Local Firms Profit From Fall Of Dollar

Washington, DC (WUSA) -- November, 17, 2007 -- Some companies in the Washington, DC area are seeing a boost in foreign sales as the American dollar falls in comparative value to foreign currencies, particularly the Euro. As the effect flows through the American manufacturing sector, and exports boom, the foreign trade deficit is falling as well.

"Because the dollar has fallen in price, our products have become very competitive and, as a result, we see a lot of sales activities picking up right now," said Sunhil Mehta, the president of Cornet Technology's Video Convergence Division, which manufactures video surveillance devices used at border crossings and in airports.

The company has about 170 employees, of whom approximately 100 labor in the Springfield manufacturing facility. Executives say the increasing demand caused by the falling dollar, particularly in eastern Europe, is going to mean more work at the Springfield facility, located just off Washington's beltway.

"Absolutely," Mehta told 9NEWS NOW. "We have here all of our products designed, developed and manufactured. And we see that, due to continued growth, we will open up some more slots, and we will have more jobs for local people."

The company has opened subsidiaries in Germany, the United Kingdom, Japan, and India. Seeking to expand markets further, Mehta has just returned from a scouting expedition in Mexico. This week a Cornet sales team is in the Middle East as part of an economic development trip sponsored by the Commonwealth of Virginia.

Cornet has been growing at about 10% a year with a reported $40 million in sales. Mehta says the increasing demand caused by the falling dollar is expected to boost that growth even higher this year.

Written by 9NEWS NOW
http://www.wusa9.com/rss/local_article.aspx?storyid=65154

About Cornet Technology, Inc.
Cornet Technology, Inc. is a leading communications equipment supplier to the defense industry in the United States and overseas. Its solutions deliver voice, video, and data communications and video management solutions to some of the world’s most exacting users. Headquartered in Northern Virginia, CTI has wholly owned subsidiaries in Germany, Japan, and India. Information on CTI's products and services is available at the CTI web site www.cornet.com.

PR Contact:
Rosemarie D'Agostino
Marketing Communications Director
703.658.3400
Email:  pr(at)cornet.com