California Trade and Commerce Agency corrects BW0156-11/02; headline, first and third graph revised.--(BUSINESS WIRE)-- In BW0156-11/02 the headline, first and third graphs have been revised. The new headline should read: Export sales support surpasses $1 billion mark as a result of state loan guarantee assistance (sted State's export finance office tops $1 billion mark in total loan guarantees issued during life of the program). The first graph should read: Export sales supported by loan guarantees issued through California's Export Finance Office (CEFO CEFO California Export Finance Office ) this week surpassed $1 billion since the inception of the program in 1985, Trade and Commerce Agency Secretary Julie Meier Wright announced Wednesday. The third graph should read: Wright noted that the $1 billion in export sales were supported by $180 million in loan guarantees issued through CEFO since 1985. More recently, during the four-month period from July 1 to Oct. 31, 1994, the office issued nearly $30 million in loan guarantees to 61 California companies. -0- The corrected release follows: Export sales support surpasses $1 billion mark as a result of state loan guarantee assistance Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov. 2, 1994--Export sales supported by loan guarantees issued through California's Export Finance Office (CEFO) this week surpassed $1 billion since the inception of the program in 1985, Trade and Commerce Agency Secretary Julie Meier Wright announced Wednesday. "We're seeing a continued expansion of export opportunities, as they relate to NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's ," said Wright. "And, we're experiencing an increased awareness that exports are a driving force in California's economic recovery." Wright noted that the $1 billion in export sales were supported by $180 million in loan guarantees issued through CEFO since 1985. More recently, during the four-month period from July 1 to Oct. 31, 1994, the office issued nearly $30 million in loan guarantees to 61 California companies. CEFO provides loan guarantees to financial institutions on behalf of California companies to secure export transactions. For example, Ventura-based California Helicopter International recently received a $450,000 loan guarantee to manufacture space parts for S-58T Twin Pack helicopters that are being overhauled for the Indonesian Air Force The Indonesian Air Force (Indonesian: Tentara Nasional Indonesia Angkatan Udara or TNI-AU) is the air force branch of the Indonesian Armed Forces. Personnel of the Indonesian Air Force total 28,329. . In Los Alamitos Los Alamitos (lôs ăləmē`təs, lŏs), city (1990 pop. 11,676), Orange co., NE of Long Beach, S Calif., in a suburban area; inc. 1960. Los Alamitos Racetrack and U.S. military installations are nearby. , Illumination illumination, in art illumination, in art, decoration of manuscripts and books with colored, gilded pictures, often referred to as miniatures (see miniature painting); historiated and decorated initials; and ornamental border designs. Technology Inc. is benefiting from a $225,000 loan guarantee to help finance export orders from Motorola subsidiaries in Singapore and China. The CEFO guaranteed revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. enables the company to obtain the necessary working capital to produce sub-miniature lighting devices and to carry foreign receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed from Motorola. And, IWON Motronics Corp., a participant in the CALSTART program in Burbank, is putting a $183,000 loan guarantee to work to manufacture high efficiency, light-weight DC motors for export to Korea. Matrix Integrated Systems in Richmond will soon be utilizing two CEFO guarantees for $540,000 to support sales of its System One single wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. etcher etch v. etched, etch·ing, etch·es v.tr. 1. a. To cut into the surface of (glass, for example) by the action of acid. b. , to semiconductor manufacturing firms in Europe and Asia. Created in January 1993, the California Trade and Commerce Agency oversees all domestic and international economic development activities for the state. It includes the former Department of Commerce, the state's six international trade offices and all international trade and investment activities. The maximum guarantee amount is $750,000 allowing for a loan of $833,000 at a 90% guarantee to loan ratio. California businesses interested in obtaining information on export loan guarantees can contact the California Export Finance Office, (714/562-5519), 6 Centerpointe Drive, Suite 760, La Palma La Pal·ma An island of Spain in the northwest Canary Islands. , CA 90623. CONTACT: California Trade and Commerce Agency, Sacramento Bill George
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