Advanced Photonix, Inc. Declares Dividend Distribution of Preferred Share Purchase Rights.
CAMARILLO, Calif.--(BUSINESS WIRE)--Sept. 20, 2002
The Board of Directors of Advanced Photonix, Inc.(R) (AMEX:API) today announced it had adopted a rights plan and declared a dividend distribution of one Preferred Share Purchase Right on each outstanding share of its Class A Common Stock.
Richard Kurtz, Chairman of Advanced Photonix, Inc., stated: "The Rights are designed to provide greater assurance that all of the stockholders of Advanced Photonix, Inc. receive fair and equal treatment in the event of any proposed takeover of the Company and to guard against partial tender offers, squeeze-outs, share accumulations through open market or private purchases and other abusive tactics to gain control of Advanced Photonix, Inc. without paying all stockholders a control premium."
The dividend distribution will be made after October 1, 2002, payable to stockholders of record at the close of business on that date. The Rights will expire on September 18, 2012.
Advanced Photonix, Inc.(R) (AMEX:API) is a leading supplier of innovative, silicon-based electro-optical products and design solutions to a global OEM customer base. Products include the patented Large Area Avalanche Photodiode (LAAPD) and FILTRODE(R) detectors, as well as PIN photodiodes. 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, 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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|Date:||Sep 20, 2002|
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