Printer Friendly

Advanced Photonix, Inc. Declares Dividend Distribution of Preferred Share Purchase Rights.

Business Editors

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

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.
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Sep 20, 2002
Previous Article:DGA Responds and Counterclaims Against Robert Huntsman and CleanFlicks; Adds Motion Picture Studios to Suit.
Next Article:NCI Holdings, Inc. and Nationwide Credit, Inc. Extend Exchange Offer Relating to Outstanding 10-1/4% Senior Notes.

Related Articles
REPEAT/First Mississippi Corp. Announces Quarterly Cash Dividend and Adopts Stockholder Rights Plan.
InterDigital adopts Shareholder Rights Plan.
Teltrend Inc. declares dividend distribution of Preferred Share Purchase Rights.
Colorado MEDtech, Inc. Adopts Shareholder Rights Plan.
Vicon Industries Adopts Shareholder Rights Plan.
Advanced Photonix, Inc. Announces Acquisition of Texas Optoelectronics, Inc.
Advanced Photonix, Inc. Reports Second Quarter FY 2004 Results.
Advanced Photonix, Inc. Announces Private Placement of Senior Convertible Notes.
Advanced Photonix, Inc. Receives $1,000,000 from Existing Investors.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters