ETA Ascon Group Goes Live with @GlobalTrade Multi-bank Platform

Toronto, ON - 27 August 2009

GlobalTrade Corporation (GTC) has announced today that Emirates Trading Agency LLC & Associated Constructions LLC (ETA ASCON GROUP) have successfully implemented @GlobalTrade Import LC, Export LC, Guarantee Issuance, Guarantee Receipt, Import Collection and Export Collection systems connecting its Treasury, Business Units and Banks. @GlobalTrade systems will be used to process the above transactions with major banks in Dubai. ETA ASCON GROUP is the first company in United Arab Emirates to adopt @GlobalTrade multi-bank platform using the latest web based technology.

“ETA ASCON GROUP is one of the most forward thinking companies in the Middle East, said Jacob Katsman, GTC’s CEO. ETA ASCON GROUP staff is very knowledgeable about trade finance matters and knew exactly what customization was needed to adopt our systems to local requirements especially in the areas of banking facility management, billing, reporting and fee calculations.”

"GTC has customized its software to meet our 6 approval levels and to manage accounting of credit facilities in accordance with banking practices in the Middle East, said M. Kalimullah, ETA ASCON GROUP's General Manager, Corporate Accounts. We are now in the process of a global roll out to our business units and banks. The GTC team did their best to deliver software that fits our needs and we feel that other companies in the region will benefit from GTC's innovative trade finance technology."

"In today's economy having access to real time financial information is essential, said Arif B Rahman, ETA ASCON GROUP's Member of the Board & Group Director - Finance. We have invested in bringing all Business Units onto SAP. However, trade finance flows based on documentary credit, guarantees and documentary collections are paper intensive and it was a challenge to bring all the information together to have an accurate picture of positions with our banks that change on a daily basis. Now with GTC's @GlobalTrade platform we are aiming to automate and standardize our trade finance activities, reduce risk, and bring our bankers onto the same electronic page."

“ETA ASCON GROUP is a well known company in UAE and Asia and has diversified activities, said Zahoor Dattu, GTC's Managing Director UAE. The mission statement of ETA ASCON GROUP is: 'Quality is our single-minded pursuit in the application of new technologies. In our wide ranging diversity, we innovate continuously as we strive to provide complete satisfaction to our customers and shareholders'. This project illustrated ETA ASCON GROUP's commitment to this mission."

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