Adept Technology Expands Distribution into Mexico
Adept Technology, Inc. Posted 10/02/2008Exclusive Agreement with Automatizaciones Garco S.A. de C.V. Extends Market for Adept Quattro Robot
LIVERMORE, Calif. - Adept Technology, Inc. (NASDAQ:ADEP), a leading provider of intelligent vision-guided robotics and global robotics services, today announced its expansion into the Mexican market for its products and the signing of Automatizaciones Garco S.A. de C.V. of Monterrey, Mexico as an exclusive distributor for Mexico. Mexico currently has an extremely fast growing food packaging market requiring high-speed automation solutions. The Adept Quattro™ s650 robot is specifically designed for high-speed manufacturing, packaging, material handling and assembly applications and is ideal for this expanding regional market.
Under the terms of the agreement, Automatizaciones Garco S.A. de C.V. will be the exclusive distributor in Mexico for Adept's complete portfolio of robotics, controls, vision and software products.
"Garco is having great success in the food and medical packaging sector where both cleanliness issues and the rising cost of manual labor are forcing manufacturers to seek robotic solutions to historically manual processes,” said John Dulchinos, president and chief executive officer for Adept Technology, Inc. “With this partnership we will continue our expansion initiative into this region and Garco’s customers will benefit by having access to the Adept product line that is ideally suited for the food and packaging sectors.”
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, Medical, Disk Drive/Electronics and 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, 2008, which include the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors contained therein.