Ltd., which is scheduled to hold an initial public offering of its shares later this month.

They are Astwood Cycles owner and business consultant Mr. J.C. (Kit) Astwood, lawyer Mr. Max Quin, Canadian businessman company boss Mr. Danesh Varma and Chips vice president Mr. James Ferguson.

Mr. Varma is president of Bermuda-based American Resource Company, a merchant finance company which is publicly listed on the Montreal Stock Exchange.

American Resource has capital and assets of approximately US$100 million and is part of the Edper group of companies of Canada.

Mr. William Gresham, the chairman of Chips, said: "It is an enormous pleasure for me to welcome the new directors to the board.

"They bring considerable experience from the Bermuda business community and their advice and guidance will be invaluable to the company as we move forward.'' Up to 360,000 of Chips' common shares -- some 30 percent of its stock -- are due to be offered to the local market by the end of the month over the next few weeks in an offering designed to broaden the firm's shareholder base.

The price of the offering has still not been determined. Mr. Gresham currently owns 100 percent of the office automation and supplies company, whose turnover has risen to $5 million per annum since it was formed ten years ago.