Advance Nanotech, Inc., (OTC BB:AVNA.OB) has acquired an equity
stake in Singular ID, a company that has a magnetic identification method, which may be a potential alternative to radio
frequency identification RFID).
Singular ID’s management indicated that the investment from
Advance Nanotech would serve as an avenue for the company to obtain more funding and manufacturing sourcesm. According to
Adrian Burden, CEO of Singular ID, "The market for fraud prevention is growing rapidly as technology advances and counterfeiting
processes evolve. Advance Nanotech shares our enthusiasm for the role of nanotechnology in providing a robust layer of security
and protection for items of value. The partnership between our companies gives us access to new manufacturing and funding
sources, and will make Singular ID a significant player in the global market."
Magnus Gittins, Advance Nanotech CEO, indicated that the investment
in Singular ID, estimated at around 10 percent, was the company’s first sizable investment in Asian nanotechnology,
"The equity stake in Singular ID represents Advance Nanotech's first significant investment in the Asian nanotechnology market.
We are excited about our partnership with Singular ID and the promise that the company's unique technology holds for the prevention
of fraud. We look forward to working with Singular ID's management team to build out the company and help bring its integrated
tagging solutions to market around the globe."
Singular ID, a spin-off form the Institute of Materials Research
and Engineering (IMRE) in Singapore, has technology that is used to identify items based on an individualized magnetic signature
that is characterized by the materials makeup of the item itself. This gives items a unique identification, similar to fingerprints,
which are unique identification items for humans.
