Adept Technology to Acquire CHAD Industries; Purchase Intended to Increase Adept's Fiber Optic Automation Capacity.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)--June 28, 2001 Adept Technology, Inc. (Nasdaq:ADTK), a manufacturer of flexible automation for the telecommunications, fiber optic and semiconductor industries, today announced that it has signed a definitive agreement to acquire privately held CHAD Industries, Inc., located in Orange, California The City of Orange is located in Orange County, California, United States. It is approximately 3 miles (6 kilometers) north of the county seat, Santa Ana, and approximately 32 miles (52 kilometers) southeast of Los Angeles. ("CHAD"), in exchange for a combination of equity and cash to be paid out over three years. Completion of the acquisition remains subject to obtaining required approvals and other standard closing conditions. Adept reports that this latest strategic acquisition is expected to be immediately accretive to revenue and earnings. "The acquisition of CHAD is the culmination of a successful 17 year relationship," stated Brian R. Carlisle, Chairman and Chief Executive Officer of Adept. "We intend to leverage this added capacity to expand our delivery of semi-automatic and fully-automated assembly and process solutions for fiber optic component manufacturers." The acquisition of CHAD is the latest step in Adept's ongoing photonics automation strategy. CHAD's extensive experience developing and building standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. precision workcells based on Adept software, controls and robot systems was key in the acquisition decision. Adept plans to leverage CHAD's expertise in small part feeding, precision tooling design, and the handling of odd-form components to add capacity in photonics automation. CHAD's initial role within Adept following completion of the acquisition will be to develop process module tooling for both Adept NanoLine stage products and NanoCell automated process ready platforms. In addition, Adept plans to support and grow CHAD's existing odd-form standard machine business, which has been the cornerstone of CHAD for the last two decades. About CHAD Founded in 1973 CHAD Industries was established as a design and manufacturing company specializing in custom automation. As the company advanced, new products and methods for solving complex manual assembly processes were developed. These custom machines served many high production industries ranging from food packaging to printing to the electronics industry. This diverse design and production experience has given the company invaluable knowledge and expertise, which proved key to their pioneering the use of robots for electronic odd-form assembly and provided the foundation for current product and business development. For over two decades, CHAD has mastered off-the-shelf modular component tools, which can be applied and integrated into virtually any system configuration required to meet the needs of its customers. About Adept Adept Technology designs, manufactures and markets factory automation components and systems for the fiber optic, telecommunications, semiconductor, automotive, food and durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. industries throughout the world. Adept's robots, controllers, and software products are used for small parts assembly, material handling and ultra precision process applications. Our intelligent automation product lines include industrial robots An industrial robot is officially defined by ISO[1] as an automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes. , configurable linear modules, flexible feeders, semiconductor process components, nanopositioners, machine controllers for robot mechanisms and other flexible automation equipment, machine vision, systems and software, application software, and simulation software Simulation software is based on the process of imitating a real phenomenon with a set of mathematical formulas. It is, essentially, a program that allows the user to observe an operation through simulation without actually running the program. . Founded in 1983, Adept is America's largest manufacturer of industrial robots. More information is available at 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. 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: the risks associated with potential acquisitions, including integration risks associated with our proposed acquisition of CHAD and our acquisition of BYE/Oasis, Pensar-Tucson, NanoMotion, HexaVision, the company's dependence on the continued growth of the intelligent automation market; the potential delays associated with the development and introduction of new products or software releases; 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 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; rapid technological change within the company's industry; the lengthy sales cycles for the company's products; and the company's dependence on retention and attraction of key employees. For a discussion of additional risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Adept's business, see the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 2000 and Adept's quarterly reports on Form 10-Q Form 10-Q See 10-Q. for the quarters ended September 30, 2000, December 30, 2000 and March 31, 2001, including 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 contained therein. The Adept logo is a registered trademark of Adept Technology, Inc. Adept is a trademark of Adept Technology. |
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