APA Optics, Inc. Raises Approximately $5 Million Through Private Financing;
RELATED SYMBOLS: (APAT)
MINNEAPOLIS, Mar 17, 2000 /PRNewswire via COMTEX/ -- APA Optics, Inc. (Nasdaq:
APAT) today reported that it has issued $5 million of 2 percent convertible
preferred stock to three investors.
The Company said the preferred stock will be convertible to shares of the
Company's common stock at $35 per share, subject to certain adjustments. APA
Optics also issued to the investors 50,000 five-year warrants, exercisable for
shares of the Company's common stock at a price of $35 per share.
"This transaction is the first step in our overall strategy to assure we have
the resources necessary to further our goals in becoming a key supplier of DWDM
components in the fast developing fiber optic telecommunications industry," said
Anil K. Jain, chairman and chief executive officer of APA Optics, Inc. "This
capital infusion meets our near-term needs and allows us the flexibility
necessary to implement a longer term financing strategy."
The Company said that proceeds from the offering will be used primarily for the
expansion of production facilities, sales and marketing of its DWDM-based
product line, working capital and general corporate purposes.
Forward-looking statements contained herein are made pursuant to the safe harbor
provisions of the Private Litigation Reform Act of 1995. These statements are
based upon the Company's current expectations and judgments about future
developments in the Company's business. Certain important factors could have a
material impact on the Company's performance, including, without limitation,
delays in or increased costs of production, delays in or lower than anticipated
sales of the Company's new products, and other factors discussed from time to
time in the Company's filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on forward-looking statements.
The Company undertakes no obligation to update such statements to reflect actual
events.
APA Optics, Inc. manufactures and markets advanced products for the fiber optic
communications, optoelectronics and laser industries, including wavelength
division multiplexed (WDM) components, ultraviolet (UV) detectors, nitride
epitaxial layers and custom optics.
SOURCE APA Optics, Inc.
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Roy Wallace of The Wallace Group, 651-452-9800, for APA Optics,
Inc., or Anil K. Jain of APA Optics, Inc., 612-784-4995
(APAT)
KEYWORD: Minnesota
INDUSTRY KEYWORD: CPR
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