Export Development Canada signs USD 5 million facility with China's International Far Eastern Leasing Company

    OTTAWA, Nov. 7 /CNW Telbec/ - 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.

For further information: Phil Taylor, Export Development Canada, (613)
598-2904, Blackberry: ptaylor@edc.ca