FOR IMMEDIATE RELEASE March 26, 2006
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. -- Pharmaceutical Trade Services, Inc., (PTSI) of Gautier, Miss., is to receive the 2006 Small Business Exporter of the Year award from the Export-Import Bank of the United States (Ex-Im Bank) at Ex-Im Bank's annual conference in Washington, D.C., on Thursday, April 6.
PTSI, an exporter of specialized prescription drugs and pharmaceutical supplements, grew from a one-woman operation to a 12-employee company in five years while its export volume increased from $713,000 to $5.8 million, backed by Ex-Im Bank's Multibuyer Insurance policy. PTSI now sells to customers in Europe, the Middle East, Southeast Asia, and is breaking into the Latin American market.
Ex-Im Bank's accounts receivable insurance has been critical to PTSI's success, said PTSI owner Teri Gautier. It gives us credibility and helps when I ask my bank for a letter of credit. When our customers ask for 45-day terms, with Ex-Im Bank's approval and the credit line, we can offer them those terms, and this makes us more competitive.
Gautier, a small town on the Mississippi Gulf Coast named for Teri Gautier's great, great grandfather, suffered from the effects of Hurricane Katrina. I had property damage and lost 50% of my staff who were dislocated as a result of the hurricane, but we're working our way back to full operations, said Gautier. Currently we have 10 employees, but we're in the process of interviewing for up to 15 employees. PTSI is eligible for Ex-Im Bank's relief measures for customers in federal disaster areas affected by the storm.
PTSI exemplifies the indomitable spirit and innovation that allows U.S. small businesses to compete in the global marketplace while creating American jobs at home, said Ex-Im Bank Chairman and President (Acting) James H. Lambright. It is Ex-Im Bank's mission to support them in doing this. We are delighted to give this worthy company our Small Business Exporter of the Year award.
Ex-Im Bank's 31st annual conference on April 6 and 7 will be held at the Omni Shoreham Hotel in Washington, D.C. The award ceremony will take place during the April 6 luncheon program which begins at 12:30 p.m.
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.