AEi ANNOUNCES MAJOR NEW INFUSION OF CAPITAL
AEi Raises New Funding for Working Capital to Meet Increasing Sales
Wilmington, MA – May 19, 2003 – Automation Engineering Incorporated (AEi) announced today that it had received a new round of funding from its investment group to fund working capital requirements from increased sales.
“While some sectors of the automation market, such as photonics, have been very flat over the last 2 years, we are seeing a sharp increase in orders from the medical devices and other precision manufacturing sectors. As a result we have seen our overall bookings increasing quarter by quarter since our acquisition from Axsys Technologies.” said Justin Roe, AEi Chief Operating Officer. “We raised additional investment capital to help fuel the current and upcoming orders plus take advantage of potential acquisition and expansion opportunities in the current market.”
“Our success in this very competitive down market is tied to our adherence to cost control. If it does not add value to the customer, we don’t do it.” says Andre By, AEi’s Chief Technology Officer, adding, “Having the necessary capital enables us to deal with the lumpiness of cashflow caused by large systems orders. We see too many companies in the automation market have allowed operating losses burn through their cash, and are now trying to ride out the rest of the downturn on a shoe string. Many others are closing their doors and just giving up.”
About Automation Engineering Incorporated
AEi, founded in 1990, provides comprehensive engineering services for design for manufacturing and process prototyping plus complete flexible automation solutions for its customers. AEi specializes in automation applications and equipment that require the integration of advanced machine vision and motion control technology. AEi operates in this capacity as both a consultant and a systems integrator for turn-key automation machinery for the aerospace, consumer products, electronics, fiber optics, electronics, medical devices, photonics, and many other industries. AEi technology and systems are currently in production across North America and Europe. Additional AEi product and services information is available at its web site at http://www.aeiboston.com.
Contacts: Andre By, Chief Technology Officer
Automation Engineering Incorporated
600 Research Drive
Wilmington, MA 01887
P: 978-658-1000, ext 102
F: 978-658-1050
aby@aeiboston.com
Justin Roe, Chief Operating Officer
Automation Engineering Incorporated
600 Research Drive
Wilmington, MA 01887
P: 978-658-1000, ext 107
F: 978-658-1050
jroe@aeiboston.com