Irvine Sensors Completing Purchase of Technology

Irvine Sensors Corp. said it is nearing completion of a technology purchase from Advanced Sensor Development Ltd., a Los Angeles research and development partnership. The company said it will make a lump-sum payment of 180,556 registered shares of its common stock to obtain the new technology from Advanced Sensor.

ASD provided funds for Irvine Sensors to develop low-cost infrared detector devices and, as part of the original agreement, Irvine received an option to acquire any successfully developed technology.

Irvine Sensors, headquartered in Costa Mesa, develops infrared devices for use in various military systems.