NATICK and BOSTON, Mass./May 6, 2002 - Micropack Corporation and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica’s Technology and Life Sciences Division has provided the private and custom label bottler of purified water with a $1.5 million revolving working capital line of credit.
"Our lenders are focused on identifying quality companies that will benefit from an association with a strong business bank," said Dianne Russell, senior vice president and managing director of Comerica’s Northeast Technology and Life Sciences Division. "Micropack certainly fits that criteria, given its position as the first manufacturer of national-brand equivalent purified bottled water with the ability to reach customers across the country."
Micropack Corporation opened its first PET (single-serve) water-bottling facility in Florida in 1998. Since then, the company has expanded into Pennsylvania and Texas; its fourth facility is scheduled to open later this year in Illinois and its fifth is planned for California early next year. Using a proprietary 11-step double-reverse osmosis process, Micropack provides safe, pure, great-tasting bottled water, marketed under brand names such as Arctic Mist, Arctic Blue and Viva.
"This credit facility will be invaluable to us as we work toward our coast-to-coast expansion," said Micropack CEO James M. Morgan. "We are committed to maintaining our high standards of quality as we grow to the west."
About Micropack
Micropack bottles and distributes private labeled, purified bottled water. The company currently operates three plants that combine proprietary water purification technology and in-line blow molding. Micropack is the only national provider of bottled water focused solely on the rapidly growing private label channel. For more information, visit www.micropackbottledwater.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 the 17th largest banking company in the nation, with $50 billion in assets.
Media Contacts:
Mark Beckamn
Micropack Corporation
(508) 647-1090 x227
mbeckman@micropackusa.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
