Adept and LMI Sign Agreement to Extend Machine Vision Technology.Partnership Expands Applications and Market for Pioneering Vision Software LIVERMORE, Calif. -- Adept Technology, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADEP ADEP Association d'Entraide des Polios et Handicapés ADEP Accelerated Degree Evening Program ADEP Accelerator-Driven Energy Production ADEP Avionics Document for Execution & Planning ADEP Automatic Depth Control ), the leading provider of intelligent vision-guided robotics and global robotics services, announced today that they have signed a licensing agreement with LMI LMI Labor Market Information LMI Local Management Interface LMI Logistics Management Institute LMI Linear Matrix Inequality LMI Legemiddelindustriforeningen (Norway) LMI Low to Moderate Income LMI Lender's Mortgage Insurance Technologies Inc., a global provider of Vision Sensor technology. Under the terms of the agreement, Adept will provide LMI with a license to Adept HexSight[R] software and trademark. LMI will market and support HexSight products on a world-wide basis in addition to development of new products. Adept will gain access to LMI's enhanced state-of-the-art technology, allowing the company to maintain their award winning vision guidance products. "LMI has established itself as a leader in the vision inspection business with immediate access to a broad base of customers and markets," said Robert Bucher, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Adept Technology, Inc. "Combining Adept's innovative HexSight software and LMI's applications experience will provide a unique and powerful solution for these customers." "The Hexsight software portfolio is in perfect alignment with LMI's long term objectives by expanding our innovative engineering and vision technology", states Leonard Metcalfe, Chairman & CEO, LMI Technologies Inc. "In addition to other developments we look forward to extending HexSight's world renowned pattern matching 1. pattern matching - A function is defined to take arguments of a particular type, form or value. When applying the function to its actual arguments it is necessary to match the type, form or value of the actual arguments against the formal arguments in some definition. technology onto our embedded platforms. About LMI Technologies Inc. LMI Technologies Inc. specializes in the engineering of simple-to-complex vision sensor technology. Since 1976, LMI has designed and manufactured optical sensors for improved quality and productivity in thousands of industrial automated vision applications and continues to add to its portfolio of over 100 vision application patents. OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and inquiries are always welcome. For more information regarding LMI Technologies or its products please visit their website at www.sensorsthatsee.com or e-mail info.SensorsThatSee.com. About Adept Technology 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 Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one , Life Sciences, Disk Drive/Electronics and Semiconductor; 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. Forward-Looking Statements This press release may contain certain forward-looking statements including statements regarding growth, revenues, cash, margins, expenses and products 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 company's limited cash resources; its customers' ability to pay invoices in a timely manner; the risk that some of its customers may become insolvent; 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 financial and operating risks and regulatory requirements associated with the company's international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; 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 and lack of long-term customer contracts; the company's dependence on the continued growth of the intelligent automation market; the company's highly competitive industry; rapid technological change within the intelligent automation industry; the lengthy sales cycles for the company's products; the company's significant fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). which are not easily reduced; the risks associated with sole or single sources of supply and lengthy procurement lead times; the risks associated with the seasonality of the company's products; the risks associated with product defects; the 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; or risks associated with variations in our gross margins based on factors which are not always in our control. For a discussion of risk factors relating to Adept's business, see Adept'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, 2006 and its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2007, 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 and Risk Factors contained therein. |
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