News Article

Advanced Photonix, Inc. (API) Merges with Luna Innovations, Inc. (LUNA) to Promote Industry Growth
Date: Jul 07, 2015
Source: MissionIR ( click here to go to the source)

Featured firm in this article: Luna Innovations Incorporated of Roanoke, VA

July 7, 2015 ( newswire) Advanced Photonix, Inc. (NYSE MKT: API) is a leading supplier of optoelectronic sensors, devices and instruments used by original equipment manufacturers in vital markets around the globe. The company offers three innovative product lines designed to meet the needs of clients across a collection of industries. The Optosolutions line enables the measurement of physical color, including temperature, particular counting, color and fluorescence, for medical and process control applications. API's high-speed optical receiver (HSOR) products are most commonly used by the telecommunications market in the manufacture of market-specific equipment. The terahertz sensor product line provides nondestructive testing and measurement of subsurface physical properties for the industrial process control market.

In February, API announced an agreement with Luna Innovations, Inc. (NASDAQ: LUNA) to merge the two companies. Founded in 1990, Luna researches, develops and commercializes innovative technologies that drive breakthroughs in a diverse collection of markets - including aerospace, automotive, energy, defense, healthcare and telecommunications.

The combined company, which will maintain the Luna name, is expected to provide a broader market base and a strong balance sheet, along with an opportunity to capitalize on potential operating synergies. When completed, the merger situated the company in a fundamentally improved position to realize financial growth through the utilization of a combined intellectual property portfolio featuring over 200 patents and patent application.

"This merger has created a company with a stronger position as a leader in optical technology and provides improved opportunities for accelerated growth," My Chung, president and chief executive officer of Luna, stated in a news release. "We look forward to working with the talented team at API as we build a dynamic company with even greater potential."

At the closing of the merger, API stockholders received shares of Luna common stock at a ratio of 0.31782 shares for each owned share of API common stock. According to a Luna news release, the merger received overwhelmingly positive response from shareholders of both companies. For prospective investors, the broadened industry presence of the combined company could provide a platform upon which to realize strong returns moving forward. Look for API and Luna to leverage their combined strengths in order to promote sustainable market growth in the years to come.

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