SOURCE: Perceptron, Inc.

Perceptron, Inc.

May 24, 2011 17:05 ET

Perceptron® and Greenlee® Announce the Greenlee® FF200 FishFinder™ Product Launch

PLYMOUTH, MI--(Marketwire - May 24, 2011) - Perceptron, Inc. (NASDAQ: PRCP) today named Greenlee Textron Inc., a Textron Company, ("Greenlee"), as the strategic customer it signed in the electrician's market vertical and announced their first new product, the Greenlee FF200 FishFinder™, the first visual inspection product that incorporates a CAT IV safety-rated imager. Perceptron had previously announced during 2010 that it had signed a new strategic customer, but was unable to identify Greenlee at that time.

Richard Price, Vice President of Perceptron's Commercial Products Business Unit, commented, "We are happy to announce Greenlee, a prestigious global market leader in the electrical market, as our strategic customer in the electricians market vertical. Since signing our agreement we have been actively working with Greenlee to develop the first exciting visual inspection product that is specifically designed for the electricians market. The FF200 FishFinder™ is unique among all visual inspection devices because it incorporates a CAT IV safety-rated imager that conforms to the highest level of protection as specified by UL and IEC standards. With a CAT IV imager, the FF200 FishFinder™ device can be safely used in a wide variety of electrical environments. No other visual inspection product on the market has been specifically designed with the needs of the trained electrical technician in mind, and the certification to meet CAT IV legislative standards."

Douglas J Eichner, Vice President, Product Management of Greenlee, added, "Electricians have been asking for a visual inspection product designed specifically for their use when working around energized equipment. The FF200 FishFinder™ provides electricians with a safer solution when trouble-shooting a short or a continuity issue, inspecting motors and junction boxes, tracing, or when looking in spaces too small for direct access."

Harry T. Rittenour, Perceptron President and CEO, commented, "I am very pleased to be able to name our new customer, Greenlee, as they launch the FF200 FishFinder™ into the marketplace. We anticipate the first shipments to occur in June with the products available for purchase through industrial distributors starting in August 2011."

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 225 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.

About Greenlee
Greenlee is known as a global leader in the professional tool category. The Rockford, Illinois-based company develops high quality innovative products distinguished by customer-driven design and differentiated by supply chain excellence. Greenlee also leverages its powerful brands such as Tempo, Greenlee Utility, Paladin and Klauke in the electrical, construction and maintenance markets worldwide. More information is available at www.greenlee.com.

About Textron
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, and Textron Systems.

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 2010, 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:
    Richard Price
    Vice President, Commercial Products
    734-414-6100