Siemens Financial Services, First Capital Enter Into JV - Quick Facts

January 17, 2007

(RTTNews) - Siemens Financial Services, Inc. (SI) revealed the recent formation of Siemens First Capital Commercial Finance, LLC, a joint venture between SFS and First Capital, a leading financial services firm headquartered in West Palm Beach, Fla. The goal of the joint venture is to further develop both companies' working capital and accounts receivable financing businesses by offering market-leading solutions to customers in the domestic and Asian markets.

Siemens First Capital, with offices in New York and several other locations in the U.S., will focus on cross-border asset-based financing between $20 million and $200 million by managing the collections and non-payment risk for Asian clients shipping goods into the U.S.

Roland Chalons-Browne, President and CEO of SFS said, "The joint venture will enable us to strengthen our U.S. customer relationships by expanding our accounts receivable and working capital financing capabilities domestically while broadening our presence in the Asian market, namely China."