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In addition, the company announced that it will be moving from its existing 35,000 square foot facility in Eden Prairie, MN, to a 17,000 square foot facility in Bloomington, MN. PPT Vision has entered into a five year lease on the new facility effective October 1, 2008. As part of the consideration for the share issuance in the private offering, Leahy has agreed to secure a letter of credit in a beginning amount of $237,500 in favor of the company's building owner. This has enabled the company to terminate its existing lease obligation and enter into the new lease obligation on more efficient space at more favorable terms.
"The demand for machine vision technology in the manufacturing sector is expected to realize continued growth over the coming years as the economic justification for deploying machine vision inspection solutions in automated manufacturing operations is very strong. PPT Vision has a long and successful history in developing and applying machine vision technology in the manufacturing area and we look forward to driving needed change in the Company to improve performance and fully capitalize on the significant market opportunities that the company is currently working on," says Leahy.
Joe Christenson, president and CFO of PPT Vision, announced, "We are pleased that Tom Leahy has agreed to join the PPT Vision board of directors and participate in this equity offering. We believe that this new equity investment together with new operational efficiencies we are implementing as a part of this relocation to a much more cost efficient headquarters and manufacturing facility will serve to significantly strengthen PPT Vision's competitiveness, ability to serve our customers, and ability to develop to new business."