Completion of Acquisition or Disposition of Assets, Financial Stateme
ITEM 2.01 - ACQUISITION OR DISPOSITION OF ASSETS. On February 15, 2007, pursuant to the terms and condition of the letter of intent signed on December 7, 2004, AmeriChip International, Inc. (the "Company") completed the purchase of all the issued and outstanding common stock of KSI Machine and Engineering, Inc. ("KSI") of Clinton Township, Michigan.
KSI is a well-established Tier One Supplier and is a leader in machining large industrial castings and molds for the automotive and aerospace industries utilizing state of the art CNC machinery that has management believes has revolutionized die machining. The automotive die and mold castings which use horizontal spindle 5 axis computer numerical controlled machines.
The material terms of the agreement are as follows: The stock purchase was for an aggregate consideration of $3.2 million. During the year ended November 30, 2004, the Company paid a deposit of $50,000 for this agreement. On December 7, 2004, the Company paid an additional $100,000. On October 6, 2005, the Company paid an additional $30,000 for this agreement. On November 7, 2005, the Company paid an additional $20,000 for this agreement.
The Company has re-financed the equipment owned by KSI through People's State Bank in the amount $1,600,000 and the Small Business Administration ("SBA") in the amount of $1,280,000 for an aggregate $2,880,00. Marc Walther has assumed the role of President of KSI.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (a) Financial statements of business acquired.
The financial statements required by this Item 9.01(a) will be filed by amendment to this Form 8-K within the period permitted by Item 9.01(c) of Form 8-K.
(b) Pro Forma financial information
The pro forma financial information required by this Item 9.01(b) will be filed by amendment to this Form 8-K within the period permitted by Item 9.01(c) of Form 8-K.
(c) Exhibits
Exhibits Description
2.1* Stock purchase agreement between AmeriChip International, Inc. and KSI Machine and Engineering, Inc.
This says 40-60% all over it!
Posted by EverGreen on :
SUPER NEWS
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.
Posted by bullpicks6 on :
Great news looks like we'll get ourselves a nice run if we can finish today green
Posted by bullpicks6 on :
we'll probably be able to get some cheaper prices today...
Posted by bullpicks6 on :
This thing is moving with ease here today
Posted by mrinos on :
I don't think I have ever seen achi move with "ease" although I do like the stock.
Posted by bullpicks6 on :
yea, maybe I'm being a little too liberal with the term ease...I should have said relative ease...relative to this stock's usual movement