VANCOUVER, June 23, 2015 /CNW/ - Export Development Canada (EDC) today announced a $1.5 million loan to Vancouver's Mio Global, makers of wearable technology for fitness, which will allow the company to fund much-needed inventory for shipments around the world and help double their revenues.
"This loan is an absolute game-changer for us," said Antonio Arciniega, Mio Global's chief financial officer and vice-president of operations. "It's very hard to get credit for a company that is growing as fast as ours. Traditional credit is tough and rarely available."
"Mio Global has an impressive product that required significant research and development to commercialize," said Bruce Dunlop, EDC vice-president of Commercial Markets and Small Business. "This is a Canadian SME that is constantly innovating to remain competitive in their industry and EDC is excited to play a supportive role in their international growth."
EDC is Canada's trade finance agency, and the leading provider of financing, insurance and bonding for Canadian companies of all sizes that do business outside of Canada.
Mio Global designs and manufacturers innovative wearable devices that make heart rate training accessible to athletes and fitness enthusiasts. Packed with Mio Continuous Technology, Mio products provide performance-accurate heart rate data without a chest strap, and connect to fitness apps and sport devices via Bluetooth Smart and/or ANT+. Mio products are sold to major retailers throughout North America, Europe and Asia. The company also has licensing deals with three industry giants: adidas, TomTom and, more recently Garmin.
In 2014, Mio Global posted revenues of $14.8 million, and is projecting sales of $27 million in 2015. Exports now represent 95 per cent of Mio's sales with the U.S. holding 40 per cent of its market; Europe is at 35 per cent and Asia garners 20 per cent.
The Garmin deal, signed in May 2015, is a great step forward to gain brand recognition for the Mio brand. With Mio Continuous Technology in Garmin's products, the Canadian brand will get "much broader visibility moving forward," says Arciniega.
Read more about how Mio Global is expanding its business through exports on exportwise.ca.
Mio Global is an acclaimed pioneer in sport and fitness wearable technology. Mio sport bands and watches are equipped with industry-leading heart-rate accuracy and fitness tracking solutions to help athletes at all levels set and surmount their fitness goals. The company headquarters is located in Vancouver, B.C. For more information, visit www.MioGlobal.com.
EDC is Canada's trade finance agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works with private and public-sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment. For more information about how we can help your company, call us at 1-888-434-8508 or visit www.edc.ca.
SOURCE Export Development Canada
For further information: Spokesperson, Phil Taylor, Export Development Canada, (613) 598-2904, [email protected]