Elite Printing’s new owner says they’re ready for business

The new owner of Elite Printing has made more than $33,000 in payments to Bank of Saipan since the acquisition of the company from its previous management in March 2014.

Elite Printing Services chief operations officer Oliver A. Cerbo said while this amount is less than the payment agreement made by Elite Printing’s previous owner, they believe they have shown their commitment to satisfy their obligations to Bank of Saipan.

“We are in constant communication with Bank of Saipan. We have been very open with our payment strategy,” Cerbo told Saipan Tribune in response to the bank’s lawsuit.

Bank of Saipan Inc. recently filed a lawsuit in Superior Court against Elite Printing’s previous owners—ASG Corp., Floresto S. Segismundo, and his wife, Lorna—to collect $87,743.41 that allegedly represents the balance of a $500,000 loan.

BOS also cited the CNMI Department of Finance Division of Revenue & Taxation, and U.S. Department of the Treasury-Internal Revenue Service as co-defendants because these agencies have notices of tax liens against ASG Corp.

Cerbo said BOS has been very gracious, allowing them to focus on growing in order to fully satisfy the terms of the old loan.

“We consider BOS as a friend to our business, helping us sustain the company,” Cerbo said.

He pointed out that it is not a secret that Elite Printing has had significant difficulties in the last several years. In fact, Cerbo said, when they took over Elite Printing in March 2014, it neither had the business license to operate nor was it paying BOS.

“To date, we have satisfied the various government agency requirements that allowed us to acquire a business license,” he said.

Cerbo said they have made significant investments rebuilding the printing equipment, fully paying employee back wages and positioning the company for growth.

This January, Cerbo said, is the first month Elite Printing Service is systematically reaching out to customers to advise them that they are open for business.

“Our intention is for our Saipan branch to once again be the hub of our printing operations including Guam,” he said.

Cerbo said while some of their competitors outsource to other countries, they intend to send large jobs from Guam for processing on Saipan since their machines are built for bulk printing at a lower cost here.

“We consider this our small contribution to Saipan’s economy,” he said.

Cerbo said any questions about the company may be directed to him at (671) 777-0047.

“If anyone has any questions about our good standing with Bank of Saipan, they can verify with the bank directly,” Cerbo added.