AmeriChip International Inc. Secures Lease Financing of $125 Million Annually
CLINTON TOWNSHIP, MI, Feb 28, 2007 (MARKET WIRE via COMTEX) -- The Board of Directors of AmeriChip International Inc. (OTCBB: ACHI) announced today that it has been approved for a leasing program to be used to finance equipment costs for $125 million annually by TIP Capital (TIP) of Bloomfield Hills, MI.
Before forming TIP Capital in 2000, the current executive team successfully managed the AT&T Systems Leasing program during the previous 10 years, structuring transactions and financing and managing a lease portfolio in excess of $2 billion in equipment cost. In addition, TIP has several financing programs in place with major financing institutions in the U.S., Canada and Europe. A complete history of TIP's financing successes can be found at www.tipcapital.com.
Mr. Buck Morrison, Jr., Director, National Accounts for TIP, stated: "Congratulations to the AmeriChip management team for the successful acquisition of KSI. This positions you to move forward with your aggressive plans for marketing and the implementation of the Laser Assisted Chip Control technology to Fortune 1000 customers throughout North America. TIP Capital believes that AmeriChip is in a key position to make a significant impact on the automotive industry with the LACC process and we are proud to be a part of this initiative."
Tip Capital has agreed to provide the following services:
-- TIP Capital and KSI-AmeriChip International Inc. have developed a
leasing program designed to provide total Life Cycle protection for both
KSI-AmeriChip and your customers.
-- Specific to this leasing program and the structure that TIP will provide maximum protection for the Company's customers moving forward, TIP anticipates financing a minimum of 36-42 LACC Cells on an annual basis with a 50/50 split between "Scribe Only" cells and "Scribe and Machine" Cells. We are prepared to finance a minimum Equipment Cost $125 million annually.
-- TIP will also provide financing of the KSI-specific milling operations and equipment in our projections.
Marc Walther, CEO of AmeriChip International, stated that, "The relationship with TIP Capital represents a new era in the financial life of the Company. TIP will provide conventional financing for the growth of the four business models without further dilution of the Company's stock."
Headquartered in Clinton Township, MI, U.S.A., AmeriChip International Inc., a patented technology company, holds a patented technology known as Laser Assisted Chip Control, the implementation of which results in efficient chip control management in industrial metal machining applications. This technology provides substantial savings in machining costs of certain automobile parts providing much more competitive pricing and more aggressive sales approaches within the industry.
The innovative AmeriChip business model, enhanced by its AmeriChip Tool and Abrasives subsidiary, is designed to establish an extensive resource for cost saving services and products that all cost conscious industrial steel and aluminum machining companies require. AmeriChip is committed to keeping jobs in America for Americans.
For more information, visit our website at www.americhiplacc.com or, contact R Windsor at 905-898-2646 or, send an e-mail to r.windsor@americhiplacc.com.
For more information, contact: R. Windsor 905-898-2646 e-mail: r.windsor@americhiplacc.com www.americhiplacc.com
SOURCE: AmeriChip International Inc.
CONTACT: mailto:r.windsor@americhiplacc.com americhiplacc.com
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