New 8k filed, ACII to acquire a new company, Kotsonis back at KSI. The big question is: What does this mean for LACC? Management needs to issue a PR - is ACII headed in a new direction?
sec.gov
Item 1.01. MATERIAL DEFINITIVE AGREEMENTS
The Company has retained Crusader Securities, a New York Based Investment bank to assist the Company in advancing its strategic objectives. Crusader Financial Group (“CFG”) is a national financial services company providing investment banking services, and asset management to institutional and retail clients. Through its wholly owned subsidiaries, CFG is a registered broker/dealer (member FINRA), a New York State registered investment advisor, a New York State commercial real estate broker, and a residential mortgage broker in Florida and California.
Item 2.01. ACQUISITION OR DISPOSITION OF ASSETS.
On October 28, 2008, subject to certain terms and conditions of an agreement signed between AmeriChip International, Inc. (the “Company”) and OrbitForm Group (“Orbitform”) of Jackson, Michigan , the Company has agreed to acquire all the issued and outstanding common stock of Orbitform, a privately held Michigan corporation.
Orbitform manufactures forming, fastening, joining, and assembly equipment for a wide range of industries and applications. The Company provides world-class prototype engineering services for assembly of parts and specialized forming and fastening. Orbitform's intelligent machines can monitor and control manufacturing and assembly. Orbitform has been profitable in each of the last three years with annual sales ranging from $13 to $16 million.
The material terms of the contemplated agreement are as follows: AmeriChip will acquire 100% of Orbitform and Orbitform will have a retained equity position in AmeriChip of 50%. It is contemplated that the acquisition will be completed in the first Quarter of the Company’s fiscal year. Upon completion Orbitform will name three new members to the Board of Directors of AmeriChip.
On October 28, 2008, subject to certain terms and conditions of an agreement signed between AmeriChip International Inc. (the “Company”) and James Kotsonis, of Washington Township, Michigan, the Company has agreed to sell to Mr. Kotsonis a 50% interest in AmeriChip’s wholly owned subsidiary KSI Machine and Engineering Inc. (“KSI”) by retiring the promissory note for $2,600,000 held by Mr. Kotsonis.
Mr. Kotsonis will become the President of KSI Machine and Engineering effective immediately. |
