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4-Traders Homepage  >  Equities  >  Nasdaq  >  Adept Technology Inc    ADEP

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Adept Technology : Adept Technology and Cool Clean Technologies Announce OEM Relationship; Initial $500,000 Order Positions Adept as Robotic and Control Supplier in Innovative Disk Drive Cleaning System

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07/26/2006 | 11:30am CET

Adept Technology, Inc. (Nasdaq:ADEP), the leading provider of intelligent vision-guided robotics and global robotics services, announced today that they have been chosen by Cool Clean Technologies, as their robotics automation and controls supplier for the CleanFlex(TM) cleaning system, an innovative cleaning system for disk drive manufacturers.

The $500,000 order is for Adept SmartControllers and Adept Cobra(TM) Dual s600 SCARA Clean Room robots. The dual robots are controlled simultaneously within the Cool Clean Technologies' patented CleanFlex disk drive cleaning solution. CleanFlex utilizes Carbon Dioxide snow to remove particulates and organic contamination from reworked and new drives leaving the disk drives pristine.

The speed and precision of the Dual Cobra Clean Room robot combined with the Smart Controllers ability to tightly coordinate and control both arms simultaneously was a key requirement for the CleanFlex system. The result, a more efficient, more reliable cleaning solution for leading disk drive customers.

The OEM partnership with Cool Clean Technologies expands the range of automated solutions based on Adept's award winning robotic controller platforms for manufacturers of disk drive, media, suspension and heads and further positions Adept as the leader in robotic automation in the growing market for disk drives in consumer electronics.

"We are very pleased to be chosen by Cool Clean Technologies as the OEM control and robotics supplier for their revolutionary disk drive cleaning solution," said John Dulchinos, Vice President of Robotics and Vertical Markets at Adept Technology, Inc. "This substantial order represents a significant milestone in our strategic relationship, and demonstrates the market acceptance and clear benefits of the CleanFlex system."

"We are excited to be working with a market leader such as Adept Technology," said David Jackson, Senior Vice President of Marketing & Business Development at Cool Clean Technologies. "The performance and intelligence of their robots along with their world class global support organization make them an ideal partner."

For further information about Cool Clean Technologies, visit www.coolclean.com. For more information on PurCO2, the precision cleaning division of Cool Clean Technologies, visit www.purco2.com.

About Adept Technology, Inc.

Adept Technology, Inc. designs, manufactures and markets robotic systems, motion control and machine vision technology for global markets including automotive, consumer electronics, consumer goods, disk drive, food, industrial tooling, medical devices, and pharmaceutical. Adept robots, controllers, and software are used for small parts assembly, material handling and packaging. Adept intelligent automation product lines include industrial robots, configurable linear modules, machine controllers for robot mechanisms and other flexible automation equipment, machine vision, and systems and applications software. Founded in 1983, Adept Technology is the largest U.S.-based manufacturer of industrial robots. More information is available at www.adept.com.

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; the cyclicality of capital spending 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 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 for the fiscal year ended June 30, 2005 and quarterly report on Form 10-Q for the quarters ended October 1, December 31, 2005 and April 1, 2006 including the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations and Factors Affecting Future Operating Results contained therein.


© Business Wire 2006
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Financials ($)
Sales 2016 60,1 M
EBIT 2016 -3,40 M
Net income 2016 -3,38 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 -
P/E ratio 2017 975,94
Capi. / Sales 2016 3,15x
Capi. / Sales 2017 2,72x
Capitalization 190 M
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Buy
Mean consensus HOLD
Number of Analysts 4
Average target price 12,6 $
Spread / Average Target -2,7%
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Managers
NameTitle
Robert Cain President, Chief Executive Officer & Director
Seth S. Halio CFO, Secretary & Principal Accounting Officer
Deron Jackson Director & Chief Technology Officer
Nigel Blakeway Director
Naoya Ochi Director
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