OTTAWA, Aug. 4 /CNW Telbec/ - Export Development Canada (EDC) today
announced that it provided CAD 12 million in financing to Teal Cedar Products
(Teal), a British Columbia lumber product company.
"EDC is always looking to help strong Canadian companies that need a
little bit of help to get through this global slowdown, and Teal is a great
example of how EDC's new powers can make a real difference in accessing
credit," said Stephen Poloz, Senior Vice-President, Financing Products Group,
The financing will be used for general corporate purposes, allowing for
financial restructuring and additional liquidity during the credit crunch. The
financing was provided on standard commercial terms.
Tom Jones, President and CEO of Teal, said, "the global recession has
been particularly harsh on the forest products industry in Canada, and the EDC
financing, enabled by federal government initiatives to counter the
recessionary impacts, will allow Teal to work through one of the worst down
cycles the industry has seen in decades."
This transaction was facilitated under EDC's temporary two-year
broadening of its mandate to undertake domestic financing and insurance. EDC's
domestic powers were enacted on March 12, 2009.
Teal is coastal British Columbia's largest private solid wood products
company, operating in the lumber, shakes and shingles, and harvesting sectors.
The company has annual sales of $200 million, and employs 1,000 people in 15
communities covering Vancouver & vicinity, Vancouver Island, Haida Gwaii,
Fraser Valley and the B.C. Interior.
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 more than 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.
For further information:
For further information: Media contact: Phil Taylor, Export Development
Canada, Tel: (613) 598-2904, Blackberry: email@example.com