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Last10K.com | 10-Q Quarterly Report Mon Nov 15 2010
Exhibit 99.1
For Release Monday, August 16, 2010
ADVANCE NANOTECH Q2 2010 FINANCIAL RESULTS
MONTEBELLO, NY - Advance Nanotech, Inc. (OTCBB: AVNA) today reported its financial results for the quarter ended June 30, 2010. Advance Nanotech holds an approximate 33% non-controlling equity interest in Owlstone Nanotech, Inc. (“Owlstone”). Owlstone is a privately held company operating in the chemical detection market through the sale of proprietary products based on Owlstone’s extensive portfolio of advanced sensor technologies. Advance Nanotech’s financial statements reflect its current business, which represents its non-consolidated equity interest in Owlstone.
Results of Operations
For the three months ended June 30, 2010, the Company had net loss from continuing operations of $0.03 cents per share, compared with net loss of $0.01 cents per share for the same three month period in 2009. The Company had a loss from operations of $370,589 for the second quarter ended June 30, 2010, compared to $550,152 for the comparable period in 2009, representing a decrease of $179,563, or approximately 33%, attributed primarily to a reduction in general and administrative expenses. The loss for the quarter was higher than the first quarter of the year due to an increase in legal fees, non cash consulting expenses, and bad debt expense related to a third party receivable.
The Company had net loss from continuing operations of $1,929,549 for the quarter ended June 30, 2010, compared to net loss from continuing operations of $801,712 for the comparable period in 2009, representing an increase of $1,127,837 primarily attributable to the revaluation of the Company’s warrant liability. The Company had a net loss of $1,929,549 for the three months ended June 30, 2010, compared to $1,047,124 for the comparable period in 2009.
Interest and other expense for the three months ended June 30, 2010 and 2009 was $245,209 and $325,007, respectively. Included in other expense for the three months ended June 30, 2010 was $99,408 attributable to the write-off of accrued liabilities relating to the non-controlling interest of Advance Nanotech (Singapore) pte ltd which was formally dissolved during the period. In addition, the Company recognized a non-cash late registration cost of $75,471 for the three months ended June 30, 2010 as compared to $108,337 for the same period in 2009.
In the quarter, Advance Nanotech’s debt was reduced by $81,250 due to the conversion of certain 8% Notes into common shares of the Company at $0.25 per share. In addition, Owlstone acquired a further $75,000 of 8% Notes. Inclusive of the above, the following table summarizes the current maturity dates and amounts of the 8% Notes:
|
Holder(s)
|
December 20, 2010
|
February 14, 2011
|
September 4, 2011
|
Total
|
|
Owlstone
|
$1,725,750
|
$1,199,250
|
$372,500
|
$3,297,500
|
|
Other Noteholders
|
$2,006,250
|
$1,424,750
|
$611,000
|
$4,042,200
|
|
Total
|
$3,732,200
|
$2,624,000
|
$983,500
|
$7,339,700
|
Executive Commentary – Jon Buttles, Principal Executive Officer
“During the second quarter of 2010 we continued to execute our strategic plan to refinance and restructure Advance Nanotech’s debt. We are confident in Owlstone’s business development efforts as set forth in its most recent shareholder letter, which is available on our website. It is important to note that, according to Owlstone’s shareholder letter, certain of Owlstone’s efforts are either classified or under strict non-disclosure agreements with Owlstone clients, which in some cases limits the information that can be announced to shareholders. We are pleased that Owlstone has closed its most recent round of financing and has the necessary funds to potentially achieve cash flow profitability as early as end of this calendar year. As for Advance Nanotech’s balance sheet, we are progressing on many parallel paths in our efforts to refinance and restructure our existing indebtedness, and are pleased with the progress thus far.”
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. please visit www.advancenanotech.com. For more information about Owlstone, please visit www.owlstonenanotech.com. Follow Advance Nanotech on Twitter: www.twitter.com/AVNA_IR.
The following information was filed by Advance Nanotech, Inc. on Monday, August 16, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Advance Nanotech, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:
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- Board Members
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- Peers / Competitors
SEC Filing Tools
CIK: 354699
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-10-003948
Submitted to the SEC: Mon Nov 15 2010 4:23:17 PM EST
Accepted by the SEC: Mon Nov 15 2010
Period: Thursday, September 30, 2010
Industry: Measuring And Controlling Devices
External Resources:
SEC.gov
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