FOR IMMEDIATE RELEASE August 12, 1996
Linda Formella (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) has approved a $3 million medium-term insurance policy for ISOCOR, Inc., of Santa Monica, California, to sell electronic communications software to Global Tele-System of Bombay, India.
ISOCOR is a small, fast-growing California company of 230 employees that develops and markets off-the-shelf electronic information exchange software products and services, such as directory and messaging products for the Internet and Intranet. The transaction is ISOCOR's first experience with Ex-Im Bank's medium-term insurance program, which provides political and/or commercial insurance to cover the risks of foreign buyer default on sales on terms of three-to-five years.
Ex-Im Bank's medium-term insurance policy will cover ISOCOR's $3 million sale of electronic messaging software and technical support. The Indian end user, Global Telecom Services, Ltd., an affiliate of Global Tele-System, will use the equipment to extend and enhance its national electronic commercial messaging system to 27 corporate clients throughout India.
I think this transaction is a good example of how Ex-Im Bank's insurance products are evolving to serve more small business customers, said Ex-Im Bank Insurance Division Vice President William Redway. Our medium-term policy offers coverage on longer terms of sale, which makes it very attractive to exporters of capital goods.
Ex-Im Bank's medium-term insurance program has continued its strong showing since its introduction in 1994, with 248 policies authorized in fiscal year 1996 to date. In fiscal year 1995, the Bank authorized 285 medium-term policies.
Ex-Im Bank is an independent government agency that helps finance and promote the sale of U.S. goods and services around the world.