Adept Technology Announces Strategic Investment in New Business-to-Business Online Marketplace.Business Editors/High-Tech Writers SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--May 22, 2000 Adept to Market Products Through Global Vertical Marketplace For Factory Automation Adept Technology, Inc. (Nasdaq: ADTK), America's largest manufacturer of industrial robots An industrial robot is officially defined by ISO[1] as an automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes. and a factory automation leader, today announced its participation as leading seed investor in Fastfactory Inc., an online vertical marketplace for machine builders, equipment suppliers and system integrators. The Fastfactory exchange will serve as a business-to-business site that should streamline the concepting, design, configuration, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and support of factory automation projects. The company also announced that Charlie Duncheon, senior vice president of marketing and sales for Adept Technology, Inc., will assume the position of president and chief executive officer for Fastfactory Inc. Mr. Duncheon will continue to serve as senior advisor In some countries, a Senior Advisor is an appointed position by the Head of State to advise on the highest levels of national and government policy. Sometimes a junior position to this is called a National Policy Advisor. to Adept's executive operating committee. "The development of Fastfactory Inc. will not only be a strategic investment for Adept but is a further commitment to our Rapid Deployment Automation strategy, which should continue to reduce the time, cost and risk of implementing flexible automation," said Brian Carlisle, chairman and chief executive officer for Adept Technology. "Charlie Duncheon is uniquely qualified to spearhead this innovative marketplace for factory automation, and we know he will make Fastfactory a success." "Fastfactory is the next step in the evolution of commerce for factory automation," said Charlie Duncheon, president and chief executive officer of Fastfactory Inc. "Fastfactory will be more than just a neutral e-commerce site, it will be an ongoing management tool for specifying, sourcing, supplying and supporting factory automation systems integrators and machine builders. Our goal with Fastfactory is to significantly reduce automation solution lead times in high growth industries such as telecommunications and fiber optic assembly." "Fastfactory will bring direct benefits to our business and our integrator (1) In electronics, a device that combines an input with a variable, such as time, and provides an analog output; for example, a watt-hour meter. (2) See systems integrator. partners," said Joe Campbell, vice president for Adept Technology. "It will improve our communication and customer responsiveness and will streamline procurement and project management for our integrators. Fastfactory is a key part of our channel strategy." Fastfactory Inc. is anticipated to be launched by year-end and will be a neutral account-based site for member companies. The venture will be backed by Adept Technology, other automation companies, and investors. Adept Technology, Inc., founded in 1983, is America's largest manufacturer of industrial robots. Adept designs and manufactures intelligent automation hardware and software products for manufacturers in the, electronics, appliances, telecommunications, semiconductor, pharmaceutical, food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. , and automotive components industries. The company provides a broad, flexible line of software intensive, computer-driven automation products for assembly, material handling and packaging applications. Adept Technology product and service information is available at its worldwide web site http://www.adept.com. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties including but not limited to, the potential delays associated with the development and introduction of new products or software releases; the potential fluctuations in the company's quarterly and annual results of operations; the cyclicality of capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. of the company's customers; the company's dependence on the continued growth of the intelligent automation market; the risks associated with sole or single sources of supply and lengthy procurement lead times The interval in months between the initiation of procurement action and receipt into the supply system of the production model (excludes prototypes) purchased as the result of such actions. It is composed of two elements, production lead time and administrative lead time. ; the company's highly competitive industry; and rapid technological change within the company's industry. For a discussion of risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's business, see the company's Form 10Q for the quarters ended October 2, 1999 and January 1, 2000, as well as the company's annual report on Form 10K for the fiscal year ended June 30, 1999, including the discussion in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations filed as an exhibit thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , filed on September 28, 1999. The Adept logo is a registered trademark of Adept Technology, Inc. Adept is a trademark of Adept Technology, Inc. All other trademarks are owned by their respective companies. |
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