Actrade Capital expands TAD program to Chicago: Expansion initiates Actrade's penetration into national market.NEW YORK--(BUSINESS WIRE)--Sept. 9, 1996--Actrade International Ltd. (Nasdaq: ACRT ACRT Accelerated Crucible Rotation Technique ACRT Association for Clinical Research Training ACRT Advanced Concepts Research Tool ACRT Appraisal Consulting Research & Training, Inc. ) announced today that its subsidiary, Actrade Capital Inc., has opened a new office in the Chicago area. Following a sharp, 45 percent growth in annual revenues attributed to increased use of TADs in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area, the opening of Actrade's Chicago office initiates the expansion of TADs into the national market. Jon J. Viberg will serve as the company's regional division manager and will spearhead and oversee sales activities for the Midwestern U.S. Viberg was previously president of Jon Jay & Co.'s Cash Flow Management Group servicing assorted financial needs for over 300 clients, many of whom are amongst Fortune's 500. In anticipation of introducing the TAD Program to the Chicago region, Viberg stated, "The TAD Program benefits companies of all sizes. It is a perfect tool that many of my clients will quickly embrace." Actrade Capital's president, Amos Aharoni, stated, "We have successfully tested TADs with smaller companies in the New York area. Our expansion into the Chicago market will confirm that the model for handling procedures developed in New York is easily replicated in other markets. A combination of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying expertise, a huge range of contacts, and matching corporate philosophy makes Jon Viberg the ideal person to head up this expansion." Actrade's Innovative Finance Tool Serves Two Vital Trade Functions: Accelerates Receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , Eliminates Commercial Disputes Since 1993, Actrade Capital has pioneered a little-known financial instrument called the Trade Acceptance Draft. As a way of financing an accounts receivable or payable, this draft is signed by a buyer in favor of upon the side of; favorable to; for the advantage of. See also: favor a seller, specifying the amount to be paid and the due date payment. Actrade purchases the draft from the seller for immediate cash, and collects from the buyer on a designated date or dates. Using the TAD Program, buyers receive up to five month credit terms Credit Terms The conditions under which credit will be extended to a customer. The components of credit terms are: cash discount, credit period, net period. for goods or services delivered and accepted (hence Trade Acceptance). The Program is unique in that TADs are purchased with credit protection for the seller (eg. in case the buyer goes out of business) and can be used in addition to existing credit lines. Unlike most bank and factoring agreements, there are no liens, UCC An abbreviation for the Uniform Commercial Code. filings or minimum volumes required, and TADs can be used on a transaction-by-transaction basis. Furthermore, because of their unique financial structure, they eliminate the risk of commercial disputes. TADs have been adapted by Actrade to meet the needs of several industries, including construction, retailing and several supply trades. The address of the company's Chicago branch is: One Tower Lane, Ste. 1700, Oakbrook Terrace, IL 60181. Telephone 630/573-2949; fax 630/954-0583; E-mail: chicago@acrt.com; Web: http://www.acrt.com. Jon J. Viberg can be reached at the company's Chicago branch. Amos Aharoni can be reached at the company's headquarters: 212/563-1036 in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Web: http//www.acrt.com. CONTACT: Actrade Capital Frances Zelazny, 212/563-1036 Jon Viberg, 630/573-2949 or Kahtan Miller Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , New York Meir Kahtan, 212/929-2200, ext. 352 |
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