Sarcos Technology and Robotics Corporation Moves into New Headquarters and Production Facility in Salt Lake City

Rhea-AI Summary

Sarcos Technology and Robotics Corporation (NASDAQ: STRC, STRCW) significantly expands its operations by moving to a new headquarters in Salt Lake City, nearly doubling its footprint to over 60,000 square feet. This transition supports the company's plans for initial commercial production of its cutting-edge robotic systems, including the Guardian XO exoskeleton and teleoperated robotic avatar. Sarcos anticipates a 60-70% increase in workforce and aims to produce 300-500 commercial units annually by the end of 2022. The new facility also includes advanced testing and demonstration areas.

Positive

• Expansion of headquarters to over 60,000 square feet to accommodate growth and production.
• Anticipates 60-70% workforce increase in 2022.
• Forecasts production of 300-500 commercial units annually of its Guardian systems.

Negative

• None.

Global leader in the development of highly dexterous mobile robotic systems more than doubles footprint to facilitate expansion and initial commercial production

SALT LAKE CITY, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Sarcos Technology and Robotics Corporation (“Sarcos”) (NASDAQ: STRC and STRCW), a leader in the development of robotic systems that augment humans to enhance productivity and safety, today announced that it has moved into a new headquarters and production facility in the Granary District of Salt Lake City. The move to the new innovative office, lab space, and production facility, comprising more than 60,000 square feet, comes as the company completes the commercialization of its award-winning industrial robotic exoskeleton and teleoperated industrial robotic avatar products.

Sarcos is expecting to increase its headcount by 60-70% over the course of 2022. It expects to start producing the commercial version of its Guardian^® XO^® full-body, battery-powered industrial exoskeleton and Guardian^® XT^™ teleoperated dexterous mobile robotic avatar system at the end of 2022. The new space, which nearly doubles the size of its previous headquarters, includes an extensive test lab and demonstration space for customer use case validation and trials. Sarcos estimates that it will be able to produce between 300 and 500 commercial units of its Guardian XO exoskeleton and Guardian XT robotic system per year at its new facility.

“We are thrilled to be in our new, state-of-the-art headquarters,” said Ben Wolff, Chairman and CEO, Sarcos. “With the significant company growth we are expecting over the next several years, we needed a building that could accommodate additional employees as well initial production of our flagship commercial products.”

The new Sarcos headquarters is located at 650 S 500 W. Suite 150, Salt Lake City, UT, 84101, within the INDUSTRY Salt Lake City building. INDUSTRY is a modern office space with two additional locations in Denver and houses a large variety of tenants in addition to Sarcos. The company has signed a 12-year lease with options to extend for up to six additional years. Barb Johnson and Kreg Peterson from CBRE represented Sarcos on the lease transaction.

For more information on Sarcos and its award-winning product portfolio, please visit www.sarcos.com.

About Sarcos Technology and Robotics Corporation
Sarcos Technology and Robotics Corporation (NASDAQ: STRC and STRCW) is a leader in industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity. Leveraging more than 30 years of research and development, Sarcos’ mobile robotic systems, including the Guardian^® S, Guardian^® GT, Guardian^® XO^®, and Guardian^® XT™, are designed to revolutionize the future of work wherever physically demanding work is done. Sarcos is based in Salt Lake City, Utah. For more information, please visit www.sarcos.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Sarcos’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Sarcos is not under any obligation and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Readers should carefully review the statements set forth in the reports which Sarcos has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”). In addition to factors previously disclosed in Sarcos’ reports filed with the SEC and those identified in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: Sarcos’ ability to execute on its business strategy, address staffing shortages and supply chain disruptions, launch its products within expected timelines, develop new products and services and enhance existing products and services; ability to respond rapidly to emerging technology trends; ability to compete effectively, recruit and retain qualified personnel and manage growth and costs; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC. The documents filed by Sarcos with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9040a3a1-b066-45c8-b6ba-011ed13a019f

FAQ

What is the significance of Sarcos moving to a new headquarters?

The new headquarters supports Sarcos' expansion and initial commercial production, nearly doubling its operational footprint.

How many units does Sarcos plan to produce annually at its new facility?

Sarcos aims to produce between 300 and 500 commercial units of its Guardian robotic systems per year.

What percentage increase in workforce does Sarcos expect in 2022?

Sarcos expects a workforce increase of 60-70% over the course of 2022.

Where is Sarcos' new headquarters located?

The new facility is located in the Granary District of Salt Lake City, Utah.

What are the main products Sarcos is commercializing?

Sarcos is commercializing the Guardian XO exoskeleton and teleoperated robotic avatar systems.