Full Press Release Details
Murphy, Chief Executive Officer
Maas, Investor Relations
Communications, Inc.
hires new Vice President of Engineering
announces signing of second major development agreement
15, 2008 - PRO-DEX, INC. (NASDAQ: PDEX) announced today
completion of two key objectives which increase the strength of the Company's
operational infrastructure and continues the path to sustainable sales and
on the recent events, Mark P. Murphy, Pro-Dex's Chief Executive Officer said
"after an extensive 12-month search, we are excited to announce the hiring of
Richard A. Corrington as our new Vice President of Engineering. Dick brings
Pro-Dex 30 years of proven experience in building and leading diverse groups
technical professionals in the accelerated and reliable development of
state-of-the-art products."
Corrington has held multiple senior engineering leadership positions in the
electronics and defense industries in both large and small organizations. He
most recently served as the Senior Vice President of Engineering for Balboa
Instruments in Tustin California, a manufacturer of sophisticated control
electronics used in harsh environments.
considering more than 30 candidates for this critical position," Mr. Murphy
continued, "Dick is undoubtedly the one who brings the entire package: vision,
leadership, technical capability, innovation, discipline, and character. He
not only the right choice for today, but will help us build the technical
platform upon which to grow. We could not be more enthusiastic about our
selection. In addition to building the engineering capabilities in our Santa
operations, Dick's experience in the electronics and defense industries should
help further integrate the technical capabilities of all three of our business
Corrington has a B.S.E.E. from the University of Michigan, has completed
advanced studies in Computer Science and Business at the University of Minnesota
and is the holder of numerous US design and utility patents.
Company also announced that it had recently entered into a Development Agreement
with a new customer in the orthopedic market to develop a complete bone-cutting
surgical drive system that will be integrated into the customer's proprietary
clinical techniques. Revenue from the development services to be provided by
Pro-Dex are estimated at $800,000 over the next 15 months. The Development
Agreement also contemplates that Pro-Dex will be the exclusive manufacturer
the new product, with sales projected to begin in approximately May of
on the Development Agreement, Pro-Dex's Executive Vice President, Patrick
Johnson said "this is an ideal development project for Pro-Dex as it fully
utilizes all of our technical core competencies in micro rotary power
generation, sophisticated motor control and innovative electro-mechanical design
and integration. Revenue from the Agreement will fully support the coordinated
development efforts of our three business units, each of which will manufacture
key components of the overall system, demonstrating the synergistic opportunity
that this is for Pro-Dex. This is an exciting contract for us and sets a new
for an A-profile project."
addition to the development of the capital equipment for the drive system,
Pro-Dex will be designing several consumable elements of the system which when
manufactured will provide a revenue stream for Pro-Dex from each clinical
procedure performed.
result of this Agreement and other bookings, the Company's backlog remained
strong at approximately $11.7 million as of December 31, 2007.
Murphy concluded about both events, "Each day we become a stronger Company. The
hiring of Dick Corrington and the signing of this major development agreement
are two more major milestones in our journey, confirming that we are on the
right path. We continue to be persistent in our pursuit of building a
sustainable operating machine and so far, our efforts are paying off."
Inc., with operations in Santa Ana, California; Beaverton, Oregon; and Carson
City, Nevada specializes in bringing speed to market in the development and
manufacture of technology-based solutions that incorporate embedded motion
control, miniature rotary drive systems and fractional horsepower DC motors,
serving the medical, dental, semi-conductor, scientific research and aerospace
markets. Pro-Dex's products are found in hospitals, dental offices, medical
engineering labs, scientific research facilities, commercial and military
aircraft, and high tech manufacturing operations globally.
information, visit the Company's website at http://www.pro-dex.com.
herein concerning the Company's plans, growth and strategies may include
'forward-looking statements' within the context of the federal securities laws.
Statements regarding the Company's future events, developments and future
performance, as well as management's expectations, beliefs, plans, estimates
projections relating to the future, are forward-looking statements within the
meaning of these laws. The Company's actual results may differ materially from
those suggested as a result of various factors. Interested parties should refer
to the disclosure concerning the operational and business concerns of the
Company set forth in the Company's filings with the Securities and Exchange