Perceptron, Inc. (NASDAQ: PRCP), a leading global
provider of 3D automated metrology solutions and coordinate
measuring machines, today announced that the Company’s Chairman of
the Board, Jay Freeland, will also become Interim President and
Chief Executive Officer effective immediately, following the
resignation of David Watza as a director and officer of the
Company. The search for a permanent CEO has already been
initiated, under the Board’s guidance and direction.
“I’m excited to work with Perceptron’s Board to
maximize the value of this Company for our shareholders,” Mr.
Freeland stated. “The strength of Perceptron’s core
technology, its new products and its talented employees is not
reflected in the current share price. I have a number of
ideas around our strategic direction and the best path forward, and
will explore all of our options vigorously.”
“Following discussions with the Board and the
management team over the course of this year, I believe that in the
near-term, a thorough evaluation of our cost and organizational
structure should drive improved margins and enable greater
productivity,” Mr. Freeland added. “Moreover, as we look for
the optimal go-to-market strategy, we will also consider our
product and business mix to ensure we are only pursuing the highest
return products and business lines.
“The Board is encouraged by the Company’s growth
potential, yet we also recognize that the global automotive market
is changing rapidly and uncertainty is increasing. In order
to anticipate and benefit from this change, the Board will take a
critical eye to various strategic options, including potential
divestitures and strategic business partnerships. I expect to
weigh our organic growth prospects against the benefits of larger
partnerships and other alternatives.”
Mr. Freeland joined Perceptron’s Board of
Directors in December of 2018 and became Chairman in May of
2019. Prior to joining Perceptron, he served as President and
CEO of FARO Technologies, Inc. (NASDAQ: FARO) for approximately ten
years, before retiring in December of 2015. He also served in
a variety of executive capacities at General Electric for almost
twelve years before that.
“Perceptron is an excellent company with highly
motivated and skilled professionals,” Mr. Freeland concluded.
“We have great technology that offers significant value to
our customers. Along with Perceptron’s senior leadership
team, I will look to make informed decisions and drive substantial
value creation. I look forward to updating our shareholders
throughout the year on our progress.”
Quarterly Investor Call and
Webcast
As a reminder, Perceptron, Inc., will hold its
first quarter fiscal 2020 investor conference call/webcast, chaired
by Jay Freeland, Chairman and Interim CEO, on November 12, 2019, at
8:30 AM (EDT). Investors can access the call at:
Webcast |
investors.perceptron.com on the Event page |
Conference Call |
833-535-2207 (domestic callers) or |
|
412-317-5405 (international callers) |
Conference ID |
10136469 |
A replay will be posted to the Company's website
after the conference call concludes.
About Perceptron®Perceptron
(NASDAQ: PRCP) develops, produces and sells a comprehensive range
of automated industrial metrology products and solutions to
manufacturing organizations for dimensional gauging, dimensional
inspection and 3D scanning. Products include 3D machine vision
solutions, robot guidance, coordinate measuring machines, laser
scanning and advanced analysis software. Global automotive,
aerospace and other manufacturing companies rely on Perceptron's
metrology solutions to assist in managing their complex
manufacturing processes to improve quality, shorten product launch
times and reduce costs. Headquartered in Plymouth, Michigan, USA,
Perceptron has subsidiary operations in Brazil, China, Czech
Republic, France, Germany, India, Italy, Japan, Slovakia, Spain and
the United Kingdom. For more information, please visit
www.perceptron.com.
Safe Harbor StatementCertain
statements in this press release may be “forward-looking
statements” within the meaning of the Securities Exchange Act of
1934, including our expectation as to our fiscal year 2020 and
future results, operating data, new order bookings, revenue,
expenses, net income and backlog levels, trends affecting our
future revenue levels, the rate of new orders, the timing of
revenue and net income increases from new products which we have
recently released or have not yet released, the timing of the
introduction of new products and our ability to fund our fiscal
year 2020 and future cash flow requirements. Whenever
possible, we have identified these forward-looking statements by
words such as “target,” “will,” “should,” “could,” “believes,”
“expects,” “anticipates,” “estimates,” “prospects,” “outlook,”
“guidance” or similar expressions. 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. While we believe that our
forward-looking statements are reasonable, you should not place
undue reliance on any such forward-looking statements, which speak
only as of the date made. Because these forward-looking
statements are based on estimates and assumptions that are subject
to significant business, economic and competitive uncertainties,
many of which are beyond our control or are subject to change,
actual results could be materially different. Factors that
might cause such a difference include, without limitation, the
risks and uncertainties discussed from time to time in our periodic
reports filed with the Securities and Exchange Commission,
including those listed in “Item 1A: Risk Factors” of our Annual
Report on Form 10-K for fiscal 2019. Except as required by
applicable law, we do not undertake, and expressly disclaim, any
obligation to publicly update or alter our statements whether as a
result of new information, events or circumstances occurring after
the date of this report or otherwise.
Contact:Investor
Relationsinvestors@perceptron.com
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