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Market Leader in RFID Solutions in China Places Orders for High-Performance Linear Module Systems for Turnkey Solutions
Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided robotics and autonomous mobile solutions, announced that they have received over $600,000 in bookings from Golden Spring Internet of Things, Inc. over the past two quarters which are expected to be fully shipped and recognized as revenue by the end of the third fiscal quarter of 2011. The Beijing-based company, which recently went public in China in early October 2010, placed orders for Adept's high-performance Python linear modules robots.
Adept's robots are designed into multiple models of Golden Spring's fully-automated RFID manufacturing equipment, including smart label flip chip bonders, welding machines, high-precision pick-and-place machines, and high-throughput implanters/embedders. Golden Spring's equipment has been widely deployed throughout China for applications such as the major Chinese National ID card and driver license program and for manufacturing tickets for the 2008 Beijing Olympics and the 2010 Shanghai World Expo.
"For over 10 years, Adept has been working together with Golden Spring in their development and installation of over 100 machines using Adept equipment," said Hai Chang, Managing Director, Asia Operations. "From our perspective, Golden Spring was many years ahead of other Chinese companies in their use of advanced motion control and vision guidance technologies. It is Golden Spring's hard work, tireless dedication to their customers, and total commitment to innovation and quality that have made them the international market leader that they are today."
"Adept has been a dependable and loyal supplier and partner for our state-of-the-art RFID equipment for over a decade," said David Zhang, Chairman and General Manager of Golden Spring. "While there are dozens of robot technology suppliers to choose from, we firmly believe that our choice in using Adept's advanced products is the right choice for Golden Spring as we continue to expand our installations around the world. Adept has consistently provided us with highly reliable, advanced performance products with excellent value and service."
According to IDTechEx, the global RFID business has grown about 500% in the last ten years, and this pace is expected to continue into the next decade. The overall RFID market is estimated to surpass $6 billion in total revenue in 2010. Item-level tracking using RFID tags in the apparel industry, baggage handling, and contactless ticketing and payment applications are the major growth areas, leading to higher demand for turnkey production equipment, raw materials, and services from Golden Spring Internet of Things.
This press release contains forward-looking statements including, without limitation, statements about our expectations for future revenues. Such statements are based on current expectations and projections about the Company's business. These statements are not guarantees of future performance and involve numerous risks and uncertainties that are difficult to predict. The Company's actual results could differ materially from those expressed in forward-looking statements for a variety of reasons, including but not limited to factors affecting our fluctuating operating results that are difficult to forecast or outside our control: the effect of the current economic downturn in manufacturing and other businesses of our customers; the Company's inability to react quickly to changes in demand for our products; risks of acceptance of the Company's new or current products in the marketplace; the costs of international operations, sales and foreign suppliers and the impact of foreign currency exchange; the cyclicality of capital spending of the Company's customers and lack of long-term customer contracts; the highly competitive nature of and rapid technological change within the intelligent automation industry; the lengthy sales cycles for the Company's products; the Company's increasing investment in markets that are subject to increased regulation; risks associated with sole or single sources of supply and potential delays associated with the development and introduction of new products.
For a discussion of risk factors relating to Adept's business, see Adept's SEC filings, including the Company's annual report on Form 10-K for the fiscal year ended June 30, 2010, which includes the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors.
About Adept Technology
Adept is a global, leading provider of intelligent robots and autonomous mobile solutions and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing, and logistical processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaging, Medical, Disk Drive/Electronics, and Solar; as well as to traditional industrial markets including machine tool automation and automotive components.
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