,,,,,,,Here's a hint why: "eMerge Interactive To Receive $3 Million Accelerated Lease Payment From Excel Corporation
Monday November 24, 9:30 am ET Source yahoo.com
SEBASTIAN, Fla., Nov. 24 /PRNewswire-FirstCall/ -- eMerge Interactive, Inc. (Nasdaq: EMRG - News), a technology company providing VerifEYE(TM) food-safety systems, individual-animal tracking and database management services to the $40 billion beef industry, today announced it will receive $3 million from Excel Corporation representing an accelerated lease payment for the first three VerifEYE(TM) Carcass Inspection Systems (CIS). Excel Corporation is a leading meat processor and is a wholly owned subsidiary of Cargill, Incorporated.
As previously announced, Excel has approved eMerge's CIS for installation and use in all of its North American processing facilities. Furthering its commitment to provide the highest quality beef products possible, Excel has now agreed to provide eMerge with a $3 million accelerated lease payment in lieu of 36 monthly lease payments for the first three CIS units. Under the terms of this three-unit lease agreement, eMerge will receive a $0.9 million payment in November 2003 and a $2.1 million payment in January 2004, when two additional units are delivered. Lease agreements for the four remaining Excel plants will be finalized after site evaluations and preparations have been completed and the installation dates are established.
"This is an important development for eMerge Interactive," stated David C. Warren, President and CEO of eMerge Interactive. "We continue making progress in strengthening our balance sheet and positioning our company for growth; the $3 million in accelerated lease payments is a major step in obtaining the working capital necessary to successfully execute our business plan. We view Excel's decision to install our CIS units at all of its North American facilities as a confirmation of our technology while their up-front commitment speaks to their confidence in our future."
REGARDS,
--MONEYMADE |
