Adept Technology Signs MOU With Major South Korean Manufacturing Company
Adept Technology, Inc. Posted 03/06/2012
Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent robots and autonomous mobile solutions, today announced that it has signed a Memorandum of Understanding (MOU) with a South Korean multinational manufacturer on the Fortune Global 500 list. The MOU states that Adept Technology and its exclusive dealer in South Korea, Han Shin Power Tech Co. Ltd., are the South Korean manufacturer's strategic and preferred global suppliers for delta/parallel link and SCARA type robot products, vision-guided robot controls, and automated guided vehicles (AGV) and controls.
The objective of the MOU is to promote mutual benefit through strong cooperation for improving and advancing the productivity and efficiencies of the South Korean manufacturer's operations through the deployment of advanced robotics and automation technologies and solutions.
"This MOU is a formalized agreement that illustrates this customer's confidence in Adept to supply superior robotic solutions to maximize precision, speed, quality and productivity in their manufacturing plants around the world," said John Boutsikaris, senior vice president of sales and marketing at Adept. "Being a preferred supplier to this South Korean manufacturer means that Adept will benefit from an expedited procurement process whenever the company needs new robots from us. It gives us an edge in winning more of their business."
"We're very pleased to have signed this collaboration agreement with our highly esteemed customer and Adept Technology," said Eric Jin, CEO and president of Han Shin Power Tech. "With Adept's extensive line of advanced industrial robots and intelligent automated guided vehicles, together with their expertise in adapting these automation solutions for a variety of product manufacturing applications, our customer is confident that this relationship will accelerate and ease the deployment of robots and AGVs in their factories around the world."
Adept has shipped four Cobra SCARA robots and six Viper 6-axis robots to the South Korean manufacturer to date. Another 13 Viper robots are expected to be shipped by the end of March 2012.
About Adept Technology, Inc.
Adept is a global, leading provider of intelligent robots and autonomous mobile solutions and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing and logistical processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including packaging, medical, disk drive/electronics and solar as well as to traditional industrial markets including machine tool automation and automotive components. The company's common stock trades on The NASDAQ Global Market under the symbol: ADEP.
About Han Shin Power Tech Co., Ltd.
Han Shin Power Tech Co., Ltd. was established in 1971 in Seoul, Korea, and is Adept's exclusive dealer and service provider in Korea. They are also a dealer of Nachi-Fujikoshi high-payload robots and a robot application engineering company that provides production sub-systems and turnkey production cells and lines. Han Shin Power Tech headquarters is in Paju-City near Seoul, and they have branch sales and service offices in Daejeon-City, Korea as well as northern China, Vietnam, and Canada. Han Shin Power Tech serves the packaging, food, automotive, and consumer electronics industries throughout Korea and provides the same high quality services in China, Vietnam, and North America. They 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 offers a full range of 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.hanshincanada.com and www.hanshinusa.com.
This press release contains forward-looking statements including, without limitation, statements about our expectations for revenues and cash flow and opportunities in our core markets and potential new markets. Such statements are based on current expectations and projections about the Company's business. These statements are not guarantees of future performance and involve numerous risks and uncertainties that are difficult to predict. The Company's actual results could differ materially from those expressed in forward-looking statements for a variety of reasons. For a discussion of these 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, 2011, which includes the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors.