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Tango Plans to Expand Capacity at Portland Location
Tuesday October 12, 8:02 am ET
PORTLAND, Ore.--(BUSINESS WIRE)--Oct. 12, 2004--Tango Incorporated (OTCBB:TNGO - News) is pleased to announce that the Board of Directors has approved a plan to acquire an additional $500,000 worth of new equipment to maintain pace with the growth of the Company. The Board believes that the additional capacity will handle up to an additional $200,000 a month in revenue, while costing approximately $50,000 a month for financing and labor costs to run the machines. Tango plans to pay for the additional equipment by securing equipment lease financing, which should set the payments for finance charges for all the equipment at around $9,500 a month for a period of 60 months. Tango also expects that obtaining this additional equipment will increase its abilities and maintain its edge in specialty printing, thereby achieving its corporate mission of being a leader in the printing business.
A large portion of the investment will be made into machines from TAZ America. Tango uses TAZ equipment because of its reliability and consistency. Tango's corporate plans include using only TAZ equipment, thereby reducing maintenance/repair costs, getting equipment consistency and reducing overall operating costs.
"We believe this investment is in line with the goals established earlier this year when we initiated our turnaround strategy. We have increased sales, rebuilt our management team, invested into new software systems to streamline the operations, recruited world class talent for our Art Department and laid a foundation for building one of the leading screen printers in the world. This additional equipment represents Tango's ability to start crossing certain barriers and achieving certain thresholds, and could potentially be a major milestone in building a world-class operation and producing strong profitability," said Todd Violette, Chairman and COO.
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