Jan. 19, 2007 — Advance Nanotech Inc., a New York-based provider of financing and support services to drive the commercialization of nanotechnology related products for homeland security and display technologies, announced that its subsidiary, Advance Display Technologies plc (ADT), commenced trading on the PLUS-quoted market in London.
ADT was formed in August 2006 as one of two operating divisions and majority-owned subsidiaries of Advance Nanotech. ADT, the first PLUS market listing in 2007, listed 50 million shares at 96 cents per share. Following the placing there were 50 million ordinary shares in issue, valuing the company at approximately $49 million at the placing price. Advance Nanotech Inc. holds 94 percent of the issued share capital with a market value of just over $46 million. ADT trades under the ticker ADTP.
Commenting on the announcement, Magnus Gittins, chairman of Advance Nanotech, said in a prepared statement: “We estimate that the global display market is worth over $100 billion. This growing market offers huge potential for our nano-enabled technologies. This listing will serve to augment the profile of the business such that we may take full advantage of the opportunities the sector offers.”
ADT develops materials and devices across three distinct display applications areas: flat panel and projection displays, plastic electronics, and flexible displays. It has nine technologies in development for which the company said it anticipates commercialization within 12 to 36 months, and possesses agreements with global-leading scientific groups at the University of Cambridge, UK, and the University of Bristol, UK.
By partnering with universities and leveraging their infrastructures and multi-disciplinary human resources, ADT says it reduces its cost base and mitigates its risk.