The Board of Directors of AmeriChip International, Inc. (OTCBB: ACII) announced today that it has secured an additional working capital line of credit through InStream Services, Inc. and its financial institution clients.
"We have been approved for this additional accounts receivable line of credit for an increase in production orders from General Motors from whom the Company has received orders and requests for quotes for our LACC (Laser Assisted Chip Control) technology," stated Marc Walther, President and CEO, AmeriChip International.
InStream Services, Inc. leverages its unique technology platform, processes and relationships with large financial institutions to deliver a more effective working capital strategy to supply chains. The InStream EarlyPay™ solution provides suppliers with an easily accessed, flexible and less expensive source of incremental working capital when bank-provided working capital is insufficient or unavailable.
KSI Machine & Engineering (KSI), a wholly owned subsidiary of AmeriChip, will use the InStream EarlyPay™ solution to increase working capital by selling its outstanding receivables in advance of the scheduled payment date. The sale of these receivables is a true sale, and KSI will receive 100% of the invoice value less the discount paid based upon the advance period.
