August 26, 2004 Minneapolis, MN -- The shareholders of APA Optics Inc. approved changing the company's name to APA Enterprises Inc., at the company's annual meeting of shareholders held on August 19, 2004.
"The new name and logo are consistent with the significant changes in APA's assets and business activities over the last several years and will also accommodate any potential future changes," explains Dr. Anil K. Jain, president and chief executive officer.
Some of the key factors promoting this change are the establishment of APA Cables & Networks Inc. (a wholly-owned subsidiary of APA Optics), which purchased the assets of two companies, Computer System Products and Americable, during fiscal years 2003 and 2004, respectively. Also APA ceasing its optics manufacturing activities during fiscal year 2004; the name change eliminates the word "Optics" from the Company's name and replaces its lens logo. The addition of the word "Enterprises" reflects the broader company activities due to its different product lines.
The company will continue to report its future financial and other activities in its current segments, APA Cable & Networks Inc. (APACN) and its Optronics Division (Gallium Nitride R&D and products and other activities in Blaine and Aberdeen). There will be no change in the Company's stock trading symbol.