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Sfdc wonderSfdc wonder 

API-only or Managed Package


when iam approach to My ISV AE regarding Business Org(APO) for uploading my APP to AppExchange.

i got a reply from him as

"I manage ISV Partners in the Tri-state area. Are you looking to be in the program? Is your application an API-only or Managed Package"

im confuse with his reply so can any one make it clear and what is difference b/n  API-only or Managed Package?
Managed packages are code that's installed into a customer's org.  Objects, Apex, VF.
API only apps interact with customer's data ONLY via the API.  No Objects, no Apex, no VF.