AmeriChip International Inc. Provides Update.DETROIT -- On March 8, 2005 the Board of Directors of AmeriChip International Inc. (the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ACHI ACHI Arkansas Center for Health Improvement ACHI International Conference on Advances in Computer-Human Interaction ) is pleased to provide an update on the proposed purchase of the assets of American Production Machining ("APM (Advanced Power Management) A programming interface (API) from Intel and Microsoft for battery-powered computers that lets programs communicate power requirements to slow down and speed up components. See ACPI. APM - Advanced Power Management "). On February 25, 2005 the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Eastern District of Michigan, Detroit, granted preliminary approval to the combined plans and disclosure statements of three plan proponents in the Chapter 11 case of American Production Machining, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("APM"). AmeriChip International Holdings, LLC ("AmeriChip Holdings"), a wholly-owned subsidiary of AmeriChip International Inc., filed one of the three plans. One plan was filed by a creditor, and one by the debtor, APM. Only one plan will be confirmed. AmeriChip Holdings's plan provides for the acquisition by AmeriChip Holdings of APM's business as a going concern. The acquisition by AmeriChip Holdings of the business of APM will provide AmeriChip with a vehicle for an accelerated implementation of its patented Laser-Assisted Chip Control process in a production setting. A certain percentage of jobs already in production at the APM facility can benefit from the LACC LACC Los Angeles City College LACC Los Angeles Convention Center LACC Latin American and Caribbean Center (Florida International University) LACC Los Angeles College of Chiropractic LACC Local Aid Coordination Committee process. AmeriChip's goal is to secure term production jobs using the LACC process. AmeriChip Holdings's plan provides for the repayment to creditors of substantially all of the amounts owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de them. Unlike the other two plans, AmeriChip Holdings's plan provides for payments which are contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent a certain level of earnings being reached. AmeriChip believes that the level of earnings which would have to be reached under either of the other two plans in order for creditors to receive substantial payments are unlikely to be achieved. The three plans have been distributed to creditors along with ballots for them to vote in favor of one or more of the plans, and to express their preference among the three plans if they choose to do so. AmeriChip Holdings's plan provides a detailed explanation of the terms of AmeriChip Holdings's proposed acquisition as well as other important information. Creditors are encouraged to read the plan and the accompanying disclosure statement before voting on the plan in order to have a full understanding of the various proposals. All ballots must be returned no later than April 8, 2005. A hearing on final objections to the disclosure statements and on confirmation of the plans is scheduled for April 13, 2005 at 11:00 a.m. at the United States Bankruptcy Court for the Eastern District of Michigan. For more information, visit our website at www.americhipintl.com or, contact R. Windsor at 905-898-2646 or, send an e-mail to r.windsor@americhipintl.com. This release may include projections of future results and "forward-looking statements" as that term is defined in Section 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. |
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