FOR IMMEDIATE RELEASE January 7, 2003
Ken Murphy, Ex-Im Bank (202) 565-3200 - Rosemarie D'Agostino, Cornet Technology, Inc. (703) 658-6746
Cornet Technology Inc. (CTI) of Springfield, VA, a minority-owned manufacturing company, is a featured small business exporter in the newly released Export-Import Bank of the United States (Ex-Im Bank) annual report available online at www.exim.gov. CTI employs over 100 workers and delivers data, video, and voice communications products and services to customers in countries all over the world, including Mexico, Brazil, Colombia, Surinam, Egypt, and South Korea.
A major concern for U.S. exporters, particularly small businesses like CTI, when competing in a foreign market, is the ability to maintain the cash flow needed to fill an order before collecting payment for shipped goods. Currently, CTI is using an Ex-Im Bank's working capital guarantee to obtain commercial bank financing from Chevy Chase Bank of Bethesda, Md. The assets earmarked for export, including receivables, are used as collateral to obtain the necessary working capital funds.
With the resources of Ex-Im Bank behind us, we intend to export our technologically advanced products to help increase productivity and simplify network administration in every region of the world, Natarajan Kumar, president and owner of CTI said.
Ex-Im Bank's working capital guarantee allows CTI to concentrate on getting orders, manufacturing products, and shipping them at the earliest opportunity, while assuring they will have the operating funds needed prior to product delivery. Ex-Im Bank's guarantee also provides the security that borrowed funds would be repaid upon receipt of payment from their foreign customers.
CTI has been using an Ex-Im Bank revolving working capital loan guarantee for the past five years to sell its product line which emphasizes high-speed fiber and copper cross point LAN and WAN switching, video distribution, test and monitoring products, and video conferencing, integration and other services.
Cornet Technology, Inc., a privately held International Corporation, is an industry innovator in the design, engineering, manufacture and marketing of high-speed cross-connect, test access/monitoring, video switching and optical multiplexing products for enterprise and government marketplaces. Headquartered in Northern Virginia, Cornet Technology has four service/sales locations in North America and wholly owned subsidiaries in Frankfurt (Germany), Tokyo (Japan) and Chennai (India).
More information on CTI's products and services is available at the CTI web site www.cornet.com.
Ex-Im Bank is an independent U.S. government agency that helps finance the sale of U.S. exports, primarily to growth markets throughout the world, by providing loans, guarantees, and insurance. In fiscal year 2002, Ex-Im Bank supported approximately $13 billion of U.S. exports worldwide.