SOURCE: Perceptron, Inc.

Perceptron, Inc.

April 06, 2010 08:00 ET

Perceptron Announces Third New Commercial Products Customer Signing

PLYMOUTH, MI--(Marketwire - April 6, 2010) -  Perceptron, Inc. (NASDAQ: PRCP) today announced that it recently signed a supply agreement with a new Partner under which Perceptron will supply new visual inspection products specifically designed for professional trades and/or for the Do-It-Yourself (DIY) homeowner market. The agreement is the third new Partner supply agreement the Company has signed in recent months. Perceptron now has agreements with strategic partners that are leaders in each of the initial four market verticals that it planned to work with this fiscal year. The products in this new, fourth market vertical will allow tradespeople to perform a variety of inspection and diagnostic tasks at an affordable price.

Richard Price, Vice President of Perceptron's Commercial Products Business Unit, commented, "This marks an important milestone in our strategy to sign key partner supply agreements with leaders in each of the initial four strategic market verticals we identified as significant for our business. We will now be designing and manufacturing visual inspection products in the electrical, mechanical, plumbing, and construction markets offering unique capabilities that are specifically designed for professional tradespeople in each of these segments. We are currently in the process of completing product designs and the development of product release schedules for our most recent new partner. The timing for the shipment of new products is still being finalized."

Harry T. Rittenour, President and CEO, added, "We are excited about this new partnership and the opportunity it provides to deliver specialized visual inspection technology to an underserved market. The recent signings of new partners are key elements in our ongoing strategy to expand and diversify our commercial products business. As we have indicated in the past, we will be able to identify our new partner once joint product plans are in place and products are ready to launch."

About Perceptron
Perceptron develops, produces, and sells non-contact measurement and inspection solutions for both industrial and commercial applications. The Company's Commercial Products Business Unit (CBU) develops and manufactures a variety of handheld visual inspection devices and add-on accessories that are sold to and marketed through strategic partners. CBU's products allow professional trades-people to see in restricted places and diagnose and solve problems without requiring time consuming and unnecessary tear out or disassembly. The Industrial Business Unit's (IBU) products provide solutions for manufacturing process control as well as sensor and software technologies for non-contact measurement and inspection applications. Automotive and manufacturing companies throughout the world rely on Perceptron's metrology solutions to help them manage their complex manufacturing processes to improve quality, shorten product launch times and reduce overall manufacturing costs. IBU also offers Value Added Services such as training and customer support services. Headquartered in Plymouth, Michigan, Perceptron has approximately 220 employees worldwide, with operations in the United States, Germany, France, Spain, Brazil, Japan, Singapore, China and India. For more information, please visit www.perceptron.com.

Safe Harbor Statement
Certain statements in this press release may be "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, including the Company's ability to successfully develop and introduce new products, expand into new vertical markets and successfully negotiate new sales or supply agreements with new customers. When we use words such as "will," "should," "believes," "expects," "anticipates," "estimates" or similar expressions, we are making forward-looking statements. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our forward-looking statements. The Company assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements. Actual results could differ materially from those in the forward-looking statements due to a number of uncertainties in addition to those set forth in the press release, including, but not limited to, those set forth in "Item 1A - Risk Factors" of the Company's Annual Report on Form 10-K for fiscal 2009, the dependence of the Company's net income levels on increasing revenues, the timing of orders and shipments which can cause the Company to experience significant fluctuations in its quarterly and annual revenue, order bookings, backlog and operating results, timely receipt of required supplies and components which could result in delays in anticipated shipments, the ability of the Company to successfully compete with alternative and similar technologies, the ability of the Company to develop and introduce new products, the ability of the Company to attract and retain key personnel, especially technical personnel, the quality and cost of competitive products already in existence or developed in the future, rapid or unexpected technological changes, and the effect of economic conditions. The ability of the Company to develop and introduce new products, especially in markets outside of automotive, is subject to a number of uncertainties, including general product demand and market acceptance risks, the ability of the Company to resolve technical issues inherent in the development of new products and technologies, the ability of the Company to identify and satisfy market needs, the ability of the Company to identify satisfactory distribution networks, the ability of the Company to develop internally or identify externally high quality cost effective manufacturing capabilities for the products, general product development and commercialization difficulties, and the level of interest existing and potential new customers may have in new products and technologies generally.

Contact Information

  • Company Contact:
    Jack Lowry
    Chief Financial Officer
    734-414-6100