LOS ANGELES, Calif. — Cash Technologies subsidiary, CPI Holdings, which completed its acquisition of certain assets of Champion Parts, Inc. on May 5, says it has continued to make rapid progress in recovering former Champion customers, resuming business with two of the top five U.S. automotive parts retailers and meeting its first month revenue target of $100,000.

Champion was the leading remanufacturer of automotive fuel system components in the U.S. before its bankruptcy in October 2007, with revenues of approximately $20 million per year. Champion’s customers included the top five auto parts retailers in the U.S. and dozens of smaller customers, with combined distribution of more than 20,000 retail stores.

Jerry Bragiel, president of CPI, stated, "I’m pleased to report that our first month of operations has gone according to plan. We’ve hired our initial complement of staff, restarted production and resumed business with two of the top five retailers as well as numerous smaller customers. These accounts are projected to generate in excess of $2 million per year in revenues, which is approximately our cash flow break-even point. We will have shipped approximately $100,000 worth of goods, meeting projections for our first month in business."