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CAMARILLO, Calif., Jan 17, 2006 (BUSINESS WIRE) -- Advanced Photonix, Inc.(R) (AMEX:API) announced today that it will consolidate its California and Wisconsin semiconductor micro-fabrication operations into the Ann Arbor, MI facility leased by its wholly owned subsidiary, Picometrix. The consolidation is expected to be completed within the next 12 to 14 months, and the Company will benefit from a Single Business Tax credit valued at more than $1.1 million over ten years, which has been approved by the Michigan Economic Development Corporation (MEDC). Additional local real property tax abatements are also expected.
As part of the decision to relocate the semiconductor micro-fabrication into Ann Arbor, the Company will relocate its corporate offices to Ann Arbor, MI. The Company will continue to perform packaging and assembly operations from its California and Wisconsin facilities.
Richard (Rick) Kurtz, Chairman and CEO of API, stated, "The consolidation is an important step in our continuing efforts to improve operational efficiencies, and places our executive management team closer to one of our major core competencies. We believe that the consolidation will enhance our micro-fabrication capability with newer equipment, help leverage our semiconductor technology across our three product platforms, and create a center of excellence for design and manufacturing of semiconductor materials and devices. MEDC support and economic incentives were critical in making the decision to consolidate and we are confident that the move will benefit both our shareholders and the people of Michigan."
The information contained herein includes forward looking statements that are based on assumptions that management believes to be reasonable but are subject to inherent uncertainties and risks including, but not limited to, unforeseen technological obstacles which may prevent or slow the development and/or manufacture of new products; potential problems with the integration of the acquired company and its technology and possible inability to achieve expected synergies; obstacles to successfully combining product offerings and lack of customer acceptance of such offerings; limited (or slower than anticipated) customer acceptance of new products which have been and are being developed by the Company; and a decline in the general demand for optoelectronic products.
Advanced Photonix, Inc.(R) (AMEX:API) is a leading vertically integrated semiconductor manufacturer of opto-electronic solutions, high-speed optical receivers and Terahertz instrumentation to a global OEM customer base. Products include patented silicon large area APD, PIN, and FILTRODE(R) photodetectors; high-speed InGaAs PIN and APD optical receivers; and the T-Ray(TM) 2000 and QA1000 THz product platforms. More information on Advanced Photonix can be found at http://www.advancedphotonix.com.
SOURCE: Advanced Photonix, Inc.
Advanced Photonix, Inc. Richard Kurtz, 805-987-0146 or Cameron Associates Richard Moyer, 212-554-5466
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