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Major sales and new business relationships bring bright forecast for 2002

Monday, Jan 21, 2002 4:00 AM

RESEARCH TRIANGLE PARK, N.C., January 21, 2002- Geomagic announced today that it has achieved positive cash flow from operations over the last 12 months. Based on major sales and new business agreements in 2001, the company expects continued growth in 2002. Geomagic provides 3D photography solutions for rapid manufacturing, mass customization and quality assurance.

Geomagic produced the positive cash flow by significantly increasing revenues, fine-tuning its worldwide resellers network, and carefully managing expenses, according to Willis Lumpkin, the company's COO and CFO.

"This is a significant milestone for Geomagic," says Lumpkin. "For a full year, we have maintained a self-sufficient cash position. Because of this, Raindrop continues to thrive even during a difficult market. By continuing to manage our company for profitability, we feel confident about our ability to grow into existing and new markets."

2001 will be noted as the year that Geomagic's technology and marketing expertise became recognized by major vendors and users of engineering and manufacturing technologies. Geomagic achieved the following significant sales, partnerships and awards in 2001:

  • A $1.8-million software licensing and development contract with Align Technology (NASDAQ: ALGN), maker of the Invisalign orthodontic system.
  • A strategic licensing and development arrangement with PTC (NASDAQ: PMTC) for incorporating Geomagic's technology into future versions of Pro/ENGINEER, PTC's market-leading mechanical computer-aided design (MCAD) software, and ICEM Surf, PTC's premier surfacing system.
  • A development and co-marketing partnership with Minolta Corporation's Instrument Systems Division for new integrated technologies for reverse engineering, rapid surfacing, rapid inspection, and 3-D photography.
  • A $350,000 small business innovation award from the National Science Foundation (NSF) to continue research into 3D photography technology that helps companies mass-manufacture highly customized products.
  • An OEM reseller agreement with Perceptron Inc., a leader in real-time data collection, analysis, measurement and control software technologies.
  • A laser scanning system for Boeing with software development of a prototype, rapid inspection system for certain manufactured airplane parts.
  • A development, marketing and sales agreement with 3D Systems (Nasdaq: TDSC), the leader in 3D stereolithography systems, to provide turnkey hardware and software solutions for rapid manufacturing.
  • An OEM reseller agreement with Laser Design Inc., a leading manufacturer of 3D laser digitizing systems used for rapid inspection applications.
  • Licensing of numerous software seats to major automotive manufacturers, including Toyota, Honda, Mitsubishi, Nissan, BMW and Mazda.
  • An Editor's Choice Award for Geomagic Qualify from Cadence, a leading publication for the computer-aided design (CAD) industry, and a top 10 software award from IEEE Computer Graphics & Applications, an international trade magazine for the computer graphics industry.

About Geomagic

Geomagic (www.geomagic.com) is a global company dedicated to advancing and applying 3D technology for the benefit of humanity. Geomagic’s scanning and design software solutions are used to capture and model 3D content from physical objects, organically sculpt complex shapes, and prepare products for manufacturing. In addition, the company produces powerful 3D metrology and inspection software that verifies dimensional quality by comparing as-built products to master designs. Geomagic’s Sensable Phantom haptic devices simulate the sense of touch in a digital environment. 

Geomagic’s software and hardware are utilized by world-class customers in a variety of industries, including aerospace, automotive, medical, consumer products, toys, collectibles, coindesign, jewelry, fine art, heritage restoration, research, education, mold making, entertainment, training and surgical simulation. In fact, some of the world’s leading companies and research organizationsuse Geomagic software, including Ford, BMW,Boeing, Harley DavidsonTimberland, Mattel/Fisher Price, Lego, Pratt & WhitneyNASA, Schneider Electronic, 3M, Danaher and Invisalign. Geomagic is based in Research Triangle Park, N.C., USA, with an office in Boston, subsidiaries in Europe and Asia, and channel partners worldwide.

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Geomagic, Geomagic Studio, Geomagic Qualify, Geomagic Qualify Probe, Geomagic Spark, Wrap, Geomagic Wrap, Phantom, OpenHaptics, Omni, Freeform, Claytools, Sensable and Sensable Technologies, Inc. are trademarks or registered trademarks of Geomagic Inc.  All other trademarks are the property of their respective owners.

Media Contact:

Rachael Taggart
Geomagic, Inc.
+(1) 919-474-0135
Contact Rachael