IRVINE, Calif., Dec. 11 /PRNewswire-FirstCall/ -- PRO-DEX, INC. (the “Company”) today announced the results of its 2009 Annual Shareholders Meeting held on December 4, 2009. At the Meeting, the Company’s shareholders (i) elected George Isaac, Michael Berthelot, William Healey, David Holder and Mark Murphy as directors; (ii) approved the authority for the Board of Directors to effect a reverse stock split if it should elect to do so at any time between January 1, 2010 and December 31, 2010; and (iii) ratified the appointment of Moss Adams, LLP as the Company’s independent auditors for the fiscal year ending June 30, 2010.
The Customer has not provided firm transition dates or volumes due to the inherent uncertainty in the design, testing, and qualification process. The Customer advised that it expects to maintain its current level of purchases at least through August of 2010 for one product (which represents 45% of its total purchases from the Company during the 12-month period ended November 30, 2009), and at least through December of 2010 for the second product (which represents 43% of its total purchases from the Company during the 12-month period ended November 30, 2009).
The design and production of these products is quite technologically challenging, as such devices are exposed to extremely harsh surgical and sterilization conditions. A different large customer of the Company pursued a similar course of action several years ago and ultimately canceled its in-sourcing project, continuing its purchases from Pro-Dex. The Customer currently pursuing this course has indicated a high commitment to proceeding cautiously. Accordingly, the actual occurrence of, and certainly the specific timing of any transition is very difficult to estimate.
The Company has no commitment from the Customer that it will update the Company with the status of its product development efforts and the Customer has no obligation to do so. Accordingly, the Company is unable to know or predict the status of the Customer’s initiative on an ongoing basis. The name of the Customer is protected by a confidentiality agreement.
Pro-Dex, Inc., with operations in Irvine, California, Beaverton, Oregon and Carson City, Nevada, specializes in bringing speed to market in the development and manufacture of technology-based solutions that incorporate miniature rotary drive systems, embedded motion control 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, commercial and military aircraft, scientific research facilities and high tech manufacturing operations around the world.
Statements 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 or 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 Commission.
CONTACT: Mark Murphy, Chief Executive Officer of Pro-Dex, Inc.,
+1-949-769-3200
Web site: http://www.pro-dex.com/
