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Dear Valued Customer and Vendor:
It was with regret, but after 25 years of business, Exact Technology and GK Punch and Die closed the doors, effective April 28th, 2009. With the economic downturn affecting sales in every manufacturing industry, slimmer profit margins to support operations, and increasing debt loads from customers' closing, the fight ends.
A bank is the only secured creditor, and as such, has control of the finances during the closing and liquidation process.
Pending the sale of the building, receivable collections, and settling of secured debts, it is hoped that pro-rata payments can be offered towards remaining outstanding debts. It is probable that it will be as late as September before this determination can be made.
Until that point, please understand that our hands are tied when it comes to issuing payments as there is no money and no control over asset liquidation. It is regrettable, but we are unable to do anything about the situation at this point. I feel terrible about this- as you can imagine, this is not how one dreams of exiting a business started from scratch.
On behalf of everyone in Exact Technology and GK Punch and Die, we thank you for doing business together all these years! West Michigan has been, and hopefully will be again, a powerful player in the metal and die industry. We wish you the best in this tough economy. We’ll do the best we can to pay our debts, and appreciate your understanding of the situation.
Sincerely,
Ed Erhardt, President
Exact Technology
GK Punch and Die
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