Mooreland Partners Advises Luna Innovations on Merger with Advanced Photonix

SAN FRANCISCO – May 11, 2015 – Mooreland Partners, the leading independent investment bank providing M&A and private capital advisory services to the global technology industry, today announced that it acted as the exclusive financial advisor to Luna Innovations Incorporated (NASDAQ:LUNA) on its merger with Advanced Photonix, Inc. (NYSE:API). The combined company will keep the Luna name and be headquartered in Roanoke, Virginia, and will have a strong product foundation with Luna Innovations’ (“Luna”) core test & measurement products and Advanced Photonix’s (“API”) High Speed Optical Receiver (HSOR) and Optosolutions product lines. Stockholders from both companies approved the transaction on May 8, 2015.

“The merger of API and Luna will result in a much larger, yet more cost efficient company. The combined new company will have the resources necessary to continue investing in growth areas such as Luna’s strain and temperature sensing business, and API’s next generation of receivers and detectors,” said Richard Dalton, Managing Director of Mooreland Partners.

Luna Innovations is a public company composed of scientists, engineers, and business professionals that develop and manufacture next generation technologies and products. The company successfully takes innovative technologies from applied research to product development, and ultimately to the commercial market – driving breakthroughs in the aerospace, automotive, telecommunications, healthcare, energy, and defense sectors.

Advanced Photonix has three product lines, and is a leading supplier of optoelectronic sensors, devices, and instruments used by the test and measurement, process control, medical, telecommunication and Homeland Security markets. API’s High-Speed Optical Receiver (HSOR) products are used by the telecommunication market in both telecommunication equipment, and in test and measurement equipment that is utilized in the manufacturing of telecommunication equipment. The Terahertz sensor product line is targeted to the process control (including via non-destructive testing) and security markets. API’s T-Gauge® sensor can measure sub-surface physical properties, like multi-layers thicknesses, density, moisture content, anomaly detection and some chemical features, online and in real-time. Optosolutions focuses on enabling manufacturers to measure physical properties, including temperature, particular counting, color, and fluorescence for medical, Homeland Security and process control applications. For more information visit www.advancedphotonix.com.