Patented technology company AmeriChip International Inc. (OTCBB: ACII) today announced it has secured an additional line of credit through InStream Services Inc. and its financial institution clients, which will allow the company further working capital.
“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,” Marc Walther, president and CEO of AmeriChip International stated in the press release.
InStream, wholly-owned subsidiary of Hennessey Capital Solutions, uses its patent-pending Web-based technology to deliver efficient, cost-effective working capital strategies for supply chain industries around the world.
KSI Machine & Engineering (KSI), wholly-owned subsidiary of AmeriChip, will use the InStream EarlyPay solution to increase working capital through the sale of outstanding receivables ahead of the scheduled payment date. KSI will receive 100 percent of the invoice value of the true sale, less the discount paid based upon the advance period.
“The growth of AmeriChip over the past year has been significant and we are proud to be part of a financial program to assist in the future exciting development of this company,” Frank Hennessey, CEO of InStream stated.
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