November 14, 2005

Bergen County Economic Development Corporation to hold
Foreign-Trade Zone Breakfast Seminar

The Bergen County Economic Development Corporation (BCEDC) and PricewaterhouseCoopers LLP will host a Foreign-Trade Zone Breakfast Seminar from 8:00 – 11:00 am on December 1, 2005, at the Bergen County Administration Building at One Bergen County Plaza in Hackensack.

The seminar, which will be attended by many of Bergen County’s Mayors, will include an update from PricewaterhouseCoopers LLP on the progress of the feasibility study they are currently conducting to determine whether it should pursue foreign-trade zone (FTZ) status for certain industrial and commercial areas within Bergen County.

“If FTZ designation is granted, it will bring in international trade related jobs, millions of dollars in capital investment and make Bergen County a major player in the business of international trade,” said BCEDC President Beth R. Gorin.

The seminar will also explain the benefits that a FTZ designation may provide to companies located within Bergen County that utilize imported components/parts, and for importing companies with distribution centers in the county. Additional topics will include, the economic and community benefits available to Bergen County, initiatives for small and medium-sized manufacturers and the FTZ application process. PricewaterhouseCoopers LLP will answer any questions that municipalities or companies may have concerning the FTZ process.

A Foreign-Trade Zone (FTZ) is a designated geographical area located within the United States, in or near a customs port of entry, but considered to be outside U.S. Customs territory. Merchandise brought into a zone is not subject to duty payment until entered into U.S. commerce. Companies using a foreign-trade zone are able to defer, reduce or eliminate customs duty, depending on their specific activity. Additionally, an importer may avoid paying duty on damaged, defective or waste materials when conducting business in a foreign-trade zone.

###