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Author Topic: Icecap talk.... I hope it is a good move...  (Read 2147 times)

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Offline Ed

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Icecap talk.... I hope it is a good move...
« on: November 22, 2010, 02:22:15 pm »
IceCap moving south, assets purchased by Millennium Funding
 Posted on November 17th, 2010 by Ryan Gripp 

You might recall when we first reported on IceCap’s problems over a month ago which created quite a stir within the industry. We have now learned that IceCap seems to be reshuffling their finances and moving their headquarters. A recent email was sent out to their valued customers that a firm called Millennium Funding has taken over the company. But not the whole company, Millennium Funding is factoring company. Factoring is a “financial transaction whereby a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount in exchange for immediate money with which to finance continued business.” It is important to note that factoring isn’t a loan, it is the purchase of a financial asset (the receivable).

However, reshuffling their finances like this isn’t the only thing happening. They have hired a new CEO and are moving their headquarters down south. Apparently, the new CEO didn’t want to move up north, so the owner of IceCap stated they wouldn’t mind moving the company down south. The new CEO states that the “game plan is to move this business south as fast as possible – cheaper labor, lower taxes, plus after 25 years in Charleston – this is my home. It will probably take 4 or 5 months to bring it all together. The deal was I wanted to be a part-time CFO and travel back and forth – the owner wanted me to be his new CEO. I said, my son dosen’t want to move north, I have a 16 year old daughter, and a 96 year old grandmother that will die this year or very soon. I refused the job and he circled back around and said, move the company south. It will take some time so we will have some time to visit – plus maybe I will get you down south to visit.”

Check down below for the IceCap email that was sent to all of their customers. Chuck Troiani, will be the new IceCap CEO. Welcome to the reef industry Chuck. We’re Reef Builders, nice to meet you.


I wanted to share with you the IceCap, Inc. vision for the future. IceCap, Inc. has been in business for 20 years in the Aquarium and Commercial Lighting markets and it is our intent to be around for another 20 years. Given the current business dynamic IceCap has decided to develop a strategic partnership to leverage our position to service and provide product to our valued customers. To accomplish this we have partnered with Millennium Funding to factor our accounts receivables. This process will ensure IceCap is capitalized with working capital to meet our customer inventory and service needs. This alignment is all part of our strategic plan to position IceCap for the future.

At IceCap we are pleased with the strong customer loyalty and support during these challenging economic times. Our customers have spoken and the IceCap product with its designed functional utility and pleasing ambiance is the product of choice. I ask for your cooperation and support when interfacing with Millennium Funding knowing this partnership will benefit IceCap, which in the end will benefit you through better products and services. Thank you!

Regards,

Related Posts:
•IceCap is in troubled waters, headed for an uncertain future
come over and see..:)

Offline tropicalqualities

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Re: Icecap talk.... I hope it is a good move...
« Reply #1 on: November 24, 2010, 12:00:29 am »
i see this as a chop job they are going to sell of the company and keep the rights to the name because thats where the money is in the royalties -- i could be wrong as i am often .
When on the road to sweet Athy, Hurroo Hurroo When on the road to sweet Athy A stick in the hand, A drop in the eye A doleful damsel I heard cry , Johnny I hardly knew ya

Offline tropicalqualities

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Re: Icecap talk.... I hope it is a good move...
« Reply #2 on: November 27, 2010, 02:16:18 am »
know one else has commented about this yet , i am hoping that this junkon is a benefit to us all thew-- but i see the real world getting involved just like in pretty women but with out the person falling in love with a hooker and getting a consonance
When on the road to sweet Athy, Hurroo Hurroo When on the road to sweet Athy A stick in the hand, A drop in the eye A doleful damsel I heard cry , Johnny I hardly knew ya

Offline tropicalqualities

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Re: Icecap talk.... I hope it is a good move...
« Reply #3 on: November 27, 2010, 02:17:34 am »
sorry for my spelling i sometimes type faster then i think
When on the road to sweet Athy, Hurroo Hurroo When on the road to sweet Athy A stick in the hand, A drop in the eye A doleful damsel I heard cry , Johnny I hardly knew ya

Offline Ed

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Re: Icecap talk.... Its not good! IceCap is going out of business..
« Reply #4 on: December 16, 2010, 07:22:26 am »

IceCap, a once popular lighting company that is headquartered in the United States is out of business. In a letter to their customers, Chuck Troiani stated that they have suspended operations. Chuck goes on to explain: “Unfortunately, we finally hit a trough in our business cycle due to several factors that impaired this business to the point where we could not and cannot recover.  Therefore, by the direction of the IceCap, Inc. Board of Directors we have suspended operations.” Times have certainly changed, as IceCap used to be the leader in aquarium lighting equipment with their popular line of Metal Halide lights, however with the advent of LED lighting and the poor business planning contributed to IceCap’s demise. However, it looks like IceCap is seeking a buyer of the brand along with a new management team, investors, and/or owners. This announcement comes less than a month after we learned their assets were purchased by the factoring company Millennium Funding. Apparently that effort did not work as planned and this is less than two months from when we originally reported IceCaps problems.  Check down below for the full email sent to their vendors.


Dear Valued Customer,

First, I would like to extend a Happy Holidays and Merry Christmas to you, your
family, and employees.  I know this comes somewhat bitter sweet as many of you
have attempted recently to contact IceCap, Inc. with little to no success.  For
that I am truly sorry.

IceCap, Inc. has been around for about  20 years and many of you have been
dedicated and loyal customers of IceCap, Inc. through the ups and downs over the
years.  Unfortunately, we finally hit a trough in our business cycle due to
several factors that impaired this business to the point where we could not and
can not recover.  Therefore, by the direction of the IceCap, Inc. Board of
Directors we have suspended operations.

What this means is we are aggressively and actively seeking opportunities to
keep  the IceCap brand viable in the markets and with the customers we have
served over the past 20 years.  In doing so, we expect to bring closure to this
process within 60 days and plan to align the new management team, investors,
and/or owners with our valued customers in hopes this continuation of business
and the relationship with the IceCap brand will mitigate the effects of recent
events.

In the interim, please direct all inquiries to chuck.troiani@icecapinc.com.
Please  allow 48 hours for a response depending on the e-mail volume. Thank
you!

Again, my apologies for the situation.

Regards,
Chuck Troiani

come over and see..:)
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