Adept Technology Announces Expansion into India Market
Adept Technology, Inc. Posted 07/01/2008
Distribution Agreement with Menzel Vision and Robotics Pvt. Ltd. Provides Immediate Access to Indian Market
LIVERMORE, Calif.- July 1, 2008, Adept Technology, Inc. (NASDAQ:ADEP), the leading provider of intelligent vision-guided robotics and global robotics services, today announced its expansion in India for its products and the signing of Menzel Vision and Robotics Pvt. Ltd. of India as an exclusive distributor in western and northern India. India is one of the fastest growing robot markets in Asia where there is a growing demand for high speed, intelligent robotics in many labor-intensive and quality sensitive applications.
Under the terms of the agreement, Menzel Vision and Robotics will be the exclusive distributor in 14 states in western and north India for Adept's complete portfolio of robotics, controls, vision and software products. Menzel Vision and Robotics is a leading imaging solution provider with over 10 years of experience in the business with factory headquarters located in Mumbai, India.
"We are very excited to partner with Menzel Vision and Robotics. We believe that their experience and knowledge of their region and our latest products like the Adept Quattro s650 robot for high-speed product handling will be a great coupling to expand this emerging market,” said John Dulchinos, president and chief operating officer for Adept Technology, Inc.
“We believe that Adept robots and vision guidance will allow our customers to reduce costs and increase productivity,” said Anish Soneja, CEO of Menzel Vision and Robotics. “We believe that this partnership will benefit multiple industries within India that are looking to improve their manufacturing processes, and add great value to our existing Machine Vision portfolio.”
About Menzel Vision and Robotics Pvt. Ltd.
Menzel Vision and Robotics is a leading provider of imaging solutions to the Indian subcontinent. They are the regions’ one stop source of world class complete imaging solutions and integration components. With over 12 years in business the company teams with the world’s most respected names in the imaging solution business to provide cost effective solutions and superior support to its customers. They also have to their credit a Vision Knowledge Centre which is a fully equipped vision lab and training center established in January 2005, the first of its kind in South Asia. More information can be found on the company’s website at http://www.menzelab.com.
About Adept Technology, Inc.
Adept is a global, leading provider of intelligent robotics systems and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing and other automated processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaged Goods, Life Sciences, Disk Drive/Electronics and Semiconductor/Solar; as well as to traditional industrial markets including machine tool automation and automotive components. More information is available at http://www.adept.com.
All trade names are either trademarks or registered trademarks of their respective holders.
This press release contains certain forward-looking statements including statements regarding revenues, profitability, products, market opportunities and Adept's growth and impact of its restructuring based on its current products, strategy and market presence that involve a number of risks and uncertainties. The Company's actual results could differ materially from those expressed in any of the above forward-looking statements for a variety of reasons, including but not limited to, factors affecting our operating results including factors difficult to forecast; future economic, competitive and market conditions including those in Europe and Asia and those related to the Company's strategic markets; risks of acceptance of the Company's new or current products in the marketplace; the actual results of our restructuring activities, and potential impact of current restructuring efforts; the financial and operating risks and regulatory requirements associated with international operations, sales and foreign suppliers; the cyclicality of capital spending of the Company's customers and lack of long-term customer contracts; customers' ability to pay invoices in a timely manner; the risk that some customers may become insolvent; dependence on the continued growth of the intelligent automation market; the highly competitive nature of and rapid technological change and competition within the intelligent automation industry; the lengthy sales cycles for the Company's products; the Company's limited cash resources and significant fixed costs which are not easily reduced; the Company's outsourced manufacturing dependence and risks associated with sole or single sources of supply and lengthy procurement lead times; risks associated with the seasonality of the Company's products; risks associated with product defects; potential delays associated with the development and introduction of new products or software releases; the Company's ability to sell its products through systems integrators and original equipment manufacturers who may also promote competing products; risks associated with variations in our gross margins based on factors not always in Adept's control; the need to hire and retain qualified managerial personnel and to complete acquisitions to expand operations; risks of unfair termination claims by employees; risks associated with variations in gross margins; risks related to the Company's potential inability to strengthen its internal controls over financial reporting; potential securities class action litigation if Adept's stock price remains volatile or operating results suffer; and costs of being a public company as a result of legislation requiring greater general and administrative costs to be incurred.
For a discussion of risk factors relating to Adept's business, see Adept's SEC filings, including the Company's annual report on Form 10-K for the fiscal year ended June 30, 2007, which include the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors contained therein.