Cognex Corporation Says, 'James Hoffmaster Is 'THE ONE'!'.

Business/Technology Editors

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NATICK, Mass.--(BUSINESS WIRE)--June 18, 2001

Taking his lead from Morpheus in the hit movie, The Matrix, Dr. Robert J. Shillman, Chairman and CEO of Cognex Corporation (NASDAQ: CGNX), today announced that James F. Hoffmaster (a.k.a. NEO) is "THE ONE," and appointed him to the position of Chief Operating Officer of the corporation.

As Chief Operating Officer, Mr. Hoffmaster will oversee both of Cognex's operating divisions: the Modular Vision Systems Division (MVSD), which designs and manufactures machine vision systems for inspecting discrete objects; and the Surface Inspection Systems Division (SISD), which designs and manufactures machine vision systems for inspecting materials manufactured in a continuous fashion, such as paper, metals, and plastic. In addition to his role as Chief Operating Officer, Mr. Hoffmaster will also serve as President of Cognex's Modular Vision Systems Division, the company's largest division.

"We are very excited that Jim has joined us as Cognex's first Chief Operating Officer, overseeing both of our operating divisions," said Dr. Robert J. Shillman. "He brings to this role a strong background in both administrative and financial controls, and extensive, hands-on experience in successfully bringing high-tech, software-based products to market around the world. Equally important, Jim also possesses the key personality characteristics that we value at Cognex: high intelligence, high energy and enthusiasm, high ethical standards, and a focus on satisfying customers."

Dr. Shillman continued, "We have been attempting to fill this very important leadership role for nearly a full year; during that time we met and interviewed many good candidates. However, at Cognex we have a saying, `Good is not good enough. Excellence is expected.' We are all very pleased that, in the Cognex tradition, we persevered in our search to find Jim; he is `THE ONE' who will ensure our continued success and our growth to $500 Million per year and beyond in the years ahead."

Mr. Hoffmaster comes to Cognex after serving as President and CEO of Fibersense, an entrepreneurial, Massachusetts-based company that designs and develops highly sophisticated sensors using fiber optic technology. Prior to that, he spent 11 years in a variety of increasingly responsible, executive positions at Emerson Electric, where his most recent role was as President of Fisher-Rosemount Systems, a division of Emerson having numerous locations around the world. In that position, he successfully redesigned the product development processes, shortened time to market, and led the team that conceived, developed, and introduced DeltaV(TM), the industry's first web-enabled industrial control system, that was widely acknowledged to be the most important new product of the decade in its market.

According to Mr. Hoffmaster, "Cognex is a great company with unique technology, a focus on customers, high standards in everything that it does, and a culture that stimulates and rewards creativity. The company has an outstanding record of growth and profitability, and is the leader in a business that has a large untapped potential to support significant future growth. I am honored to have been selected to join this outstanding team and to help lead it into the future."

Cognex Corporation 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 150,000 machine vision systems, representing over $1 Billion in cumulative revenue, since the company's founding in 1981. Cognex's Modular Vision Systems Division, headquartered in Natick, Massachusetts, 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, specializes in machine vision systems, also known as web inspection 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 North America, Japan, Europe, and Southeast Asia. Visit Cognex on-line at http://www.cognex.com.

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