Advanced Nanotech, Inc (OTCBB: AVNA) announced Friday that it has bought shares back from the founding members and management of its subsidiary, Owlstone Nanotech, Inc. The company will now move forward and finalize new operational efficiencies at the corporate level and repopulate the board of directors.

Owlstone Nanotech is involved in the commercial applications of nanotechnology-based chemical detection products. The Owlstone Detector is a dime-sized sensor that can detect a wide range of chemical agents in extremely small quantities. Advanced Nanotech’s silicon-based proprietary technologies are developed at Cambridge, University, England. It currently has 18 patent pending applications and one recently awarded patent.

“The completion of the Exchange Agreement between Advance Nanotech and Owlstone management and founders is a milestone event for our company,” said, Bret Bader, newly named company CEO. “We have moved our corporate offices from Manhattan to a more economical facility in Montebello, New York, and aligned the organization to focus solely on the development of Owlstone,” Mr. Bader continued. “It is our intention to quickly revamp our Board of Directors with active, high-level members that can immediately add value to our business.”

Bader replaced Lee Cole, who was serving as acting principal executive officer. Concurrent to the shares exchange transaction, the company also completed a private placement of $1.2 million of Senior Secured Convertible Notes, bringing the overall amount raised from that offering to about $7.9 million.

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