This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Advanced Photonix, Inc. Announces The Acquisition Of Certain Assets Of Silonex, Inc. And Cost Cutting Initiatives

ANN ARBOR, Mich., March 4, 2013 /PRNewswire/ -- Advanced Photonix ® (NYSE MKT: API), a leading supplier of Optoelectronic components, sub-systems and systems to industry, announced today that it has acquired certain assets of Silonex, Inc. Silonex, Inc. is/was a wholly owned subsidiary of ARCAS Automotive Group (Luxco 1) S.a.r.l. , in exchange for a cash payment of $900,000.

(Logo: http://photos.prnewswire.com/prnh/20130304/LA69982LOGO)

The Silonex acquisition is expected to bring in over $4 million in annual revenue and generate positive EBITDA during the first full fiscal year ending March 31, 2014. Engineering and Product development for the Silonex products will continue in Montreal, while production will be transitioned to an off-shore facility or to Advanced Photonix's operations in Camarillo, California.

"I would like to welcome Silonex customers, staff and suppliers to the Advanced Photonix family. Silonex brings a rich history of product development, new markets, new optoelectronic sensing capabilities with the addition of Cadmium Sulfide, or CdS, and a strong off-shore supply chain and customer base. We are looking forward to building and leveraging those relationships to expand our revenue growth and lower our unit costs," said Rick Kurtz, Advanced Photonix President and CEO. "We have had a long relationship with Silonex, working together as customer and supplier, and believe the synergies of our engineering, sales and customer base will provide a strong foundation for future growth. To facilitate this transaction, we have established a new Canadian subsidiary that will be called Advanced Photonix Canada, Inc. In addition, because our previously announced supply chain issues have lowered expected revenues from the sale of our HSOR line of products, we are introducing a cost-cutting program which includes a 20% wage and compensation reduction by "C" management and the Board of Directors over the next five months, and a suspension of the company 401k match."

About Silonex, Inc.

Silonex designs, manufactures and markets optoelectronic devices and sensor solutions. Its expertise in optical sensor design and integrated manufacturing meet the most challenging application requirements. A number of various vertical markets are addressed by Silonex's innovative optoelectronic-based sensor solutions, including Industrial Controls, Banking, Vending, Medical and Telecommunications.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs