Newspaper article The Florida Times Union

American Access Moves Main Office to Clay

Newspaper article The Florida Times Union

American Access Moves Main Office to Clay

Article excerpt

Byline: Mark Basch, Times-Union business writer

Clay County now has a public company it can call its own. American Access Technologies Inc. has officially closed its headquarters office in Lake Mary and moved its offices to its metals plant in Keystone Heights. Closing the Lake Mary office is expected to save the company $15,000 a month. The company hopes cost-cutting and increasing sales will improve financial results.

"Our march toward profitability continues," said Chief Financial Officer Joe McGuire.

American Access reported a net loss of $200,838 on sales of $1.3 million in the first quarter.

American Access' main business is manufacturing zone cabling units, which are cabinets containing wiring for office equipment such as computers and telephones. The cabinets are installed in small modules in office ceilings and floors. The company also makes other metal enclosures through its subsidiary, Omega Metals.

All manufacturing is done at the Keystone Heights facility.

Besides moving its headquarters, American Access also announced plans to merge a dormant Internet subsidiary called Inc. with another Internet company and give stock in the merged company to American Access shareholders.

American Access said it never fully implemented plans to sell its zone cabling products through the Internet because that would be detrimental to its current distributors.

The subsidiary will be merged with iBid America Inc., a Pompano Beach company that allows people to bid on products and services from businesses in that area. Merging with the American Access subsidiary will allow iBid to become a publicly traded company.

American Access shareholders will get about 51 shares of the merged company, called iBid International Inc., for every 1,000 shares of American Access they own. American Access will retain 450,000 shares of iBid, and American Access shareholders will have a total of 300,000 iBid shares.

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