WALLA WALLA, Wash., July 25, 2013 (GLOBE NEWSWIRE) -- Key Technology, Inc. (Nasdaq:KTEC), a complete solutions provider and worldwide leader in the design and manufacture of process automation systems, announced today it has signed an exclusive licensing agreement with EVK DI Kerschhaggl GmbH and Insort GmbH to deploy Chemical Imaging Technology (CIT®) and integrate new hyperspectral developments into Key systems, and an exclusive distribution agreement to market Insort's complementary sorting solutions to strategic potato processing customers worldwide. EVK and Insort are based in Austria.
"These agreements further strengthen Key's leadership position in the potato industry, and allow us to continue providing our customers with the most innovative, value-add systems to improve their yield and product quality," said Jack Ehren, President and Chief Executive Officer of Key Technology. "Partnering with EVK and Insort and the integration of CIT into Key products will enable Key to enhance existing technologies and create new differentiated sorting capabilities for potato processing applications."
The partnerships reinforce Key's position as the most complete source of high-performance digital sorting technologies in the potato industry and complements Key's development of next-generation hyperspectral sorters for a variety of food processing applications.
"Key is a highly-respected market leader and we are excited to partner with them to bring our Chemical Imaging Technology sorting solutions to a wider range of customers. We look forward to working together to enhance innovation and development," said Matthias Jeindl, president of Insort. "With worldwide sales and service capabilities, Key has exceptionally strong customer relationships and unparalleled industry expertise in their core markets and is an ideal distributor for our Sherlock Separator and Observer products."
These two partnerships further demonstrate Key's commitment to develop and implement new hyperspectral technologies on additional sorting platforms and to improve product quality and increase yields for customers in core markets. Sorting based on the chemical composition of a product, leveraging hyperspectral imaging, shows strong potential for multiple food processing applications in solving a variety of product quality and processing challenges.
Conference Call
The Company's conference call related to this announcement and the fiscal 2013 third quarter results can be heard live on the Internet at 2:00 p.m. Pacific Time on Thursday, July 25, 2013. To access the audio webcast, go to http://www.key.net/investors/investor-events/default.html at least fifteen minutes prior to the call to download and install any necessary audio software.
About Key Technology
Key Technology, an ISO-9001 certified company, is a global leader in the design and manufacture of process automation systems including digital sorters, conveyors, and processing equipment. Applying processing knowledge and application expertise, Key helps customers in food processing and other industries improve quality, increase yield and reduce cost. With worldwide sales representation, the company maintains demonstration and testing facilities at its headquarters, and manufacturing divisions in Walla Walla, Washington, U.S.A., and at Key Technology BV in Beusichem, the Netherlands, and Visys NV in Hasselt, Belgium. The company's common stock trades on the Global Market tier of The NASDAQ Stock Market® under the symbol KTEC.
About Insort GmbH
Insort GmbH was formed in 2011 as a joint venture of the two parent companies, Infruits AG and EVK DI Kerschhaggl GmbH. The synergy of Infruits' food technology experience combined with the technical sensory expertise of EVK is ideal for the food industry. The aim of the company is to develop highly innovative technologies for the classification and sorting of food.
About EVK DI Kerschhaggl GmbH
EVK specializes in optical and inductive inspection systems. The sensor systems are specially constructed in order to grade and sort bulk material according to color, shape, size, and texture as well as based on chemical and physical material properties.
Forward-Looking Statements
Certain statements in this press release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. These statements may relate to expected results of operations or gross margins; expected trends in sales, orders, earnings and other financial measures; projected expenses, including general and administrative expenses; national and international economic conditions; the effect of foreign exchange fluctuations; or other future occurrences. Actual results could differ materially from those anticipated in the forward-looking statements as a result of a variety of economic, competitive and governmental risks and uncertainties. These risks and uncertainties include, among other things, industry consolidation increasing competition in the food processing equipment industry; advances in technology by competitors adversely affecting our sales and profitability; a variety of factors that could increase our cost of operations and reduce gross margins and profitability, including expansion into new markets, complex projects and applications, and integrated product offerings; acquisitions that may harm our operating results; the failure of our independent sales representatives to perform as expected, thereby harming our net sales; our dependence on certain suppliers leaving us temporarily without adequate access to raw materials or products; significant investments in unsuccessful research and development efforts adversely affecting our business; and increased or unanticipated costs associated with product warranties adversely affecting our profitability. These and other risk factors are discussed in our filings with the Securities and Exchange Commission, including in Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended September 30, 2012. We undertake no obligation to update or revise any forward-looking statements in this press release as a result of subsequent developments, except as may be required by law.
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