(BUSINESS WIRE)--Nov. 7, 2005--Advance Nanotech (OTCBB: AVNA - News), a leading provider of financing and support services to drive the commercialization of nanotechnology discoveries, today announced that it intends to dividend to its stockholders approximately 6,000,000 shares of common stock of its subsidiary Owlstone Nanotech, a pioneer in the commercialization of nanotechnology-based chemical detection products in a registered distribution under the Securities Act of 1933, as amended. The record date for Advance Nanotech shareholders to be eligible for the stock dividend shall be announced prior to the effectiveness under the Securities Act of 1933, as amended, of a registration statement relating to the distribution of such securities. Owlstone Nanotech and Advance Nanotech anticipate that such dividend shall be completed during the fourth calendar quarter of 2005.
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Final determination of the number of shares to be distributed to each shareholder will occur on record date and will be issued pro rata to each investor based on the number of shares of Advance Nanotech outstanding as of the record date.
Prospectuses relating to this dividend are available from Advance Nanotech, 600 Lexington, 29th Floor, New York, New York 10022, (212) 583-0080.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This (communication) shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
This document contains forward-looking statements by Advance Nanotech regarding its expectations as to its business, and involves risks and uncertainties and may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.
Factors that may cause such a difference include, but are not limited to, problems and risks associated with developments in the nanotechnology industry in general and in Advance Nanotech's products under development in particular; the potential failure of Advance Nanotech's products under development to prove safe and effective in application; uncertainties inherent in the early stage of Advance Nanotech's products under development; failure to successfully implement or complete research programmes; failure to receive marketing clearance from regulatory agencies for our products under development; acquisitions, divestitures, mergers, licenses or strategic initiatives that change Advance Nanotech's business, structure or projections; the development of competing products; uncertainties related to Advance Nanotech's dependence on third parties and partners; and those risks described Advance Nanotech's filings with the SEC. Advance Nanotech disclaims any obligation to update these forward-looking statements.
Further information about these and other relevant risks and uncertainties may be found in the Advance Nanotech's findings with the Securities and Exchange Commission, all of which are available from the Commission as well as other sources.
