FARO Acquires Global Technology Rights from Dimensional Photonics International
01 May 2008 - 9:37AM
PR Newswire (US)
LAKE MARY, Fla., April 30 /PRNewswire-FirstCall/ -- FARO
Technologies, Inc., (NASDAQ:FARO) the world leader in portable
computer-aided measurement hardware and software, announced that
the Company has acquired an exclusive license from Dimensional
Photonics International, Inc., a leading provider of high-speed,
high-accuracy digital shape scanners, for global rights to develop,
manufacture and sell the company's technology and products. Terms
of the agreement were not disclosed. "This is a perfect fit for
FARO, both strategically and operationally," FARO President and CEO
Jay Freeland said. "I have been very open about my desire to expand
our non-contact capabilities and DPI's technology provides us with
a one-of-a-kind platform to do so. Their current products are
highly applicable to all the existing industrial markets we
currently serve, and we will continue to enhance and refine the
technology as we move forward." Olaf Krohg, Chairman and CEO of
DPI, agreed: "FARO is a great match for this technology given their
significant market presence, depth of technical knowledge, and
history of making small technology-driven acquisitions highly
successful." FARO expects the transaction to be mildly dilutive to
earnings in 2008 and 2009. The license covers: -- Technology and
products only -- no personnel or facilities are involved -- Rights
to more than 20 existing and pending patents -- Rights to certain
technology developed and patented by the Massachusetts Institute of
Technology -- FARO as the exclusive owner of global rights for a
broad mix of industrial applications FARO will establish a new
Technology Center of Excellence in the Boston area, close to the
existing DPI team, in order to ensure successful technology
transfer as well as to draw upon the vast technical talent
available in that geographic area. The new R&D team will fall
under FARO's current Engineering organization headed by Jim West,
Senior Vice President of Engineering and Chief Technology Officer.
DPI's proprietary technology, Accordion Fringe Interferometry
(AFI), creates a 3-D digital model of a physical object's surface
by immersing it in patterns of light, then recording how the light
reflects. Its ability to achieve accuracy of 25 microns or better
in a 500 mm field of view is world class for a non-contact
technology. AFI is also highly scalable technology, with inherent
design flexibility between accuracy, speed and field of view. It is
capable of 3-D scanning objects from nano-scale to several meters
in size. The technology is complementary to FARO's existing
non-contact offerings. The FARO Laser Scanner LS is capable of
significantly larger volume, but with lower accuracy. The FARO
ScanArm is more portable than the existing DPI product, but is also
less accurate. "This is game-changing technology for FARO,"
Freeland concluded. "When combined with our significant level of
expertise in three-dimensional measurement, imaging and optics, it
will enable us to positively impact more industries and
applications than ever." For additional information on DPI, please
visit http://www.faro.com/dpi-3d. This press release contains
forward-looking statements (within the meaning of the Private
Securities Litigation Reform Act of 1995) that are subject to risks
and uncertainties, such as statements about our plans, objectives,
projections, expectations, assumptions, strategies, or future
events. Statements that are not historical facts or that describe
the Company's plans, objectives, projections, expectations,
assumptions, strategies, or goals are forward-looking statements.
In addition, words such as "may," "believes," "anticipates,"
"expects," "intends," "plans," "seeks," "estimates," "will,"
"should," "could," "projects," "forecast," "target," "goal," and
similar expressions or discussions of our strategy or other
intentions identify forward-looking statements. Other written or
oral statements, which constitute forward-looking statements, also
may be made by the Company from time to time. Forward-looking
statements are not guarantees of future performance and are subject
to various known and unknown risks, uncertainties, and other
factors that may cause actual results, performances, or
achievements to differ materially from future results,
performances, or achievements expressed or implied by such
forward-looking statements. Consequently, undue reliance should not
be placed on these forward-looking statements. Factors that could
cause actual results to differ materially from what is expressed or
forecasted in forward-looking statements include, but are not
limited to: -- development by others of new or improved products,
processes or technologies that make our products obsolete or less
competitive; -- our inability to achieve expected benefits from the
license of the DPI technology; -- the other risks detailed in the
Company's Annual Report on Form 10-K and other filings from time to
time with the Securities and Exchange Commission. Forward-looking
statements in this release represent the Company's judgment as of
the date of this release. The Company undertakes no obligation to
update publicly any forward-looking statements, whether as a result
of new information, future events, or otherwise. About FARO With
approximately 17,000 installations and 7,600 customers globally,
FARO Technologies, Inc. designs, develops, and markets portable,
computerized measurement devices and software used to create
digital models -- or to perform evaluations against an existing
model -- for anything requiring highly detailed 3-D measurements,
including part and assembly inspection, factory planning and asset
documentation, as well as specialized applications ranging from
surveying, recreating accident sites and crime scenes to digitally
preserving historical sites. FARO's technology increases
productivity by dramatically reducing the amount of on-site
measuring time, and the various industry-specific software packages
enable users to process and present their results quickly and more
effectively. Principal products include the world's best-selling
portable measurement arm -- the FaroArm; the world's best-selling
laser tracker -- the FARO Laser Tracker X and Xi; the FARO Laser
ScanArm; FARO Photon Laser Scanners; the FARO Gage, Gage-PLUS and
PowerGAGE; and the CAM2 Q family of advanced CAD-based measurement
and reporting software. FARO Technologies is ISO-9001 certified and
ISO-17025 laboratory registered. About Dimensional Photonics
International, Inc. DPI is a technology leader in the field of 3D
scanning and measurements. In addition to the advanced 3D scanners
for industrial applications, DPI is currently engaged in the
development of an intra-oral 3D scanner. Advanced users of
industrial metrology tools have determined that DPI's technology is
the overall most accurate available in the market. DPI is the
licensee to a portfolio of patents from the Massachusetts Institute
of Technology, and has also established its own proprietary
portfolio of intellectual property. DPI is headquartered in
Wilmington, Massachusetts. DATASOURCE: FARO Technologies, Inc.
CONTACT: Darin Sahler of FARO Technologies, Inc., Global Public
Relations Manager, +1-407-333-9911, Web site:
http://www.faro.com/dpi-3d
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