Advanced Photonix to Merge with Jenner Biotherapies

CAMARILLO, Calif., Sept. 28 -- Advanced Photonix Inc. said that it had completed its negotiations with Jenner Biotherapies Inc. and entered into a letter of intent in which Jenner would merge with a newly formed subsidiary of API.

The terms of the transaction call for the stockholders of Jenner to receive 28,586,457 shares of API's common stock, plus (or minus) an additional number of shares of common stock. This is to be determined by dividing the amount by which Jenner's current assets exceed (or are less than) its total liabilities at the effective time of the merger, by the average closing price of the common stock over the 10 business days preceding the effective time of the merger (but in no event more than $1.50 or less than $.50 a share).