MINNEAPOLIS, Oct. 27 -- APA Optics Inc. announced that it has raised almost $2 million in a private placement. The company expects to net approximately $1.87 million on the sale of 465,000 shares of common stock. Net proceeds have been earmarked for the purchase of equipment and the funding of product development, manufacturing and marketing activities.
I am pleased to report that APA Optics has raised these additional funds to help support the company's aggressive product manufacturing and marketing work, said Anil K. Jain, president and CEO of APA Optics. Meantime, we will continue our efforts to make the advantages of our dense wavelength division multiplexer (DWDM) products widely known in the fiber optics communications marketplace.