Cognex Corporation Offers To Acquire Applied Intelligent Systems.NATICK, Mass.--(BUSINESS WIRE)--Oct. 6, 1997--Cognex Corporation (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 : CGNX), the world's leading supplier of machine vision systems, today announced that it has made an offer to acquire Applied Intelligent Systems, Inc. (AISI AISI American Iron and Steel Institute AISI African Information Society Initiative AISI Alberta Initiative for School Improvement (Canada) AISI As I See It AISI American International Supply, Inc (Oakland, CA) ), a privately-held machine vision company located in Ann Arbor, Michigan  “Ann Arbor” redirects here. For other uses, see Ann Arbor (disambiguation). Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County. , for approximately $105 million. Under the terms of the proposal, the transaction would be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. , and Cognex would exchange shares of its common stock for all the outstanding shares of AISI. "The acquisition of AISI will expand our customer base and solidify our leadership position in the machine vision market," said Dr. Robert J. Shillman, Cognex's President, Chief Executive Officer, and Chairman. "The proposed acquisition will further strengthen our revenue and profits and is expected to be immediately accretive to earnings." Over the past two years, Cognex has successfully completed three acquisitions that have expanded its business by adding new technology, products, customers, and applications. Cognex Corporation Cognex Corporation is an American corporation that manufactures commercial machine vision systems. Cognex is the world leader in its field, holding an array of patents and employing academic experts. designs, develops, manufactures, and markets machine vision systems, or computers that can "see." Cognex is the world's leader in the machine vision industry, having shipped to date more than 60,000 machine vision systems. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts Natick (Pronunciation IPA: /ˈneɪtɪk/) is a town in Middlesex County, Massachusetts, United States. Natick is located near the center of the MetroWest region of Massachusetts, with a population of 32,170 at the , specializes in machine vision systems which are used for automating the manufacture of a wide range of discrete items and for assuring their quality. Cognex's Surface Inspection Systems Division, headquartered in Alameda, California Alameda is a city in Alameda County, California, United States. It is located on a small island of the same name next to Oakland, California in the San Francisco Bay. An additional part of the city is Bay Farm Island, which is adjacent to the Oakland International Airport. , specializes in machine vision systems which are used for inspecting the surfaces of products manufactured in a continuous fashion, such as metals, paper, and plastics. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices located throughout the United States, Japan, Europe, and Southeast Asia. Visit Cognex on-line at http://www.cognex.com . CONTACT: Cognex Corporation John Rogers, 508/650-3000 |
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