RESTON, Va., and GAITHERSBURG, Md./Dec. 2, 2002 -- Comerica (NYSE: CMA), a leading financial services company, and AWS Convergence Technologies, Inc., which owns and operates the largest weather network in the world, announced today that Comerica's Technology and Life Sciences Division has provided AWS with a $2 million credit facility. The $1.5 million revolving credit line and $500,000 equipment term loan will be used to help AWS build and sell products across each of its rapidly growing business units.
"As owner of the world's largest weather network, AWS offers an invaluable service to a diverse user base, so we are pleased to provide the company with financial support through this credit facility," said Bradley Steele, regional manager in Comerica's Mid-Atlantic Technology and Life Sciences Division. "We are committed to serving the technology market, providing financial products and services to help both emerging and mature companies compete successfully for market share."
For nearly a decade, AWS has delivered high impact weather information to consumers, broadcasters, schools and industry. WeatherBugTM, the Web's only source for live, neighborhood weather conditions and personal forecasts, has been called the "fastest growing Web site in the world" by Forbes.com and was shown by Nielsen/Net Ratings to be the number one weather site in the world. The company's WeatherNet program is among the most sought-after weather reporting systems in the broadcasting industry; WeatherNet Classroom delivers real-time weather data to schools for teaching science and math; and MesoStreamer provides real-time weather information to energy companies to support power trading operations. In addition, AWS recently completed an agreement with the National Weather Service to provide real-time weather information to support homeland security.
"We wanted to work with a bank that has technology expertise and the ability to provide creative, flexible financial solutions," said Dan O'Connell, AWS's vice president of Finance and Administration. "We've established AWS as a dominant technology company in the field of weather, so we now look to expand our reach into new markets, and this credit facility will help us do that."
About AWS Convergence Technologies, Inc.
AWS Convergence Technologies, Inc. (http://www.aws.com) owns and operates the largest network of weather stations in the world. This real-time network gathers comprehensive, up-to-the-second weather information from more than 6,000 communities and powers the company's various products and services, including: WeatherBugTM, an online weather service that provides live neighborhood conditions to more than 15 million registered PC users; WeatherNet for Broadcast, which delivers real-time weather information to more than 80 million U.S. households through partnerships with 100 local television stations; WeatherNet for Education, which provides engaging weather information and educational tools to schools and colleges, including an innovative set of online lesson plans and software called WeatherNet Classroom; and AWS Data Services which uses AWS' unique weather network and software to provide high-value solutions for vertical industries such as energy, retail, and transportation.
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:
Steve Rubel
Cooper Katz (for AWS)
(212) 455-8085
srubel@cooperkatz.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
