UPS Subsidiaries Launch Agreement with Haemacure Corporation.Business Editors ATLANTA--(BUSINESS WIRE)--Dec. 4, 2001 UPS Capital and UPS Logistics Group to Provide Funding, Supply Chain Management Services for Canadian Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Company Executives from UPS Logistics Group, UPS Capital Corp. and Haemacure Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :HAE) have officially launched a recent agreement for financial and supply chain management services for the Canada-based biomedical company. Haemacure specializes in innovative biological adhesives, biomaterials and surgical devices for the acute surgical wound care market. "UPS delivered a single-source solution that would have taken four different companies to duplicate," said Jim Roberts, CFO See Chief Financial Officer. of Haemacure. "We have one point of contact and are gaining visibility and consistency on multiple levels. Whether it's ensuring the integrity of our product during international shipments or assessing our financial data, UPS can handle our needs from start to finish." Haemacure recently announced the completion of a $6 million credit facility with UPS Capital, which will be used to fund working capital needs and will be backed by its accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and inventory. Haemacure also signed a master logistics agreement with Livingston Healthcare Services Inc., a UPS Logistics Group company based in Newark, Del., and is currently in discussions to finalize additional agreements that support its supply chain management and distribution needs. Upon conclusion of the remaining agreements, UPS Logistics Group will provide inbound and outbound transportation as well as warehousing and fulfillment services for Haemacure's biological adhesive, Hemaseel APR Hemaseel APR™ Surgery A hemostatic and sealing adhesive and tissue glue comprised of fibrinogen, thrombin, aprotinin Indications Adjunct to hemostasis–replicates natural coagulation–in cardiopulmonary bypass, splenic repair, colostomies. , from the manufacturer in Vienna, Austria, to the refrigerated warehouse and distribution facility in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. , to the company's customer hospitals throughout the United States. "This relationship showcases the total solutions UPS can deliver to its customers and fulfills the UPS corporate vision to facilitate the flow of goods, funds and information," said Dan DiMaggio, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of UPS Logistics Group. "Haemacure understands the critical importance of supply chain management to the company's overall success. Linking supply chain services with asset-based funding will allow Haemacure to leverage our strengths to support its complex global operations." "UPS Capital is allowing us to leverage one of our greatest assets, our inventory. Other financial companies would only consider funding us based on our accounts receivable," Roberts said. "Because UPS Logistics is responsible for our inventory, UPS Capital was able to provide us funding based on this valuable asset." The deal, which was made through UPS Capital's Distribution Finance Division, was the first piece of the multi-unit agreement that brings together financial and logistics solutions. "We are excited with the opportunity to demonstrate that a more holistic approach holistic approach A term used in alternative health for a philosophical approach to health care, in which the entire Pt is evaluated and treated. See Alternative medicine, Holistic medicine. to supply chain management and cash flow can help a company expand its working capital, and realize improvements and efficiencies in operations," said Bob Bernabucci, CEO of UPS Capital. "This is the crystalization of helping our customers enable global commerce by bringing the offerings of UPS and its other subsidiaries." About UPS Logistics Group UPS Logistics Group, a subsidiary of United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. , Inc., (NYSE NYSE See: New York Stock Exchange :UPS), provides global supply chain management services. Its key offerings are supply chain management, transportation services, logistics technologies and service parts logistics. Information is available at www.upslogistics.com. About UPS Capital UPS Capital (www.upscapital.com) is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of UPS and is a key component of UPS's business strategy of enabling the flow of goods, information and funds. Combined with other UPS subsidiaries, UPS Capital's financial services can leverage technology, transportation, e-commerce and logistics solutions for total, efficient supply chain management, allowing companies to focus on their core businesses. About Haemacure Haemacure Corporation is a Canada-based company specialized in the development and commercialization of innovative biological adhesives, biomaterials and surgical devices for the acute surgical wound care market. It also operates sales and marketing, clinical and regulatory offices in Sarasota, Fla., through a wholly-owned subsidiary. The company is traded under stock symbol TSE:HAE on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . The Company is a reporting company with the U.S. Securities Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion