Advanced Photonix, Inc. Announces New Banking Relationship and an Increase in Credit Facility
September 29 2008 - 11:34AM
PR Newswire (US)
ANN ARBOR, Mich., Sept. 29 /PRNewswire-FirstCall/ -- Advanced
Photonix, Inc. (AMEX:API) today announced that it has established a
new credit facility with The PrivateBank and Trust Company,
headquartered in Chicago, IL. As part of this new banking
relationship, the Company has repaid the short term note and line
of credit previously held by Fifth Third Bankcorp Trust. The new
credit facility is comprised of a four year term note of
approximately $1.8 million at prime plus 1%, and a three year $3
million revolving line of credit at prime plus 1%. Richard Kurtz,
President and CEO commented, "We are pleased to have established
this new relationship with a strong regional bank like The
PrivateBank. Given the current state of the financial industry,
having close proximity to banking partners is important in our
rapidly changing business environment. With this new credit
facility, we have replaced our previous one year line of credit
with one that extends for three years and increases the available
credit to the Company from $2.5 million to $3 million. We are very
pleased with our new relationship with The PrivateBank and Trust
Company, both for their commitment to API in particular and to
commercial lending." About Advanced Photonix, Inc. Advanced
Photonix, Inc.(R) (AMEX:API) is a leading supplier of
opto-electronic solutions and Terahertz instrumentation to a global
OEM customer base. Products include the patented High speed optical
receivers in APD and PIN configurations and silicon Large Area
Avalanche Photodiode (LAAPD), PIN photodiode and FILTRODE(R)
detectors. More information on Advanced Photonix can be found at
http://www.advancedphotonix.com/. About The PrivateBank and Trust
Company The PrivateBank and Trust Company is a growing diversified
financial services company with 22 offices in nine states and more
than $7 Billion in assets. Through its subsidiaries, The
PrivateBancorp delivers customized business and personal financial
services to middle-market commercial and commercial real estate
companies, as well as business owners, executives, entrepreneurs
and wealthy families. The information contained herein includes
forward looking statements that are based on assumptions that
management believes to be reasonable but are subject to inherent
uncertainties and risks including, but not limited to, unforeseen
technological obstacles which may prevent or slow the development
and/or manufacture of new products; potential problems with the
integration of the acquired company and its technology and possible
inability to achieve expected synergies; obstacles to successfully
combining product offerings and lack of customer acceptance of such
offerings; limited (or slower than anticipated) customer acceptance
of new products which have been and are being developed by the
Company; and a decline in the general demand for optoelectronic
products. Contact: Richard Kurtz, Advanced Photonix, Inc. (734)
864-5600 Richard Moyer, Cameron Associates (212) 554-5466
DATASOURCE: Advanced Photonix, Inc. CONTACT: Richard Kurtz of
Advanced Photonix, Inc., +1-734-864-5600; or Richard Moyer of
Cameron Associates, +1-212-554-5466, for Advanced Photonix, Inc.
Web Site: http://www.advancedphotonix.com/
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