Adept Proposes Acquisition of MetaControls Technologies

July 17, 2002 by Jeff Shepard

Adept Technology Inc. (San Jose, CA) announced that it has signed a letter of intent to acquire a controlling interest in motion controller/motor driver manufacturer MetaControls Technologies Inc. (Morrisville, NC) in a common stock transaction. Completion of the acquisition remains subject to entering into definitive agreements, completion of due diligence, obtaining required approvals and other standard closing conditions.

Adept Chairman and CEO Brian Carlisle said, "Combining the Meta product line with Adept's software and controls has already resulted in proposal activity to address the complete control needs of targeted major OEM customers. The proposed acquisition would extend Adept's product line to include low-cost, low-power, FireWire controllers and cameras allowing us to address the extremely cost-competitive, but rapidly growing, motion-control market in China."