BRIDGEPORT MACHINES ANNOUNCES STRATEGIC ALLIANCE AGREEMENT WITH ENGINEERING GEOMETRY SYSTEMS.BRIDGEPORT, Conn.--(BUSINESS WIRE)--March 13, 1995--Bridgeport Machines, Inc. (Nasdaq: BPTM BPTM Berkeley Predictive Technology Model ) announced today that it has signed a strategic alliance agreement with Engineering Geometry Systems (EGS EGS European Geophysical Society EGS European Graduate School EGS El Goonish Shive (webcomic) EGS Environmental Goods and Services EGS Employment Guarantee Scheme (UK) EGS EOS Ground System ). The agreement provides for the joint development and marketing of proprietary technology for use in the computer- aided manufacturing (CAM) market. Under the terms of the agreement, Bridgeport Machines will acquire a 19.5% share of EGS, provide working capital loans to EGS and license CAM software from EGS. The total value of the agreement is $1.0 million. Dan L. Griffith, President and Chief Financial Officer of Bridgeport Machines, stated, "This strategic alliance strengthens our position as a technological leader in the CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication machine tool market. It also enables us to respond directly to our customers' needs for more powerful computer-aided design (CAD) and CAM software. Utilization of these unique technologies will provide our customers with an improved capability to create higher quality parts with greater efficiency." Glenn McMinn, President of EGS, commented, "We are most pleased to have Bridgeport Machines, a company with an outstanding reputation for quality, as our strategic partner. We look forward to working with them to bring enhanced operating solutions to our targeted job shop markets." Headquartered in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. , EGS is a technology transfer partner with the University of Utah The University of Utah (also The U or the U of U or the UU), located in Salt Lake City, is the flagship public research university in the state of Utah, and one of 10 institutions that make up the Utah System of Higher Education. and its computer science department. EGS recently completed a major project for the United States Air Force United States Air Force (USAF) Major component of the U.S. military organization, with primary responsibility for air warfare, air defense, and military space research. It also provides air services in coordination with the other military branches. U.S. and is currently working on a CAM-related project for the Navy. EGS develops and distributes CAM software for Microsoft's Windows program through a network of resellers and dealers. The company's advanced feature-based software is in the forefront of the market for computer-aided design and manufacturing Computer-aided design and manufacturing The application of digital computers in engineering design and production. Computer-aided design (CAD) refers to the use of computers in converting the initial idea for a product into a detailed engineering design. software solutions for small to medium sized job shops and department level manufacturing in larger companies. EGS' products enable users to design and model parts with speed, precision and efficiency. Bridgeport Machines, Inc., founded in 1939, is leading manufacturer of manual and computer numerically controlled (CNC) metal cutting machine tools in the United States and United Kingdom. The Company primarily focuses on standardized, general-purpose machine tools for small-to-medium sized machine shops throughout the United States and in 60 countries worldwide. The Company also manufactures and sells surface grinders under the Harig brand name and sells manual and CNC lathes under the ROMI ROMI Return on Marketing Investment ROMI Rule Out Myocardial Infarction ROMI Rekey Operator-Machine Interface and EZ-PATH brand names. CONTACT: Bridgeport Machines Dan Griffith President & Chief Financial Officer (203) 367-3651 or Morgen-Walke Associates June Filingeri, Cara Thompson Media Contact: Terry Rooney/Helen Spanakos (212) 850-5600 |
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