Advanced Photonix, Inc. Announces New Credit Line Agreement.CAMARILLO, Calif. -- Advanced Photonix, Inc.(R) (AMEX AMEX See: American Stock Exchange :API), a leading supplier of innovative, silicon-based optoelectronic products to a worldwide 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, today announced that it has reached an agreement with Santa Barbara Bank and Trust establishing a revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. for up to $3 million. The Company intends to utilize the credit line as necessary for matters including, but not limited to, those relating to working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , capital investments and potential integration costs related to future acquisitions. In making the announcement, Richard Kurtz, Chairman and Chief Executive Officer, stated, "In establishing a relationship with a strong regional Bank like Santa Barbara Bank and Trust, we are giving API immediate access to additional working capital and positioning ourselves to react quickly to new market opportunities, whether they are internal or external." Advanced Photonix, Inc. is a high technology company engaged in the development and manufacture of custom optoelectronic solutions, serving a variety of global Original Equipment Manufacturer (OEM) markets. While the Company specializes in silicon-based custom photodiode A light sensor (photodetector) that allows current to flow in one direction from one side to the other when it absorbs photons (light). The more light, the more the current. Used to detect light pulses in optical fibers and other light-sensitive applications, it works the opposite of a assemblies, its product families range from custom light detection assemblies, including its patented Avalanche Photodiode technology, to light emitting diode See LED. (LED) assemblies. The Company supports the customer from the initial concept and design phase of the product, through to full-scale production and test. More information on Advanced Photonix can be found at http://www.advancedphotonix.com. |
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