ANN ARBOR, Mich., May 7, 2014 /PRNewswire/ -- Advanced Photonix® (NYSE MKT: API), announced that it has completed a three year (extendable) purchase agreement with a major process control customer. The agreement provides the customer with defined market exclusivity dependent on minimum volume targets.
Following on the heels of a multi-unit purchase, Advanced Photonix (API) has announced that it has finalized a multi-year purchase agreement. This agreement, covering a substantial number of units is worth over $1.25 M of industrial system sales, and could easily exceed that amount. The customer, who manufactures process control equipment, has been given exclusive rights to purchase API's T-Gauge® sensor within markets where they have a dominant presence.
Industrial manufacturing customers recognize the value of having a high quality measurement sensor that does not contain radioactive sources, or produce ionizing radiation. They also recognize the value of a terahertz sensor that can make multiple measurements simultaneously, while surviving in the harsh factory environment. The T-Gauge® terahertz sensor from API is the market choice due to its high-speed data acquisition, robust configuration and exceptionally high measurement precision. No other system in the world combines high-speed acquisition with the stability and high signal-to-noise of the T-Gauge® sensor.
"We are seeing market acceptance of our T-Gauge® product continue to accelerate. We expect that this purchase agreement will be in place for a number of years as we continue to produce compelling products of value for our customer's customer," said Richard Kurtz, CEO of API.
About Advanced Photonix, Inc.
Advanced Photonix, Inc.® (NYSE MKT: API) is a leading supplier of optoelectronic sensors, devices and instruments used by Test and Measurement, Process Control, Medical, Telecommunication and Homeland Security markets. The company has three product lines: Optosolutions focuses on enabling manufacturers to measure physical properties, including temperature, particular counting, color, and fluorescence for Medical, Homeland Security and Process Control applications. The Terahertz sensor product line is targeted to the Process Control, to enable quality control, and Security markets through nondestructive testing. The T-Gauge® sensor can measure subsurface physical properties, like multi-layers thicknesses, density, moisture content, anomaly detection and some chemical features, online and in real time. High-Speed Optical Receiver (HSOR) products are used by the telecommunication market in both telecommunication equipment and in test and measurement equipment utilized in the manufacturing of telecommunication equipment. For more information visit us on the web at www.advancedphotonix.com.
Advanced Photonix, Inc.® (NYSE MKT: API) is a leading supplier of optoelectronic sensors, devices and instruments used by Test and Measurement, Process Control, Medical, Telecommunication and Homeland Security markets. The company has three product lines: Optosolutions focuses on enabling manufacturers to measure physical properties, including temperature, particular counting, color, and fluorescence for Medical, Homeland Security and Process Control applications. The Terahertz sensor product line is targeted to the Process Control, to enable quality control, and Security markets through nondestructive testing. The T-Gauge® sensor can measure subsurface physical properties, like multi-layers thicknesses, density, moisture content, anomaly detection and some chemical features, online and in real time. High-Speed Optical Receiver (HSOR) products are used by the telecommunication market in both telecommunication equipment and in test and measurement equipment utilized in the manufacturing of telecommunication equipment. For more information visit us on the web at 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: ir@advancedphotonix.com
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