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Braintech Achieves Positive Cash Flow Status ABB Confirms Commitment to Market TrueView Systems World Wide Braintech Inc. (OTCBB: BRHI), a leading provider of Vision Guided Robotic ("VGR") software technologies, announced today that it has received initial guaranteed payments from ABB Robotics in accordance with the terms of the Exclusive Global Channel Partner Agreement signed by the two companies in April, 2006. The Agreement provides ABB with global exclusivity of Braintech's award winning eVF software for the industrial robotics market in return for guaranteed minimum purchases. Ted White, Braintech's CFO states, "Receipt of this ABB payment, together with the minimum purchase guarantees for 2007 and 2008, provides Braintech with sufficient funds to achieve a continuing positive cash flow from operations beginning with the first quarter of 2007." Owen Jones, Braintech's CEO and Chairman of the Board, says, "Our mission is to build a public company that in the long run provides exceptional ROI for our shareholders. To this end, we adopted the Independent Software Vendor, ('ISV') model that can provide exceptional profitability by virtue of high gross margins and volume sales. The challenge for an emerging software company is to achieve market leadership in a niche and so very few ISVs succeed. "I'm here today, to state we are succeeding! Our relationship with ABB, (NYSE: ABB) has developed over the last six years. Today, we received affirmation of the importance of our products for ABB and its customers and in doing so are well positioned to sustain profitable growth. "Our goal, in partnership with ABB, is focused on helping manufacturers become more competitive by providing visually intelligent, ('Cognitive') robotic systems that offer substantial improvements for the quality and cost of manufacturing." Ted Wodoslawsky, ABB-VP Marketing, NA Robotics comments, "Cognitive Robotics is game changing and with our TrueView systems we're already providing our customers with new levels of robotic automation that are making their operations more efficient. We're working with Braintech to expand our TrueView offerings in order to give our customers the power of Cognitive Robotics for all their manufacturing needs." About ABB Robotics: www.abb.com/robotics About Braintech: www.braintech.com TrueView is a trademark of ABB, Inc. Disclaimer Statements in this document that are not purely historical are forward-looking statements and reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions. Forward-looking statements in this news release include statements regarding the achievement of continuing positive cash flow from operations beginning with the first quarter of 2007, the provision of exceptional profitability by virtue of high gross margins and volume sales, the sustainability of profitable growth, and the expansion of TrueView offerings to give ABB customers the power of Cognitive Robotics for all of their manufacturing needs. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technical difficulties in developing the products; competition from other suppliers of similar products; pricing that may not be acceptable to potential markets; and many other known and unknown factors. Readers should also refer to the risk disclosures outlined in the Company's 10-KSB and 10-QSB Forms filed from time to time with the SEC. Distributed by Filing Services Canada and retransmitted by Market Wire Source: Market Wire (February 20, 2007 - 9:00 AM EST) News by QuoteMedia www.quotemedia.com | ||||||||||||||
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