RESTON, Va. and DULLES, Va./Dec. 9, 2002 -- Comerica (NYSE: CMA), a leading financial services company, and Core Communications Corporation, a national provider of managed communications services to hospitality, announced today that Comerica's Technology and Life Sciences Division has provided the company with a $650,000 line of credit. The funds will be used as working capital.
"We are pleased to provide this credit facility to Core Communications, which offers valuable communications services to the hospitality and meeting planning industries," said Bradley Steele, regional manager in Comerica's Mid-Atlantic Technology and Life Sciences Division. "Despite today's volatile economy, our bank continues to provide creative financial solutions to the early and late-stage companies that are bringing innovative technologies to market."
Core Communications' mission is to improve the overall meeting experience through a managed communications solution. The company offers fixed network services, event services and IT services to major hotel management companies, convention centers, and corporate and association clientele. Core's investors include Core Capital Partners, Counsel Corporation, MDT Advisors, Virginia Capital and Capital Investors.
"Comerica understands the unique challenges facing growing technology companies, and has the ability to meet Core's financial needs as we expand our operations," said David Giannini, Core Communications' CEO. "We've already benefited with this credit facility, which, combined with our positive cash flow and strong customer retention, has helped us launch additional product lines, enter new markets and further establish our technology as a key competitive advantage in the industry."
About Core Communications
Core Communications, based in Dulles, Virginia, focuses exclusively on the data communications needs of the meetings and convention industry. Now entering its fifth year of operations, Core fulfills these needs through its three primary business units: Core's Managed Network Services Division provides sales, monitoring and support of integrated network systems in hospitality venues, including convention, exhibit and hotel guestroom space; Core's Event Services Division provides on-site customized network solutions to corporate, government and association clientele; and, Core's Information Technology Services Division provides consulting and procurement of network technology and enterprise applications to hotel and convention operators. For more information please visit www.core.net.
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:
Jennifer Corbin
Core Communications Corporation
(703) 709-1322
jcorbin@core.net
or
Adrienne Moch
Pacifico (for Comerica's Technology and Life Sciences Division)
(408) 293-8600, ext. 319
amoch@pacifico.com
or
Keith Turner
Comerica Bank - California
(408) 556-5111
keith_turner@comerica.com
