Cognex Corporation (NASDAQ: CGNX) today announced that the Audit Committee of the company’s Board of Directors has appointed Grant Thornton LLP as the company’s independent registered public accounting firm, effective September 7, 2007. Grant Thornton LLP replaces Ernst & Young LLP, which has served as the company’s firm of record since the fiscal year ended December 31, 2003. The decision to change independent registered public accounting firms was unanimously approved by the Audit Committee and is not the result of any disagreement with Ernst & Young on any matter of accounting principles or practice, financial statement disclosure, or auditing scope or auditing procedure.
About Cognex Corporation
Cognex Corporation designs, develops, manufactures, and markets machine vision sensors and systems, or devices that can "see." Cognex vision sensors are used in factories around the world to automate the manufacture of a wide range of items and to assure their quality. Cognex is the world's leader in the machine vision industry, having shipped more than 350,000 machine vision systems, representing over $2 billion in cumulative revenue, since the company's founding in 1981. In addition to its corporate headquarters in Natick, Massachusetts, Cognex also has regional offices and distributors located throughout North America, Japan, Europe, Asia, and Latin America. Visit Cognex on-line at http://www.cognex.com/.
Certain statements made in this press release, which do not relate solely to historical matters, are forward-looking statements. You can identify these forward-looking statements by use of the words “expects,”“anticipates,” ”estimates,”“believes,” “projects,”“intends,” “plans,”“will,” “may,”“should,” “shall” and similar words. These forward-looking statements, which include statements regarding business trends, revenue growth and the company’s financial outlook, involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include: (1) global economic conditions that impact the capital spending trends of manufacturers in a variety of industries; (2) the cyclicality of the semiconductor and electronics industries; (3) the reliance upon certain sole-source suppliers to manufacture and deliver critical components for the company’s products; (4) the inability to design and manufacture high-quality products; (5) the technological obsolescence of current products and the inability to develop new products; (6) the inability to protect the company’s proprietary technology and intellectual property; (7) the challenges in integrating acquisitions and achieving anticipated benefits; (8) the failure to effectively manage product transitions or accurately forecast customer demand; (9) the inability to attract and retain skilled employees; and (10) the other risks detailed in the company’s reports filed with the SEC, including the company’s Form 10-K for the fiscal year ended December 31, 2006. You should not place undue reliance upon any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation to update forward-looking statements after the date of such statements.
Susan Conway, 508-650-3353
Director of Investor Relations