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Coronavirus Update
March 22, 2020

Friends of FUTEK,

 

On February 27, we sent you a message of reassurance that FUTEK's supply chain was well equipped to handle what then looked like a possibly looming health crisis. Now that we know that the Covid-19 virus pandemic is indeed a crisis, we're still confident that we will be able to meet our customers' needs.

 

We're open for business
We're an essential business, which means that we will continue to operate, no matter what. We know how critical our operation is to our customers, which is why we want to reassure you that we have the infrastructure and systems in place to continue to serve you and deliver our products as usual.

 

We're ready for this
Because we're a resilient company with very strong retention rates, we have two great advantages. The first is to be able to meticulously track and plan our production so that we can always stay prepared for unknown issues and minimize potential shortages. The other is that we can be flexible enough to outmaneuver external challenges that affect our team. We have implemented shifts that run 24-hours, 7-days a week, allowing team members to adjust their schedules to hours outside 9-5. We offer a robust PTO program so that people who are ill can get the care they need and keep the rest of the team safe.

 

We have prepared for decades
It is part of FUTEK's Quality Culture to plan for and stay on top of unforeseen events. For almost 20 years, FUTEK's management team meets every day at 6:59 am to discuss long- and short term concerns. Our platform is robust, resilient, and flexible. We have a solid disaster recovery plan in place and have invested in secure technology that allows our team to seamlessly shift to working remotely.

 

What we're doing now
We have established a dedicated crisis management team and have a crisis management protocol in place. To protect the health and well-being of our employees, we perform austere health checks on everyone who enters our building. Every team member who can is working remotely and the majority of the people who work in our production facilities are wearing protective gear. We make sure to over-communicate with our team and encourage everyone to use our intranet (known as the "EQ") to spread messages of encouragement and support.

We do recognize that this is not a normal time, but we have been around long enough to know that crises and unprecedented events only make us stronger. We hope that you are staying safe and well. Remember: This too, shall pass.

Best,

 

 Javad Signature

 

 


Coronavirus Statement
February 27, 2020

For Immediate Release -- Irvine, CA

The team at FUTEK Advanced Sensor Technology Inc. is deeply saddened by the global impact of the spreading coronavirus epidemic. Our hearts go out to all of the individuals and families who are suffering or who have lost family members as a result of this devastating virus.

 

We want to reassure you though, that this crisis has not affected our production or supply chain. As part of FUTEK'S Quality Culture we have minimized the shortage of B.O.M. risk by implementing vertical integration and by utilizing domestic suppliers whenever possible. In addition, we also maintain a well calculated buffer stock policy for critical parts and we have accelerated deliveries of critical materials to build up a safety stock.

 

We will continue to closely monitor the supply chain to ensure that we are prepared for any potential issues. Should we experience any shortage, we will take immediate action towards alternate pre-approved options. We are committed to continuing our close working relationship with all of our customers and will immediately notify anyone that may be impacted.

 

Best Regards,

Javad Mokhbery, President and CEO


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