APA Optics Plans Buyback

MINNEAPOLIS -- APA Optics, Inc. (Nasdaq: APAT - news) announced today its board of directors has authorized the repurchase of up to 500,000 shares or $2,000,000, whichever is greater, of the Company's common stock. The Company has a total of 11,919,081 shares outstanding. The repurchase plan allows the Company to purchase shares of its common stock in the open market or in negotiated transactions until September 30, 2002. The timing and exact amount of purchases will depend on market conditions and purchases will be made with consideration given to covenants related to the Company's debt. The repurchased shares may be used for issuance upon exercise of stock options and warrants. "We believe that our common stock is an excellent value and view a stock repurchase program as a good way to enhance shareholder value," said Anil K. Jain, APA Optics' president and chief executive officer.APA Optics Inc.