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Advanced Photonix Raises $3 Million in Stock Sale

August 08, 1995| Compiled by Jack Searles

Advanced Photonix Inc., a Camarillo producer of photodetector devices and other electronic products, has raised $3 million through the private placement of a class of its common stock.

Advanced says the sale of Class A common is the first step in a strategic plan that will bring the firm's newly developed semiconductor chips to market.

In May, Advanced's former chairman, Bernhardt Denmark, resigned as a director. His reasons for leaving were not given.

Denmark, a onetime chairman of International Playtex Corp., headed Advanced's board from November, 1992, until February, when he was replaced by James W. Ward, who is also president and chief executive.

Company officials said the strategic plan is focused on expanding existing business and marketing the new light-sensitive chips, said to have potential applications in both high-tech and consumer markets.

Ward said several investment groups purchased the privately placed stock. Other purchasers included individual investors and company executives, he added.

Advanced expects to begin shipping the first generation of its new chips by the end of September. The chips are called LAAPDs, for large-area avalanche photodiodes.

"We have successfully established a base-line manufacturing process for these devices, which we believe will produce commercially attractive yields at acceptable reliability standards," Ward said.

"The development of this process is an important technological advance that will permit the company to fully realize the potential of its LAAPD technology."

In disclosing Denmark's resignation, Advanced announced that two major stockholders have been added to the board.

They are Jon Victor, president of Security Capital Management Inc., and Hayden Leason, former chairman of Filtertek Inc. Leason reportedly helped develop the strategic plan.

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