Adept Technology Appoints Robert Strickland as Vice President of Finance and CFO
Appointment Completes Executive Team Focused on Financial Excellence and Customer ResultsLIVERMORE, Calif.--(BUSINESS WIRE)--June 16, 2004-- Adept Technology, Inc. (OTCBB:ADTK), a leading manufacturer of robotic systems, motion control and machine vision technology is pleased to announce that Robert Strickland, has joined the Adept executive management team as vice president of finance and chief financial officer effective June 15, 2004. The appointment completes a major step in the company's restructuring.Mr. Strickland joins Adept with over 20 years of senior financial management experience within both private and publicly traded Silicon Valley manufacturing, retailing and biotechnology companies. Prior to joining Adept, Mr. Strickland was executive vice president of finance and CFO at Trend Technologies, Inc., a $500 million contract manufacturer of electronics products. Previously Mr. Strickland was vice president and CFO of Portola Packaging, Inc, a plastics packaging products company. Mr. Strickland received an MBA from the Columbia University Graduate School of Business in New York and holds a mechanical engineering degree from The Ohio State University."Bob's appointment rounds out our new executive team with professionals focused on improving value for shareholders and other stakeholders," said Rob Bucher, chairman and chief executive officer for Adept Technology, Inc. "In transforming to a more market-focused business, it is imperative to have an optimized financial process and structure to support Adept's growth initiatives and consistent profitability. These needs must be consistent with our compliance activities. Bob's experience and knowledge will be key to building this structure."Reporting to Mr. Bucher, Mr. Strickland oversees the financial activities of Adept Worldwide. Mr. Strickland will join Matt Murphy, VP Operations and Product Development, John Dulchinos, VP of Robotics, and the most recent additions to the executive team, Lee Blake, VP of Customer Service, and Gordon Deans, VP of Business Development and Adept Canada. Mr. Strickland replaces Michael Overby, who will be transitioning his responsibilities and then leaving the company to pursue other opportunities.Adept Technology designs, manufactures and markets robotic systems, motion control and machine vision technology for the telecommunications, electronics, semiconductor, automotive, lab automation, and biomedical industries throughout the world. Adept's robots, controllers, and software products are used for small parts assembly, material handling and packaging. Adept's intelligent automation product lines include industrial robots, configurable linear modules, machine controllers for robot mechanisms and other flexible automation equipment, machine vision, systems and software, and application software. Founded in 1983, Adept Technology is America's largest manufacturer of industrial robots. More information is available at www.adept.com.This press release contains certain forward-looking statements including statements regarding revenue and future results 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, its customers ability to pay invoices in a timely manner and lack of unexpected cash obligations, 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; the company's continuing operating losses causing the company to need to raise additional financing in the future and the effect of the financing on current stockholders; the cyclicality of capital spending of the company's customers, including in the semiconductor industry 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 acquisitions, including integration risks associated with our previous acquisitions; the risks associated with product defects; the potential delays associated with the development and introduction of new products or software releases; or decreased acceptance of the company's new or current products in the marketplace.For a discussion of additional risk factors relating to Adept's business, see Adept's annual report on Form 10-K for the fiscal year ended June 30, 2003, as amended, and its quarterly reports on Forms 10-Q for the fiscal quarters ended September 27, 2003, December 27, 2003 and March 27, 2004 including the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations contained therein.The Adept logo is a registered trademark of Adept Technology, Inc. Adept is a trademark of Adept Technology. All other trademarks are owned by their respective companies.
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