Aquatech Anticipates Addition of 25 U.S. Jobs Related to the New Projects
FOR IMMEDIATE RELEASE May 21, 2006
Marianna Ohe (202) 565-3206
WASHINGTON, D.C. -- Aquatech International Corporation, a Canonsburg, Pa., maker of cutting-edge water purification equipment, has won a number of major export contracts backed by a $25 million working capital loan from PNC Financial Services Group (PNC), guaranteed by the Export-Import Bank of the United States (Ex-Im Bank).
PNC and Ex-Im Bank arranged the guaranteed working capital in less than 90 days, said Aquatech President and CEO Venkee Sharma. Without this prompt support, Aquatech would not have been able to secure an over $75 million contract for environmental exports to the Italian power company ENEL.
PNC is one of the first users of Ex-Im Bank's new Fast Track program, which enables small and medium-sized U.S. exporters to obtain larger Ex-Im Bank-guaranteed working capital loans in less time. Experienced lenders who qualify for the program can provide up to $25 million per borrower in Ex-Im Bank-guaranteed working capital financing, subject to a total aggregate limit of $300 million per lender.
Aquatech has relied on Ex-Im Bank working capital guarantees and stand-by letters of credit for more than a decade, said Sharma. Our exports supported by Ex-Im Bank make up roughly half of our business. Ten years ago we had 75 employees, and we expect to be in the 150-employee range shortly. Ex-Im Bank programs are critical to facilitate small business export success. Ex-Im Bank allows us to go to the next level as an international business.
Growth in Aquatech's major contract awards spurred the need for increased, speedy credit. The company turned to PNC, a long-time Ex-Im Bank partner and one of only nine banks currently in Ex-Im Bank's Fast Track program. Because of the stepped up financing, Aquatech is able to fill numerous international contracts, including ENEL's order of equipment for five water treatment (Zero Liquid Discharge) facilities.
Supporting small business exports and jobs is one of Ex-Im Bank's highest priorities, said Ex-Im Bank Chairman and President (Acting) James H. Lambright. We are delighted that our Fast Track program is enabling innovative companies like Aquatech to get more capital more quickly to compete in foreign markets.
While a new customer to PNC, Aquatech's management team, solid financials and environmentally-friendly products were very well known to us, said Stephanie Novosel, manager of PNC's global trade finance group. With this Fast Track lender status, PNC can respond faster to the needs of our middle market customer base as they explore new markets and new trading partners outside of U.S. borders.
Aquatech's industrial water and wastewater treatment solutions for Zero Liquid Discharge will enable ENEL, Italy's largest power company, to promote greater environmental responsibility and development of environmentally-friendly technologies.
To reach Aquatech, visit the company's web site at www.aquatech.com or phone (724) 746-5300.
The PNC Financial Services Group, Inc., is one of the nation's largest diversified financial services organizations. Loans are provided by PNC Bank, National Association, a member of The PNC Financial Services Group, Inc.
U.S. businesses that are currently exporting can expand into new markets and increase sales by tapping the power of U.S. government financing. For details, call Ex-Im Bank at 1-800-565-EXIM and select option #2, or visit www.exim.gov.
Ex-Im Bank this year marks its 72nd year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2005 Ex-Im Bank authorized nearly $14 billion in transactions supporting almost $17.9 billion in U.S. exports.More than $2.6 billion of the authorizations, or 2,617 transactions, directly supported U.S. small businesses as primary exporters.