Printer Friendly
The Free Library
4,467,408 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Advanced Photonix, Inc.(R) Announces Opening Of Semiconductor Microfabrication Facility.


ANN ARBOR, Mich. -- Advanced Photonix, Inc.(R) (AMEX:API) today announced the completion of the company's new multi-million dollar, 5,000 square foot microfabrication facility for R&D and manufacturing of optoelectronic semiconductors. This facility consolidates the company's microfabrication operations, including its California and Wisconsin clean rooms, to one centralized and world-leading facility in Ann Arbor, at its wholly owned subsidiary, Picometrix.

Richard (Rick) Kurtz, Chairman and CEO of API, stated, "This microfabrication consolidation will improve efficiency, enhance technology development and reduce costs, which will bring substantial value to our company's shareholders and continue our tradition of providing state-of-the-art optoelectronic devices to our worldwide customer base." To celebrate this event the company is holding an invitation only Open House at its Ann Arbor facility on June 7, 2007, which includes tours of the new microfabrication clean room.

This consolidation was made possible by the acquisition of Picometrix, located in Ann Arbor, Michigan, with API in 2005, and up to $1.2 million of tax incentives provided by the State of Michigan and the City of Ann Arbor. These tax incentives made it economical and competitive to consolidate in Michigan. The State provided a Single Business Tax credit, approved by the Michigan Economic Development Corporation (MEDC), valued at more than $1.1 million over ten years and the City provided a personal property tax abatement of as much as $94,000 over a five-year abatement period. According to a University of Michigan economic analysis, the project is expected to generate more than $44.2 million in personal income for Michigan workers over the life of the tax credit and create 105 direct and indirect jobs over a ten year period.

About Advanced Photonix, Inc.

Advanced Photonix, Inc.(R) (AMEX:API) is a leading supplier of optoelectronic semiconductor components and subsystems and terahertz instrumentation to a global OEM customer base. Products include the patented InGaAs high-speed optical receivers in APD and PIN configurations and silicon PIN, large area APD and FILTRODE(R) detector configurations. More information on Advanced Photonix can be found at http://www.advancedphotonix.com.

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.

COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jun 6, 2007
Words:456
Previous Article:Enpocket Receives Award for Mobile Technology at the 2007 MITX Technology Awards.
Next Article:Remarks by the First Lady in a Question and Answer Session with Children at the Opening of America@Your Library.
Topics:



Related Articles
BUSINESS NOTES MINIMED WILL FUND DIABETES RESEARCH.(Business)
Advanced Photonix acquires Texas firm. (Media & Technology).(Brief Article)
Companies cautious as M&A activity heats up.(Up Front)(mergers and acquisitons)
Advanced Photonix Inc.(Technology)
Semiconductor firm moving to Michigan.(MEDIA & TECHNOLOGY)
Valley's largest technology companies: ranked by 2005 revenues.(The List)
Weekly top losers.(Statistical table)(Brief article)
Weekly top losers.(Table)
Valley's largest technology companies: ranked by 2005 revenues.(TECHNOLOGY & MANUFACTURING)(Reprint)(Company rankings)
Weekly top losers.(INVESTMENTS & FINANCE)(Statistical table)(Brief article)

Terms of use | Copyright © 2008 Farlex, Inc. | Feedback | For webmasters | Submit articles