LAS VEGAS, Nov. 27, 2006 (PRIME NEWSWIRE) -- InRob Ltd. ("InRob") (OTCBB:IRBL), today announced that it has reached an agreement in principle to acquire a production facility in the Philippines in support of its global penetration strategy.
InRob announced that it is currently moving forward in its plans to acquire a modern production facility in the Philippines to expand its manufacturing infrastructure. The new plant will enable InRob to mass-produce its products for the global market and exploit significant economies of scale to establish a significant competitive advantage over its competitors.
"The UGV market is targeted for unprecedented growth rates over the coming 3-5 years, where advances in remote-control technologies are leading to increased use of UGVs for 'dirty and dangerous' missions in unstructured, complex military environments," says Ben-Tsur Joseph, President of InRob. "In this high-potential market, the new plant creates a special growth opportunity for InRob's unique integration expertise, experience, with innovative R&D capabilities."
"The new plant will also allow InRob to expand the production of its proven products for its primary market -- military and defense related uses, and mass produce its products for the global market at competitive prices," says Ben-Tsur Joseph, President of InRob.
While supporting InRob in the global military robotics market, the new plant will also allow InRob to implement its knowledge and expertise in consumer robotics as well. "At the same time," adds Ben-Tsur Joseph, "the plant is a key to the booming Far East market, which is extremely enthusiastic about consumer robotics."
InRob's top management is scheduled to travel to the Philippines to advance and finalize a definitive agreement with respect to the acquisition of the plant, which is expected to close during the first quarter of 2007.
About InRob Tech
InRob Tech is an Israeli-based high-tech company specializing in the planning, manufacturing and service support of advanced wireless and remote control systems, operating all types of robots and other vehicles. The Company is Israel's leader in its field, and supports the IDF (Israeli Defense Forces), Israeli police, and other military and civilian companies dealing with security. Founded in 1988, the Company works closely with other high-tech companies to provide the most advanced and comprehensive UGV solutions to the market.
For more information, please visit our web site at http://www.inrobtech.com.
Forward-Looking Statements
Certain statements in this news release may contain 'forward-looking' information within the meaning of the Federal securities laws. All statements, other than statements of fact, included in this release may include forward-looking statements that may involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.