Ekso Bionics Announces Continued Adoption of EVO™ with Flexible Subscription-Based Order from Cloverdale Foods Company

Rhea-AI Summary

Ekso Bionics Holdings (Nasdaq: EKSO) has announced a subscription-based order for its EVO exoskeleton from Cloverdale Foods Company, a family-owned meat company. This adoption highlights the effectiveness of EVO in reducing worker fatigue and enhancing productivity in the food processing sector. Cloverdale plans to implement the EVO Exoskeleton Program to ensure employee safety while meeting increased product demand. The EVO exoskeleton features a customized fit, reduced weight, and is rigorously tested for quality, aiming to enhance workplace efficiency and employee health.

Positive

• Cloverdale Foods has adopted the EVO exoskeleton, indicating positive market acceptance.
• The subscription-based model lowers capital barriers for customers.
• EVO is designed for improved comfort and usability, promoting productivity.

Negative

• None.

RICHMOND, Calif., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an industry leader in exoskeleton technology for medical and industrial use, today announced the continued adoption of its latest industry exoskeleton innovation, EVO, with a subscription-based order by Cloverdale Foods Company, a fourth generation, family-owned meat company.

“We are proud to help Cloverdale in its commitment to protecting the health of its employees and enhancing overall productivity,” said Michael Pratt, Vice President at Ekso Bionics. “Our EVO device is perfectly suited for our customers, such as Cloverdale, who recognize the employee and business benefits of mitigating worker fatigue, eliminating injuries and making productivity more predictable. The food processing vertical is one that requires significant upper-body and overhead work, which makes EVO a perfectly designed exoskeleton to maximize the user experience for workers of all sizes and trades.”

Through its new acquisition model, which lowers capital barriers, Cloverdale will be one of the first companies to launch an EVO Exoskeleton Program in the food processing vertical. With a new customized fit, natural tracking, and reduced weight, EVO is incredibly comfortable with minimal touch points to make extended use effortless. EVO is quality guaranteed through rigorous field testing and is built around data collected throughout its development.

“As a family-run company, we truly value the health and safety of our employees. The pandemic has sharply increased demand for our products, so we are continually evaluating new and innovative ways to deliver a best-in-class, safer working environment for our employee family. Equipping our team with state-of-the-art technologies like EVO will help us achieve this goal. This will in turn allow us to deliver faster results for our customers and honor our continued commitment to quality,” said Scott Russell, President and CEO of Cloverdale.

About Ekso Bionics^®

Ekso Bionics® is a leading developer of exoskeleton solutions that amplify human potential by supporting or enhancing strength, endurance and mobility across medical and industrial applications. Founded in 2005, the Company continues to build upon its industry-leading expertise to design some of the most cutting-edge, innovative wearable robots available on the market. Ekso Bionics is the only exoskeleton company to offer technologies that range from helping those with paralysis to stand up and walk, to enhancing human capabilities on job sites across the globe. The Company is headquartered in the San Francisco Bay Area and is listed on the Nasdaq Capital Market under the symbol “EKSO.” For more information, visit: www.eksobionics.com or follow @EksoBionics on Twitter.

About Cloverdale^® Foods Company

Cloverdale Foods Company is a fourth generation, family owned meat company based in Mandan, North Dakota. Since 1915, Cloverdale has crafted premium, bold flavors which bring lasting memories to families. Serving both retail grocery and foodservice channels, Cloverdale is well-known throughout the Midwest for traditional favorites like Bacon, Summer Sausage, and more. For more information, please visit www.cloverdalefoods.com.

Blue Ribbon Brand^® in Houston, TX. is a wholly-owned subsidiary of Cloverdale Foods Company. For more information please visit www.blueribbonsausage.com.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons, plans or strategy relating to the marketing and adoption and acceptance of the Company’s products and potential for adoption of the Company’s products by the market, and plans or strategy related managing the impact of the COVID-19 epidemic, (ii) estimates or projection of financial results, financial condition, capital expenditures, capital structure or other financial items, (iii) the Company's future financial performance, (iv) estimates or projections of sales and prospective customers, and (v) the assumptions underlying or relating to any statement described in points (i) through (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, changes resulting from the Company’s finalization of its financial statements for and as of the three months ended September 30, 2020, information or new changes in facts or circumstances that may occur prior to the filing of the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2020 that are required to be included in such report, the Company's inability to obtain adequate financing to fund the Company's operations and necessary to develop or enhance the Company’s technology, the significant length of time and resources associated with the development of the Company's products, the Company's failure to achieve broad market acceptance of the Company's products, the failure of the Company’s sales and marketing efforts or of partners to market the Company’s products effectively, adverse results in future clinical studies of the Company's medical device products, the failure of the Company to obtain or maintain patent protection for the Company's technology, the failure of the Company to obtain or maintain regulatory approval to market the Company's medical devices, lack of product diversification, existing or increased competition, disruptions in the Company’s supply chain due to the outbreak of the COVID-19 virus, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. To learn more about Ekso Bionics please visit the Company’s website at www.eksobionics.com or refer to the Company’s Twitter page at @EksoBionics. The Company does not undertake to update these forward-looking statements.

Investor Contact:
David Carey
212-867-1768
investors@eksobionics.com

FAQ

What is the recent announcement by Ekso Bionics regarding the EVO exoskeleton?

Ekso Bionics announced a subscription-based order for its EVO exoskeleton from Cloverdale Foods, enhancing workplace safety and productivity.

Who is Cloverdale Foods and how are they using Ekso Bionics’ EVO?

Cloverdale Foods is a family-owned meat company that will implement the EVO exoskeleton to improve employee health and productivity in food processing.

What benefits does the EVO exoskeleton provide?

The EVO exoskeleton helps mitigate worker fatigue, reduces injuries, and enhances productivity in demanding work environments.

When was the press release by Ekso Bionics issued?

The press release was issued on November 10, 2020.

What does the subscription-based model mean for Cloverdale Foods?

The subscription-based model reduces upfront costs, making it easier for Cloverdale to adopt the EVO technology.