ANN ARBOR, Mich., June 4 /PRNewswire-FirstCall/ -- Advanced Photonix, Inc.(R) (NYSE Amex: API), today announced that it has filed a Form 8-K with the Securities and Exchange Commission announcing the terms of its recent First Amendment to a Loan Agreement with The PrivateBank and Trust Company, effective as of March 31, 2009, which amended a Loan Agreement dated September 25, 2008, between the Company and the Bank. The amended agreement altered the company's minimum debt service coverage ratio and lowered the required levels of adjusted EBITDA and base net worth. The original Loan Agreement provided for a line of credit permitting borrowings by the Company of up to a maximum of $3 million and a term loan to the Company of $1.7 million. The availability of borrowings under the Line of Credit was determined by the calculation of a borrowing base that included a percentage of eligible accounts receivable and inventory.
"The amendment to our credit facility provides greater financial flexibility which, among other things, will allow us to pursue our corporate objectives and growth strategy," commented Richard (Rick) Kurtz, CEO of API. "We continue to maintain an excellent relationship with PrivateBank and, in light of the current credit markets, this amendment underscores their confidence in our business." About Advanced Photonix, Inc.
Advanced Photonix, Inc.(R) (NYSE Amex: API) is a leading supplier of optoelectronic semiconductor components and subsystems and terahertz instrumentation to a global OEM customer base. Products include patented indium gallium arsenide (InGaAs) and silicon (Si) based APD, PIN, and FILTRODE(R) photodetectors; high-speed optical receivers; and terahertz instrumentation. More information on Advanced Photonix can be found at http://www.advancedphotonix.com/.
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
Cameron Donahue, Hayden IR (651) 653-1854; DATASOURCE: Advanced Photonix, Inc.
CONTACT: Richard Kurtz of Advanced Photonix, Inc., +1-734-864-5600; or Cameron Donahue of Hayden IR, +1-651-653-1854, , for Advanced Photonix, Inc.
Web Site: http://www.advancedphotonix.com/
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