May 7, 2008 — Advance Nanotech, Inc., (BULLETIN BOARD: AVNA), developer of chemical detection systems, has confirmed the appointment of Bret Bader as its incoming Chief Executive Officer. Mr. Bader is currently CEO of Owlstone Nanotech, Inc., Advance Nanotech’s majority owned subsidiary. Mr. Bader is a recognized authority on the availability and effective deployment of security technology, with emphasis on explosive, chemical, biological, narcotics and weapons detection systems, the company said.
The appointment of Mr. Bader as CEO is in line with the previously announced plan of transitioning Advance Nanotech into an operating company focused on the chemical detection industry. Mr. Bader’s appointment to CEO will become effective upon completion of the Exchange Agreement, as previously disclosed. In the interim period, Mr. Bader shall be responsible for all aspects of furthering the Owlstone business along with all necessary steps to complete the Exchange Agreement.
“We are excited to have Mr. Bader taking the senior leadership position in Advance Nanotech at this important transformational point in the company’s development. The company has just concluded an extensive realignment of operations, financial metrics and performance targets, which will ensure that Advance Nanotech’s growth potential is realized in the near and long term as Advance Nanotech shifts from being a portfolio of technologies into an operating company focused on the Owlstone Nanotech chemical detection system. Mr. Bader has been and will be instrumental in the product development and next-generational mission critical chemical detection solutions for our customers,” commented Peter Rugg, acting Chairman of Advance Nanotech.
Mr. Bader was the general manager and vice president of Smith’s Detection, Americas from 2004 to 2005. He was responsible for the generation and implementation of business strategy and development plane, and is well versed in the oversight of US accounting and controller operations. His previous experience (1999 to 2004) as general manager of the U.S. Security Inspection Division in the Heimann Systems organization (acquired by Smiths Detection), and with the EG&G Astrophysics Corp. (1989 to 1999) brings invaluable expertise with the creation, management and delivery of detection technology business strategy, to Advance Nanotech. Currently, Mr. Bader has been CEO of Owlstone Nanotech, Inc. since August 2006 and has been responsible for establishing corporate structure and its rapid progress towards commercialization.
As a temporary measure to facilitate the completion of the Exchange Agreement, Mr. Lee Cole has accepted the position of acting Principal Executive Officer and Mr. Peter Rugg has accepted the position of acting Chairman of the Board of Directors.