Subcommittee on the Automotive Industry in Canada committee  It's FRAES, which stands for facilitating redeployment of assets, engineering, and market service.

Subcommittee on the Automotive Industry in Canada committee  Thank you very much, sir. As well, I'd like to help with the definition of patient capital. The way BDC defined it for us is that it's looking at a company's two-year cashflow projections, looking at not even taking interest perhaps, let alone principal, for the first six months

Subcommittee on the Automotive Industry in Canada committee  We, the automotive parts manufacturers, believe that the government has not moved very fast. It has not moved fast enough. On one given street called Weber Street in Waterloo, among eight who are on that street, we employ 1,300 people. On that same street last month, we had to la

Subcommittee on the Automotive Industry in Canada committee  In fact, we met him again last Friday in Toronto at a fundraising dinner. He did indicate to us at that time that he had spoken to Eric Siegel, the CEO and president of EDC, and he had spoken to Jean-René Halde, the CEO of BDC, and talked about both the points we just talked abou

Subcommittee on the Automotive Industry in Canada committee  Absolutely.

Subcommittee on the Automotive Industry in Canada committee  Yes.

Subcommittee on the Automotive Industry in Canada committee  The day after the budget was announced in Parliament, which is about a month ago now. We had a breakfast meeting at the hotel he was staying in.

Subcommittee on the Automotive Industry in Canada committee  We had made a two-part recommendation to this effect. As you rightly pointed out, the erosion in terms of balance sheets is not looking very good. It started about three or four years ago with the dollar depreciation first and the price of steel and so on. Today's debt-equity rat

Subcommittee on the Automotive Industry in Canada committee  The pilot project, sir, has been created by the University of Waterloo, Conestoga College, and five automotive parts manufacturing members. We are one of them. We've spearheaded this. For example, golf carts are not made in our country. Did you know that? Golf carts are used by y

Subcommittee on the Automotive Industry in Canada committee  But, sir, money needs to flow very quickly, and that's the reason for our idea of using patents as collateral, or of looking at BDC's feasibility template that we've developed together. There needs to be an immediacy, a sense of tremendous urgency. Last week in Kitchener-Waterloo

Subcommittee on the Automotive Industry in Canada committee  Thank you very much, Mr. Chairman. Bonjour tout le monde. I represent a company called Maxtech. It's an automotive parts manufacturer...[Inaudible--Editor]...over the last 31 years in the country. We have interests in Ontario and Quebec. I want to make three fundamental points,