ANN ARBOR, Mich., Jan. 15, 2015 /PRNewswire/ -- Advanced
Photonix, Inc.® (NYSE MKT: API), a leading supplier of
optoelectronic sensors, devices and instruments used by Test and
Measurement, Process Control, Medical, Telecommunication and
Homeland Security markets, today announced that its wholly owned
subsidiary Picometrix, LLC has received a follow-on government
development contract from the USAF valued at approximately
$1.4M for completion of a handheld
terahertz (THz) measurement system to assist in the assembly and
maintenance of the F-35 Lightning II Joint Strike Fighter (JSF).
The JSF program is the Department of Defense's focal point for
defining affordable next generation strike aircraft weapon systems
for the Navy, Air Force, Marines, and U.S. allies. The United States and eight JSF international
partners are projecting to buy more than 3,000 F-35 aircraft
through 2035. Lockheed Martin is the prime contractor and is
responsible for the final assembly of the F-35.
An earlier Phase II contract was awarded for this application in
2010 under which a prototype scanner was developed and
demonstrated. This contract is to further develop the product for
potential use by the government. The Company anticipates
recognizing revenue over the next five quarters from this contract
beginning this quarter. Upon this contract completion, the company
anticipates sales of the T-Ray® 5000 handheld scanner
system developed under this contract to be used to improve
manufacturing efficiency and reduce the cost of maintenance.
Richard Kurtz, President and CEO
of Advanced Photonix, Inc., stated, "The continued support for
development of API T-Ray® instruments by the Department
of Defense is a testament to the high quality and value of our
products. This handheld scanner will join our growing family of
nondestructive testing solutions and is in keeping with the DoD
tradition of accelerating the adoption of advanced
technologies."
The API terahertz handheld scanner builds on a strong and
successful heritage of products built on over 15 years of
technology advancement in the terahertz field. This technology
advancement includes the world's first commercial terahertz systems
in 2000, the first compact turn-key systems in 2006, the first
industrial on-line deployments in 2011, and the first UL, CE and
special hazardous location certified terahertz systems in 2014.
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.
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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SOURCE Advanced Photonix, Inc.