PHILADELPHIA/August 19, 2002 -- Comerica (NYSE: CMA), a leading financial services company, and Strategic Management Group, Inc. (SMG), the world leader in business simulations, announced today that Comerica's Technology and Life Sciences Division has provided SMG with a $7 million revolving line of credit. The funds will be used to finance company growth.
"Strategic Management Group is experiencing dynamic growth in our market," said Steven D. Hobman, senior vice president and regional manager of Comerica's Mid-Atlantic North Technology and Life Sciences Division. "Our division is committed to working with entrepreneurial companies throughout their life cycles, so we are pleased to substantially expand our relationship with SMG and we look forward to working with this innovative company as it continues to grow."
Since its inception in 1981, SMG has been named three times to the Inc. 500 list of fastest growing private companies. It offers simulations and blended learning solutions that enable global organizations to increase productivity, realize the full benefit of change efforts, and build organizational support for business initiatives. SMG's programs focus on key business issues such as improving project performance, change management, improving sales force effectiveness and developing leaders.
"Working with Comerica gives us financial support from a major national bank that has an active presence in Philadelphia's technology region," said Rick Perkins, chief financial officer, Strategic Management Group. "We firmly believe that we will benefit from both Comerica's expertise in the technology market and the bank's resources to expand its support in tune with our company's growth."
About Strategic Management Group, Inc.
Strategic Management Group, Inc. is the leading provider of simulation-centric solutions that enable global organizations to increase productivity, drive meaningful change and improve business performance. Founded in 1981, SMG provides interactive business simulations, consultant-led workshops and online learning capabilities that target organizations' specific business initiatives. SMG specializes in the areas of Business Acumen, Leadership, Project Management, Sales, and custom simulation development. Since June 2000, Behrman Capital, a New York private equity investment firm, has invested more than $30 million in SMG which has allowed it to build its business and to develop its simulation platform technology, and blended live and online solutions.
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. 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 $51 billion in assets.
Media Contacts:
Rick Perkins
Strategic Management Group, Inc.,
(215)282-9414
Rick.perkins@smginc.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
