Future Waves Completes US$4.75m Fundraising

    Embargoed Release: 07:00hrs Monday 12 May 2008

                               Nanoscience Inc.                                

                        (`Nanoscience' or the `Group')                         

                 US$4.75 million fundraising for Future Waves                  

Nanoscience, the specialist niche investor in emerging technologies with strong
commercial propositions for the healthcare and electronic sectors, is pleased
to announce that its investee company Future Waves Pte. Limited (`Future
Waves'), a fabless manufacturer of specialist chips for digital broadcasting
markets, has completed a US$4.75 million funding exercise for the purpose of
further expansion and development of the business. Post-funding, Nanoscience
remains the second largest shareholder with an 18% interest. Subscription for
the entire fundraising was satisfied by existing shareholders and the total
funds raised by Future Waves since early 2007 has reached US$15 million.

Future Waves' strategy is to build a substantial presence in the expanding
mobile TV sector with significant operations in Taiwan, Hong Kong, Korea and
the UK.

Currently all countries are implementing individual standards in differing
frequency bands for mobile TV, which is forcing product manufacturers to use
different chipsets and create tailor-made designs for each country. Future
Waves' technology solution offers international standardisation as it has
designed and developed one chipset for all standards and frequency bands and it
also provides considerable cost savings to OEMs as the cost of a Future Waves
chipset is comparable to a single standard solution.

Future Waves has achieved early market penetration with its proprietary Fenix
chip which offers a method of digitally controlling analogue processors in a
low power design. This technology ultimately allows manufacturers of devices
that use radio frequency (`RF') to reduce the amount of energy needed to power
their electronic devices. This results in either smaller batteries and
ultimately smaller devices or longer lasting batteries and ultimately better
performing devices. Fenix is based on the CMOS (Complementary metal-oxide
semiconductor) process.

The funds raised will be used to further develop Future Waves' Fenix range of
chips with the next generation of chips being prepared for mass production
capability in Q4 2008 as well as to strengthen its management team in the areas
of finance, sales and engineering. Sales efforts are being stepped up in Future
Waves' key markets of Korea, China and Taiwan and communications with European
broadcasters will be reinforced.

As highlighted in the final results, strategic sales contracts have been
secured in China and Future Waves' first generation chip, Fenix 1, is
incorporated in a product that has been launched in preparation of the Beijing
Olympics. The company anticipates that further expansion of sales volumes will
arise in Q3 2008. Fenix 1 chips have also been placed in portable navigation
devices, smart handhelds and portable media players (`PmP's).

Guy Spelman CEO of Nanoscience commented:

`The Future Waves team has made serious progress technically in creating a
compelling product for an exciting and potentially vast market and Nanoscience
believes Fenix 2, with the AMx technology at the core, will trigger further
significant traction in Future Waves' targeted markets and position the
business as a key player for 2009.'

Professor Chris Toumazou Chairman of Future Waves commented:

`We are entering a great new wave of digital radio technology for consumer
applications as is evidenced by the critical designs wins we previously
obtained in the kitchen radio and hand held GPS/PmP player market. The new
funding will now help us target the emerging markets for mobile TV in Asia
offering enormous potential for the Future Waves ultra-Low power Fenix 2
Multi-standard Tuner.'

 

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Further Information:

Guy Spelman               Nanoscience Inc.          07767 338 967            
                                                                             
Vikki Krause              Hansard Group             020 7245 1100            
                                                                             
Tim Goodman               Ambrian                   020 7634 4711            



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