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Dr. Yiannis Monovoukas Agrees to Join Owlstone Board of Directors

Advance Nanotech, Inc. (OTCBB: AVNA) is pleased to announce that Dr. Yiannis Monovoukas, Ph.D., MBA has agreed to join the board of directors of Owlstone Nanotech, Inc. ("Owlstone"). Dr. Monovoukas is currently Chairman, President and CEO of TEI Biosciences Inc, a privately held regenerative medicine company based in Boston, Massachusetts.

Prior to TEI Biosciences, Dr. Monovoukas was President and CEO of Thermo Fibergen, a spin out from Thermo Electron where Dr. Monovoukas led the company from R&D concept through to becoming a profitable public company. Prior to Thermo Fibergen, Dr. Monovoukas worked at Thermo Electron as a corporate business analyst and at Raychem Corporation as an engineer/scientist. Dr. Monovoukas is currently on the advisory committee for LifeTech Boston, an initiative dedicated to fostering the growth of Boston's life sciences sector.

"We are pleased to have Yiannis join the Owlstone team on its board of directors," commented Bret Bader, CEO of Owlstone. "Yiannis has strong and proven experience in bringing technology products to market, along with a deep understanding of the biomedical markets in which we believe Owlstone's technology is applicable. In addition, Yiannis' prior experience at Thermo Electron provides Owlstone with additional expertise in the detection instruments market."

"Owlstone's technology has transformative potential in a wide variety of markets," remarked Dr. Monovoukas. "I am looking forward to working closely with the Owlstone team on pursuing its product commercialization roadmap along with evaluating additional markets where its technology has relevance."

Dr. Monovoukas holds a bachelor's of science degree from Columbia University and MS and Ph.D. degrees from Stanford University. He also has an MBA from the Harvard Business School. Dr. Monovoukas resides in Weston, Massachusetts.

About Advance Nanotech, Inc. and Owlstone Nanotech, Inc.

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. For more information about Advance Nanotech, Inc. and Owlstone, please visit www.owlstonenanotech.com.

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.