Cryptek, Inc., a leading provider of network security for protecting high-value information assets, announced today that Comerica’s Technology and Life Sciences Division has provided Cryptek with a $2 million working capital line of credit.
"We are pleased to provide this credit facility to Cryptek, which provides secure communications products for the government and private sectors," said April Young, managing director of Comerica’s Mid-Atlantic Technology and Life Sciences Division. "Despite today’s adverse market conditions, debt financing continues to be an important component to any emerging company’s capital mix, and our bank is committed to providing it to growing venture-backed companies."
Cryptek’s two product lines provide secure virtual networks and rugged high-resolution facsimile equipment. The DiamondTEKTM line of network security products, developed for government use, has been commercialized to meet the demands of business-to-business networking. The TS-21 BLACKJACKTM secure facsimile was built to withstand the rigors of military operations. Cryptek closed its $10 million Series B funding round in December 2002.
"This credit facility will be invaluable to us as we continue to leverage our technology’s unique ability to address the challenges of government, military and commercial IT security," said David Gross, Cryptek’s CEO. "Comerica’s technology sector expertise is impressive, and on top of that, the bank’s extensive service offerings and resource depth mean we can never outgrow Comerica’s capability to meet our financial needs."
About Cryptek (Cryptek.com)
Cryptek, Inc. is an information security solutions provider offering today's highest level of protection for government and corporate information assets. Cryptek solutions include DiamondTEK™, the company's flagship network security system designed to protect information inside the network. DiamondTEK removes the remaining hurdles to the secure access of data by partners, customers and employees, enabling organizations to safely launch network-based initiatives while increasing productivity, reducing costs and expanding market opportunities. Cryptek, the worldwide market leader for secure tactical facsimile machines, manufactures the American-made TS-21 BLACKJACK (AN/UXC-10), the standard, rugged tactical facsimile for the U.S. Army and used by elite armed forces worldwide. Founded in 1996, Cryptek is a privately held company located in Sterling, Virginia.
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 18 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 nearly $56 billion in assets as of March 31, 2003.
Media Contacts:
Patrick Rau
Cryptek, Inc.
(571) 434-2109
prau@cryptek.com
or
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
