(Ottawa) – November 7, 2008 – Export Development Canada (EDC) today announced the signing of a USD 5 million financing facility with International Far Eastern Leasing Company Ltd. (IFE).
The facility will be used to facilitate sales in China by Adaltis, a Canadian-based medical diagnostic company with operations in Canada, Italy, Mexico, and China, to IFE.
'This transaction will help Adaltis expand its rapidly growing business in China, and its structure was tailored to the unique marketplace needs of its customer, International Far Eastern Leasing', said Rosemarie Boyle, Vice-President, Strategic Planning and Corporate Communications, EDC. 'This unique transaction marks EDC's first onshore commercial bilateral loan and the first time that it has provided financing through a leasing structure.
The transaction was signed by Ms. Boyle, on behalf of EDC, and Mr. Kong Fan Xing, General Manager of IFE. EDC's ability to provide financing through leasing structures is expected to generate new opportunities for many other Canadian companies, particularly small- and medium-sized enterprises.
Adaltis is a Toronto Stock Exchange listed company that has been investing significantly to build the foundation of its operations in China for the manufacturing and selling of its proprietary diagnostic test kits and instruments in the People's Republic of China. Adaltis has completed the construction of a new manufacturing plant in Shanghai, China, which has begun commercial production of their own diagnostic tests. Adaltis is currently transferring further production to this state-of-the-art facility.
IFE is one of the key subsidiaries of the Sinochem Corporation, incorporated to specialize in the financial leasing business. IFE has established itself as a market leader in leasing with a significant diversity of equipment, including large medical equipment, printing machinery, vessels, construction equipment, university lab equipment and metal cutting tools. IFE is working towards becoming an integrated industrial service provider by offering not only financial leasing solutions but also upstream and downstream business co-operations.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 7,000 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and is a recognized leader in financial reporting, economic analysis and has been named one of Canada's Top 100 Employers for eight consecutive years.
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
