Clover Seeks to Reassure Customers

This week, Chicago-based toner-remanufacturer Clover Imaging Group, a subsidiary of Clover Technologies (also known as 4L Technologies), issued a letter designed to reassure customers in the wake of trouble concerning an approximate $650 million loan that the company took out five years ago.

In the letter, Clover Imaging CEO  George Milton and Clover Imaging President Eric Martin state that it’s “business as usual.” The two note that Clover Imaging is “the largest remanufacturer and collector of printer cartridges in the world,” and that in 2018, the company collected over 30 million toner cartridges and remanufactured 16 million cartridges. The letter states that the company recently enhanced its inventory, distribution, and transportation operations through a sales-forecasting system developed with Microsoft.

The letter concludes by noting that the company is “charging full speed ahead, as we have a healthy sales pipeline and continue to make key strategic investments to capture long-term growth opportunities. Ultimately, we have the infrastructure, resources, and plan in place to achieve both our short- and long-term revenue goals.”

The letter comes on the heels of  Clover Technologies’ disclosure earlier this month that it had hired strategic advisers in the wake of the defection of two key customers – one in its phone segment, the other in its printer consumables’ segment. Last week, Moody’s Investment Service then announced that it had downgraded Clover’s debt rating.

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