Adept Technology Announces Significant Expansion in Korea World’s Fourth Largest Robotics Market
Adept Technology, Inc. Posted 02/29/2008
Distribution Agreement with Han Shin Power Tech Provides Immediate Access to Korean Market
LIVERMORE, Calif.- February 28, 2008, Adept Technology, Inc. (NASDAQ:ADEP), the leading provider of intelligent vision-guided robotics and global robotics services, today announced its expansion in Korea for its products and the signing of Han Shin Power Tech Co., Ltd. of Korea as an exclusive dealer for Korea. Korea is presently the 4th largest robot market in the world with growing demand for high speed, intelligent robotics in many labor-intensive and quality sensitive applications such as incasing, packaging, material handling, and assembly.
Under the terms of the agreement, Han Shin Power Tech will be the exclusive dealer in Korea for Adept's complete portfolio of robotics, controls, vision and software products. Han Shin Power Tech is a factory automation and engineering solutions provider and robot systems dealer with over 35 years of experience in the business with their factory headquarters near Seoul and a branch office in central Korea. They will be exhibiting at Korea Pack 2008 in Seoul from May 27th to May 30th and will be showcasing Adept’s innovative high-performance Adept Quattro s650 robots and SCARA robots as well as promoting Adept’s full-line of robotics and controls solutions. Han Shin Power Tech will also be a stocking dealer of Adept products in Korea, reducing delivery times to customers, and has placed an initial stocking order of Adept Quattro s650 robots and Adept Cobra robots.
'Korea represents an exciting emerging market for Adept, especially with the introduction of our latest products like the Adept Quattro s650 robot for high-speed product handling. We’re very excited to partner with Han Shin Power Tech and believe they have a solid combination of marketing, sales, engineering, and support capability to grow the installations throughout Korea,' said John Dulchinos, president and chief operating officer for Adept Technology, Inc.
“We believe that Adept robots and vision guidance will lead the Korean handling market and will be the standard most handling market customers will follow. We also believe Adept robotics will enable customers to reduce their costs and raise productivity,” said Eric Jin, CEO of Han Shin Power Tech Co., Ltd. “We need to awaken this sleeping market with strong robotic and vision guidance offerings and Adept products will allow us to do so. This partnership will benefit many Korean industries ranging from the food industry to the advanced assembly industry.”
Adept Korea Company, a former branch office of Adept Technology and current distributor in Korea, will continue to promote and distribute Adept products and serve its current customers as a sub-dealer of Han Shin Power Tech. Han Shin Power Tech will be working with all of its sub-dealers to aggressively grow the installed-base of Adept products in Korea, leveraging their unique strengths, capabilities, and resources.
About Han Shin Power Tech Co., Ltd.
Han Shin Power Tech Co., Ltd. was established in 1971 in Seoul Korea. They are an importer and dealer of Nachi-Fujikoshi high-payload robots and also a robot application engineering company that provides production sub-systems and also turnkey production cells and lines. Han Shin Power Tech headquarters is located in Paju-City near Seoul, and they also have a branch sales and service office in Daejeon-City, in the geographical center of Korea. Han Shin Power Tech serves the packaging, food, automotive, and consumer electronics industries throughout Korea. They currently offer high-payload palletizing, incasing, and handling robots and systems as well as robotics and factory automation for welding and other industrial applications. Han Shin Power Tech also offers a full range of factory automation and robot support services including installation, training, maintenance, parts, and 24 hour repair services for their customers and sub-dealers. More information can be found on the company's website at www.hspt.co.kr.
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 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.
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