June 16, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — API Technologies Corp. (OTCBB: ATNY), a contractor to the global defense and aerospace industries, said that it has closed the sale of the assets from its discontinued nanotechnology subsidiary for gross proceeds of around $2.3 million.

The company said on February 22 that it was closing its nanotechnology research and development subsidiary in order to focus on its expanding defense business and improve its overall financial performance.

API said that, through the closing of this transaction, the company not only received the cash proceeds but also eliminated the liabilities related to a shut down process, which were expected to be around $1.6 million.

New York-based API Technologies offers engineered solutions, systems, secure communications and electronic components to the global defense and aerospace industry. 

API Technologies' customers include the governments of the U.S., Canada, the United Kingdom, NATO and the European Union, as well as various large companies.

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