PORTLAND, Ore., Dec. 3, 2002 - Comerica (NYSE: CMA), a leading financial services company, and VenCore Solutions, the early stage commercial equipment leasing experts, announced today that Comerica’s Technology and Life Sciences Division has provided VenCore with a $7 million line of credit.
"We certainly understand the value of venture leasing, so we are pleased to support VenCore with this credit facility," said J.P. Michael, senior vice president and manager in Comerica’s Pacific Northwest Technology and Life Sciences Division. "Since we share a target market, our collaboration will prove mutually beneficial, and it will also benefit the emerging growth companies that take advantage of our respective services."
VenCore Solutions provides equipment lines of credit to early-stage companies that would typically not qualify for traditional lease financing. VenCore helps emerging growth companies to conserve as much equity-based venture capital as they can, without diverting it to costs for equipment and infrastructure and without having to further dilute equity positions by seeking additional venture capital.
"Financial services and emerging growth companies coming together is what VenCore is all about. Over 75 percent of startup and emerging growth companies combine venture lease financing with venture capital to maximize, leverage and schedule working capital," said Len Ludwig, VenCore’s CEO. "Our VenCore team has the experience in financing a wide range of equipment to serve the emerging growth market. The timing couldn’t be better and VenCore’s affiliation with Comerica opens new avenues for both parties."
About VenCore
VenCore is a re-capitalized spin-off created from the 17 year-old Venture Leasing Division of FirstCorp. We are focused on providing equipment lines of credit to early-stage, entrepreneurial companies that do not qualify for traditional lease financing. VenCore’s clients are emerging growth companies that have received equity capital and may or may not have received a first round of venture capital. These clients typically need their first workstations, telephone systems and office equipment. For more information, visit www.vencore-solutions.com.
About Comerica’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. From 19 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $52.6 billion in assets.
Media Contacts:
Gilian Ritchey
VenCore Solutions-Oregon
(503) 598-4101
gilian@vencore-solutions.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
