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December 31, 2007 -- Advance Nanotech Inc. has entered into subscription agreements with selected institutional and accredited investors totaling $6.7 million, the company announced in a news release.
The capital will be used to complete a transition of the company's business focus from early-stage nanotechnologies to becoming a fully operating company principally focused on the growing chemical detection industry, the news release said.
Advance Nanotech said it plans to acquire minority equity interest in its Owlstone Nanotech Inc. subsidiary from its founding shareholders and management team and to begin to progressively divest its noncore assets. The company forecasts it will reach profitability in the second half of 2008.
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