Advanced Photonix Announces Acquisition

Advanced Photonix Inc. of Camarillo, Calif., has purchased the outstanding capital stock of Texas Optoelectronics Inc. for 1 million shares of its common stock and retirement of outstanding debt of $1.2 million.

The acquired company, which is based in Garland, Texas, produces optoelectronic components and assemblies, and supplies the military with customized displays, assemblies, training devices and detectors for laser munitions. Its expertise extends to such markets as medical systems, security, laboratory instrumentation and industrial and commercial automation.