AMERICAN TONERSERV SHUTS DOWN

[Anonymous]

http://www.northbaybusinessjournal.com/28862/american-tonerserv-shuts-down/

AMERICAN TONERSERV SHUTS DOWN
Publicly
traded American TonerServ has ceased operations, according to Dec. 30
and Jan. 14 filings with the U.S. Securities & Exchange Commission.
American TonerServ executives were not available for comment.Founded
five years ago by former American Home Shield President Dan Brinker, the
company acquired and provided back end services for small to medium
toner cartridge supply and service providers across the country.
AmericanTonerServ had acquired six independent suppliers in keeping with
its strategy of integrating the used cartridge industry to compete with
printer supply and service giants like Hewlett Packard and Lexmark.

Acquisition
of TonerType in Florida in 2008 gave the company a cartridge
manufacturing operation.Traded on the Bulletin Board as ASVP, the
company reported on  Nov. 22 that third-quarter revenue increased 10
percent to $8.51 million from a year ago, but the quarterly net loss
grew to $1.29 million from $1.03 million in the third quarter of 2009.
At that time American TonerServ announced it was expanding its
manufacturing operation in Florida.

On Dec. 23, former TonerType
owners filed a notice of default on Dec. 23 claiming $673,000 in
outstanding principal and accrued interest. Another default notice,
filed on Dec. 28 by  Celtic Capital Corporation, demanded immediate
payment of $2,107,649 in principal, accrued interest, fees, costs and
other expenses associated with a loan.American TonerServ was located in
Rohnert Park. It had about a dozen employees a year ago, but had shifted
most positions to Florida.

http://www.northbaybusinessjournal.com/28862/american-tonerserv-shuts-down/

[Author]

February 9, 2011 at 10:01 AM