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Perceptron Announces Agreement with Snap-on Tools
Plymouth, MI, February 5, 2008, Perceptron, Inc (NASDAQ: PRCP) today announced that it has signed a supply agreement with Snap-on of Kenosha, Wisconsin, whereby Perceptron will be supplying a new and exciting line of video inspection optical snake products specifically designed for the professional technician market. The first of a series of these tools is scheduled to be delivered to Snap-on in the coming months. The new products will allow technicians to perform easily, a variety of inspection and diagnostic tasks at an affordable price.
Some of the product’s many uses include the ability to inspect engine pistons, cylinders, and valves without removing the head, the ability to view the interior door, frame and exhaust systems for corrosion without disassembly, and the ability to identify defects in hoses, wires and connections behind the instrument panel and the firewall without removing the dashboard. Heater and AC core leaks that were previously difficult or impossible to diagnose can now be detected easily.
Harry T. Rittenour, President and CEO of Perceptron, commented: “This is truly an exciting new arena for our rapidly growing Commercial Product business. It allows us to penetrate a large untapped marketplace for our technology in a way that does not conflict or interfere with our other strategic distribution channels.”
About Perceptron
Perceptron develops, produces, and sells non-contact measurement and inspection solutions for industrial and commercial applications. The Company’s Automated Systems 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. Perceptron’s Technology Products provide innovative solutions for scanning and inspection, serving industrial, trade and consumer applications. The Company also offers Value Added Services such as training and customer support services. Headquartered in Plymouth, Michigan, Perceptron has approximately 240 employees worldwide, with operations in the United States, Germany, France, Spain, Brazil, Japan, Singapore and China. For more information, please visit www.perceptron.com.
About Snap-on Incorporated
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, diagnostics and equipment solutions for professional users. Product lines include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle manufacturers, dealerships and repair centers, as well as customers in industry, government, agriculture and construction (www.snapon.com). Products are sold through its franchisees, company-direct sales and distributor channels, as well as over the Internet. Founded in 1920, Snap-on is a $2.8 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
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 develop and introduce new products and the Company's expectation as to the timing of revenue and net income increases from new products which the Company has not yet released. 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, 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.
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