Advanced Photonix to Buy Picometrix

CAMARILLO, Calif., March 15 -- Advanced Photonix Inc. (API), a Camarillo, Calif., supplier of silicon-based optoelectronic products, announced it signed an agreement to acquire Picotronix Inc., a private company in Ann Arbor, Mich. The cash/share transaction is anticipated to close in April, subject to customary conditions.

Picometrix makes ultrahigh-speed photoreceivers used in telecommunication, data communication and test and measurement markets and terahertz instrumentation for scientific, industrial and defense/homeland security markets.

The purchase price is $3,500,000 in cash, four-year API promissory notes valued at $2,900,500, and 2,575,000 shares of stock. API agreed to provide a loan to Picometrix in the amount of approximately $4,200,000 at signing; proceeds will be used to prepay existing long-term debts to a third party.

Paul Ludwig, API president, said the acquisition supports the company's strategy to broaden its technology portfolio.

Rob Risser, CEO of Picometrix, and founder Steve Williamson will join the API team.

Risser said, "As Picometrix, we endured the telecom restructuring and continued to make the necessary R&D investments, creating the most advanced receiver product offerings on the market, and can now take advantage of API's sales and marketing capabilities to accelerate penetration in the recovering telecom sector and API's core markets."

He said the merger also increases the resources available to accelerate its terahertz product/application development for homeland security and industrial nondestructive testing markets.

For more information, visit: www.advancedphotonix.com