Jul 20 2007
Advanced Photonix, Inc has announced the completion of the company's new multi-million dollar, 5,000 square foot microfabrication facility for R&D and manufacturing of optoelectronic semiconductors.
This facility consolidates the company's microfabrication operations, including its California and Wisconsin clean rooms, to one centralized and world-leading facility in Ann Arbor, at its wholly owned subsidiary, Picometrix.
Richard (Rick) Kurtz, Chairman and CEO of API, stated, "This microfabrication consolidation will improve efficiency, enhance technology development and reduce costs, which will bring substantial value to our company's shareholders and continue our tradition of providing state-of-the-art optoelectronic devices to our worldwide customer base." To celebrate this event the company is holding an invitation only Open House at its Ann Arbor facility on June 7, 2007, which includes tours of the new microfabrication clean room.
This consolidation was made possible by the acquisition of Picometrix, located in Ann Arbor, Michigan, with API in 2005, and up to $1.2 million of tax incentives provided by the State of Michigan and the City of Ann Arbor. These tax incentives made it economical and competitive to consolidate in Michigan. The State provided a Single Business Tax credit, approved by the Michigan Economic Development Corporation (MEDC), valued at more than $1.1 million over ten years and the City provided a personal property tax abatement of as much as $94,000 over a five-year abatement period. According to a University of Michigan economic analysis, the project is expected to generate more than $44.2 million in personal income for Michigan workers over the life of the tax credit and create 105 direct and indirect jobs over a ten year period.
About Advanced Photonix, Inc.
Advanced Photonix, Inc.(R) (AMEX:API) is a leading supplier of optoelectronic semiconductor components and subsystems and terahertz instrumentation to a global OEM customer base. Products include the patented InGaAs high-speed optical receivers in APD and PIN configurations and silicon PIN, large area APD and FILTRODE(R) detector configurations. More information on Advanced Photonix can be found at http://www.advancedphotonix.com .
http://investor.advancedphotonix.com/