Science & Technology
Science and Technology
Science and Technology
Wed, January 21, 2009 Allied Motion Reports Status of Recovery From Fire at One of Its Facilities
DENVER--([ BUSINESS WIRE ])--Allied Motion Technologies Inc. (NASDAQ:AMOT) today announced that its facility located in Chatsworth, California has substantially recovered from the fire that occurred on October 11, 2008 that caused heavy damage to the building and the majority of the manufacturing and office areas. The damaged facility was leased by Allied's wholly-owned subsidiary Computer Optical Products Inc. (COPI) a manufacturer of encoder products which accounts for less than 10% of Allied Motion's consolidated revenues. The COPI operation has been relocated to a new leased building and all production lines are now operating at or near the levels required to meet current customer requirements. The cause of the fire is still under investigation but appears to have started in an administrative office.
"Our employees at COPI did an excellent job of getting relocated and quickly back into production to meet our customers' current needs," said Dick Smith, CEO of Allied Motion. "I would like to thank our employees at COPI for the extraordinary effort they put forth to recover from this very unfortunate event which did cause a short-term disruption of supply to customers during the fourth quarter of 2008. We are in the process of filing claims with the insurance company for the loss of property and for the business interruption and such claims processing will be ongoing in 2009."
Headquartered in Denver, Colorado, Allied Motion designs, manufactures and sells motion control products into applications that serve many industry sectors. Allied Motion is a leading supplier of precision and specialty motion control components and systems to a broad spectrum of customers throughout the world.
The statements in this press release that relate to future plans, events or performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statements that may predict, forecast, indicate, or imply future results, performance, or achievements. Forward-looking statements involve known and unknown risks and uncertainties, including the risks and uncertainties detailed from time to time in the Company's SEC filings, that may cause actual results of the Company to differ materially from the forward-looking statements. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.
