LP 7: Advanced Sports, Inc. -- 유명 자전거 제조 및 판매 회사 Warehouse 설립

Advanced Sports, Inc. 회사는 유명 대만 Bicycle 제조 회사의 미국 자회사로 필라델피아 시에서 성공적으로 사업을 하고 있는 회사입니다. 이 프로젝트에 관련된 대만 parent company 가 매우 유명합니다.

PROJECT DESCRIPTION

The Company presently leases warehouse space in Illinois and California, and has recently sold its New Jersey building and purchased the Property, which is a 70,674 square foot building with a 47,800 square foot paved parking area that will become the company’s new national headquarters. The expansion plan also provides for the substantial acquisition of inventory. The company plans to renovate the new Philadelphia space into a modern warehouse for their bicycles and accessories, and to modernize the offices into a space suitable for their national headquarters. The proceeds of the Loan will be used to fund the Subject Improvements necessary to implement the project.

It is anticipated that the Company’s expansion plans will create approximately 28 new direct jobs and, in accordance with the RIMS II multiplier tables, an additional 18 indirect jobs will be created, a total of 46 new jobs, which qualify under the Program.

프로젝트 수행자:

The Company, a Pennsylvania corporation, is a distributor of bicycles in the United States. Eighty-three percent (83%) of the Company is owned by Jadeland Pacific Ltd, a Taiwan partnership formed in 1998 and eighteen percent (18%) by Ideal Bike Corporation, a publicly traded Taiwan company and the third largest manufacturer of complete bicycles in Taiwan, mainly for export to the U.S. and Europe. Ideal Bike Corporation acquired its eighteen percent (17%) equity interest by converting $4,152,000 in outstanding debt from the Company in 2004.

In 1999, the Company purchased the business assets of Fuji America, Inc., and the worldwide rights to distribute the Fuji Bicycle Brand. Distribution centers for the European and Asian markets were established, and warehouses in the U.S. were expanded. In 2002, the Company purchased the California native BMX brand, “SE Racing”, for worldwide distribution, and royalty income equivalent to one third of the purchase price was already generated by the end of 2003, adding to the forward look of the Company in its position in the technologically advanced bicycle industry.

All of the Company’s bicycle manufacturing is undertaken by Ideal Bike Corporation, a Republic of China (ROC) Corporation, formed in 1980. Ideal Bike Corporation commenced bicycle design and manufacturing in Taiwan in 1980 and expanded into mainland China in 1997 and Poland in 1999. It manufactures for Schwinn (approximately 30% of production), Trek (approximately 20% of production), and Fuji, among others. Fuji brand bicycles represents approximately 30% of total production. Moreover, a long term manufacturing and marketing agreement between the Company and Ideal Bike Corporation from January 1, 2002 through December 31, 2006, provides for Ideal Bike’s exclusive commitment to manufacture all bicycles purchased through the Company under the Fuji brand name. This mutually advantageous agreement assures Ideal Bike Corporation’s commitment to research and development to provide competitive products in response to the Company’s design requirements.

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