Current Business Position. Xxxx Xxxx, a twenty-year veteran of the retail clothing industry, and Xxxx Xxxxxxx, an engineer and seven-year veteran of the integrated chip industry, founded IMT as a C Corporation in Michigan in 1997. It was capitalized with $150,000 in cash from the two founders. The funds were used primarily for research and development of the SmartScanner. Fifty prototypes have been made and were tested for six months in Neiman Marcus retail stores across the U.S., an arrangement secured by Xx. Xxxx. The scanner received positive responses from customers, salespersons, and management. The fifty prototype scanners were manufactured, assembled, and delivered to IMT at a unit cost of $200. Neiman Xxxxxx paid $500 rent per unit for the test period. With the test proving successful, the company has agreed to purchase the prototype scanners for an additional $500 per unit. Unit costs are expected to drop from $200 to $100 after production is scaled up, and a final selling price of $750 is anticipated. Xxxxxx Xxxxxx has signed an order to purchase an additional 250 units in the next year. Sales efforts are currently underway with six major upscale department stores in the U.S. and Canada.
Current Business Position. Snap-Quick, Inc. is a C Corporation registered in the state of Pennsylvania. Snap-Quick's 24-person employee team includes persons with more than 60 combined years of experience in connector design, light manufacturing operations, and industrial marketing. Management feels that much larger sales gains and market share could be obtained, given the Snap-Quick's demonstrable superiority to competitive designs. However, the company's existing production and distribution capacity offer significant constraints when compared with the opportunity that exists for its product.
Current Business Position. Adventure Foods has completed the initial product development and testing and is now developing packaging. A marketing agreement has been finalized with the SNBC and vendors and suppliers of ingredients are being established. The design of the production line is complete and three sites have been selected, one is available for purchase and two for lease. Once financing is established it will take six to eight weeks to begin initial production. As soon as the company has the capacity to produce 40,000 units per month, the SNBC will place the initial order of 150,000 units and introduce the product to its customers.
Current Business Position. Palmtop Innovations was formed as a C Corporation to design, manufacture, and market Palm Pilot-based software solutions for automobile dealerships. The founder and CEO, Xxxxxxx Regent, spent approximately 10 years in information systems manager roles for automobile dealerships in Ohio and Pennsylvania. Mr. Regent has considerable expertise in information systems, understanding of dealership information issues, and contacts with the individuals responsible for purchasing information technology for dealerships.
Current Business Position. Xxxxxxx Xxxxx has already begun to expand on a national scale. New offices have been opened, additional staff has been hired, and the firm's technology/equipment base has been expanded. This strategy has been successful so far, and the firm has acquired several national accounts whose xxxxxxxx are much larger than the average client Xxxxxxx Xxxxx has worked with in the past. These larger clients, many of whom are also slower in cycling invoices than other clients, are causing increases in accounts payable and accounts receivable. As a result, the firm is now seeking additional funds to provide working capital during this period of expansion.
Current Business Position. HydroHut will be owned by Xxxxx Xxxxxx and Xxxxxxx Xxxxxx. The business will be structured as an equal partnership, with Xx. Xxxxxx bearing the title of President and Xx. Xxxxxx operating as Chief Executive Officer. Xx. Xxxxxx and Xx. Xxxxxx are experienced in retail restaurant bar operations.
