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


ANN ARBOR, Mich. -- Advanced Photonix, Inc.(R) (AMEX AMEX

See: American Stock Exchange
: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 Wholly Owned Subsidiary

A subsidiary whose parent company owns 100% of its common stock.

Notes:
In other words, the parent company owns the company outright and there are no minority owners.
, Picometrix.

Richard (Rick) Kurtz, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  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

“Ann Arbor” redirects here. For other uses, see Ann Arbor (disambiguation).
Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County.
, 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 MEDC Michigan Economic Development Corporation
MEDC More Economically Developed Country
MEDC Maharashtra Economic Development Council (India)
MEDC Mobile & Embedded Developers Conference (Microsoft) 
), 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 (body, education) University of Michigan - A large cosmopolitan university in the Midwest USA. Over 50000 students are enrolled at the University of Michigan's three campuses. The students come from 50 states and over 100 foreign countries.  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 ter·a·hertz  
n. Abbr. THz
One trillion (1012) hertz.

Noun 1. terahertz - one trillion periods per second
THz
 instrumentation to a global OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and  customer base. Products include the patented InGaAs high-speed optical receivers in APD APD atrial premature depolarization (see atrial premature complex, under complex ); pamidronate.  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.
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Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Jun 6, 2007
Words:456
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