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TRADE X Announces Acquisition of Automotive Export Company Techlantic Ltd.
TRADE X Announces Acquisition of Automotive Export Company Techlantic Ltd. Cana...
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[{"type":"text","content":"\n \n \n \n TRADE X Announces Acquisition of Automotive Export Company Techlantic Ltd.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n The B2B automotive trading platform adds Techlantic, an expert in trade financing and wholesale automotive trading, to its global group of companies\n \n \n \n \n TORONTO\n \n ,\n \n Sept. 7, 2021\n \n /CNW/ --\n \n \n Trade X Group of Companies Inc. (TRADE X)\n \n \n , a global B2B cross-border automotive trading platform, today announced that it has signed a definitive agreement acquiring Techlantic Ltd. (Techlantic), an\n \n Ontario\n \n -based automotive trading, redistribution, and financing company, for undisclosed terms. The strategic acquisition enhances existing platform capabilities such as trade financing, logistics, and letter of credit processing, and provides additional wholesale automotive trading expertise to the TRADE X platform for car dealers, importers, exporters, and fleet owners, rental companies, and mobility solution providers.\n \n \n \n \n \n \n \n \n \n Techlantic, with its strong history in international vehicle trade dating back to 1983, facilitates all aspects of trade financing, including cash flow management, tax claims, shipping, letter of credit processing, and accounting. Techlantic enables automotive trading customers to obtain financing and navigate the complexities of tax compliance and international regulation. With over 30 years of experience exporting vehicles globally, Techlantic has been consistently profitable with annual sales exceeding\n \n US$105 million\n \n in 2020, and has an extensive international client base throughout\n \n Canada\n \n , the US,\n \n Mexico\n \n ,\n \n Asia\n \n ,\n \n Europe\n \n , and the\n \n Middle East\n \n . Techlantic's management team will remain in place following the transaction. As part of the TRADE X group, Techlantic's network of suppliers and customers will benefit from TRADE X's efficient processes, automation tools and financing opportunities that TRADE X provides.\n \n \n \"As international automotive trade a...