CAMARILLO, Calif., Jan. 20 -- Advanced Photonix Inc. has acquired the outstanding capital stock of Texas Optoelectronics Inc. (TOI) for 1,000,000 shares of API's common stock and retirement of outstanding debt of $1,200,000.
Advanced Photonix Inc. is a supplier of silicon-based electro-optical products and design solutions to OEM customers. Its products include a large-area avalanche photodiode, FILTRODE detectors and PIN photodiodes.
TOI, based in Garland, Texas, is a privately owned developer and manufacturer of optoelectronic components and assemblies. The company is also a military supplier for custom displays, assemblies, training devices and detectors for laser munitions and a developer of medical systems, laboratory instrumentation, security, commercial and industrial automation.
Paul Ludwig, API's COO, said, "Our goal is to increase the manufacturing and process capability within the company; the TOI acquisition helps to accomplish that goal by increasing our capabilities for supplying higher-end assemblies and subsystems to a variety of optoelectronic markets."
For more information, visit: www.advancedphotonix.com