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Codonics Receives President's "E" Award for Exports

The highest recognition a U.S. entity may receive for export expansion

U.S. Department Secretary Gary Locke honors Codonics with the President's "E" AwardU.S. Department Secretary Gary Locke honors
Codonics with the President's "E" Award

WASHINGTON, D.C. - Codonics Inc. was awarded the President's "E" Award for Exports by U.S. Department of Commerce Secretary Gary Locke at the Department's headquarters in Washington, D.C. The "E" Awards are the highest recognition any U.S. entity may receive for making a significant contribution to the expansion of U.S. exports.

http://www.commerce.gov/news/press-releases/2011/

"Exporting has become the foundation of our sales growth. We are honored to receive the "E" Award for our exporting achievements and proud to be part of America's Economic Recovery," said Peter O. Botten, Codonics President and CEO. "Over the past year, export sales grew to 70 percent of our total sales. Today, we are nearly 200 employees, export our products to 110 countries, and have more than 30,000 product installations worldwide."

Headquartered in Middleburg Heights, Ohio, Codonics designs, manufactures, sells and supports medical imaging and information management devices. Codonics radiology products are widely used in the medical industry with tens of thousands of installations worldwide. Codonics operating room products modernize workflow and enhance patient safety, and thus are integral to the evolution of electronic patient records. Codonics mission is to improve healthcare for patients and providers, and lower costs through improved safety and efficiencies.

"Exports are a key driver of America's economic recovery," said Secretary of Commerce Gary Locke. "President Obama's National Export Initiative (NEI), which aims to double U.S. exports by 2015 in support of several million American jobs, is a robust, forward-looking trade agenda with an emphasis on domestic job growth. Codonics is being honored today for making significant contributions toward fulfilling that agenda."

"I congratulate you on your significant export achievement. It is businesses like yours that will help us meet or exceed the President's NEI goals. Your firm provides an example we hope more American companies will follow," Locke added.

A business client of the Department's U.S. Commercial Service, Codonics has benefited from export counseling, including trade shows and market research, to greatly expand its global efforts. The company has seen its sales in China grow very quickly, and continue to do well in other regions. The firm's overseas success has enabled the company to open offices in Latin America, Europe, Japan and Malaysia, as well as China. Codonics demonstrated a substantial increase in the volume of exports over a four-year period, a major criteria for the award.

U.S. companies are nominated for the "E" Awards through the U.S. Commercial Service office network in 108 U.S. cities and more than 75 countries which helps U.S. company's export. Criteria for the award is based on four years of successive export growth, usually accompanied by a rising percentage of export sales within total sales. An applicant's demonstration of an innovative international marketing plan that led to the increase in exports is a significant factor in making the award.

All nominations are reviewed by the "E" Award Committee, which is chaired by the Department of Commerce, and includes representatives from ExIm Bank, and the Departments of Labor, State, and Transportation.

President Kennedy revived the World War II "E" symbol of excellence to honor and provide recognition to America's exporters. Thus, the "E" Award Program was established by Executive Order 10978 on December 5, 1961. A total of 27 U.S. companies were presented with the "E" Award at the May 16, 2011, World Trade Week ceremonies in Washington DC.

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