Adept Buys Chad

SAN JOSE, Calif. -- Adept Technology, Inc. (Nasdaq:ADTK), a manufacturer of flexible automation for the telecommunications, fiber optic and semiconductor industries, today announced that it has completed the acquisition of CHAD Industries, Inc. ("CHAD"), a design and manufacturing company specializing in precision assembly automation based in Orange, California. Under the terms of the merger agreement, a combination of equity and cash will be paid out over three years in exchange for all of the issued and outstanding shares of CHAD. The acquisition of CHAD is the latest step in Adept's ongoing photonics automation strategy. CHAD's extensive experience developing and building standardized precision workcells based on Adept software, controls and robot systems was key in the acquisition decision. Adept plans to leverage CHAD's expertise in small part feeding, precision tooling design, and the handling of odd-form components to add capacity in photonics automation. CHAD's initial role within Adept will be to develop process module tooling for both Adept NanoStage precision positioning products and NanoCell automated process ready platforms. In addition, Adept plans to support and grow CHAD's line of odd-form component assembly machines. Adept Technology Inc.