Autoglass Order Marks Launch of New Product Line for IPS
23 March 2000
Autoglass Order Marks Launch of New Product Line for IPS; Image Processing Systems Fuels Growth with Diversified Product Offerings
MARKHAM, Ontario--March 23, 2000--Image Processing Systems Inc. (TSE:IPV) announced today a new order from one of the world's largest automotive glass manufacturers, marking the commercialization of the company's Automated Glass Inspection (AGI) system product line.This initial order from a European-based manufacturer, worth in excess of $600,000, is for an AGI 9830 System that will be used to inspect in-process glass in the manufacture of automotive windshields. This is the second new product line that Image Processing Systems Inc. (IPS) has launched in as many quarters. These product initiatives are the results of a commitment to R&D, and position IPS for continued growth.
"Both the CRT glass products, announced in the third quarter, and the new autoglass products will contribute to our revenue growth next year," comments Ken Wawrew, IPS president and chief executive officer. "These product lines will also generate major growth in the following year when both will be shipping in volume. This is the second major automotive glass manufacturer adopting IPS's technology and we are expecting others to follow their lead."
The worldwide market for automotive glass is between $10 and $15 billion, with the top five manufacturers holding 90% of the worldwide production. There are more than 130 automotive glass factories worldwide, representing a total of over 1,000 production lines, and each production line presents an opportunity for one or more inspection systems.
"The automotive industry has been, and continues to be, one of the mainstays of the world's economy. This new market provides IPS with product diversification and reduces our geographical dependency on Asia, as only about 25% of automotive glass plants are located in Asia," adds Dave Thomas, vice president, Sales and Marketing. "Autoglass provides IPS with a market potential over twice the size of our current display alignment and inspection market."
The AGI 9830 Autoglass Inspection System, part of the AGI 9800 product family, is a fully-automated, turnkey system that detects and measures all glass defects including scratches, pits, bubbles, stones, inclusions, and distortions. The system also provides paint band and trade logo inspection. The AGI 9800 series incorporates a unique combination of laser illumination and optics (patents pending), high-resolution CCD cameras and proprietary image processing and analysis software. The AGI 9800's modular system architecture can be configured to accommodate a variety of inspection and process control applications. The system can inspect different shapes and sizes of glass, including windshields, side windows, rear panels and sun-roofs during all stages of production, from in-process to final inspection. The system identifies defective windshield components early in the manufacturing process before more value is added. By providing this enabling technology, IPS is helping its manufacturers to increase their competitiveness through yield and quality improvement.
IPS is a leading, global developer and supplier of e-Vision (electronic vision) technology to manufacturers worldwide. The company's Automated Display Inspection and Alignment ("ADI") systems are used by most of the world's largest display manufacturers. IPS also provides advanced glass inspection solutions for the electronics and automotive industries, developed in close co-operation with key customers. IPS, an ISO 9001 and IQNET certified company, is listed on the Toronto Stock Exchange under the symbol IPV. Headquartered in Markham, IPS has offices and representatives in Brazil, Canada, China, India, Japan, Korea, The Netherlands, Poland, Taiwan, the United Kingdom and the United States. For more information on IPS, please visit our Web site at www.ipsautomation.com.
To the extent that any of the statements discussed in this press release are forward-looking, such statements are subject to certain risks and uncertainties which could cause the actual results to differ materially from those projected, including, but not limited to, the timely development and acceptance of new products, delays in factory testing and acceptance, industry trends, technology or pricing competition and other risks. As a result, the company's operating results may fluctuate, especially when measured on a quarterly basis. The company assumes no obligation to update the information in this press release.