PLEASANTON, Calif., Sept. 6, 2012 (GLOBE NEWSWIRE) -- Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided and autonomous mobile robotic solutions, has entered into an agreement to sell 8,000 shares of its Series A Convertible Preferred Stock, par value $.001 per share, at a purchase price of $1,000 per share to affiliates of Hale Capital Partners, LP for a total of $8,000,000. Adept has the ability to issue up to an additional $1,500,000 of shares of Series A Convertible Preferred Stock to other buyers subject to certain conditions. The shares sold would be convertible into shares of Adept's Common Stock at a conversion price of $4.60 per share. Subject to the satisfaction of customary conditions and lender and Nasdaq approval, the sale of shares is expected to close mid-September, 2012.
Upon completion of the sale to Hale Capital Partners, Martin Hale, Jr., CEO of Hale Capital Partners, will join Adept's Board of Directors and be nominated for election at Adept's next annual stockholders meeting.
Adept intends to use the net proceeds from this sale of shares for general corporate purposes, including funding growth of its mobile and packaging business, and the possible reduction of its debt."We are pleased to partner in this financing with Hale Capital to support our growth strategy focused on large, emerging, and untapped markets in the natural foods handling and intelligent robotic automation markets. We continue to make progress in our mobile robot and packaging solutions businesses to execute to our milestones and transition these exciting technologies into high value solutions with our lead customers, enabling us to enter our next phase of growth," said John Dulchinos, president and chief executive officer of Adept. "We expect this capital to be used judiciously in marketing and selling to a larger, broader customer base which we believe will result in exponential growth over time for these Adept businesses."
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