RICHARDSON and ALLEN, Texas/April 1, 2002 - Xtera Communications, Inc., the $133 million equity funded DWDM system company, and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica’s Technology and Life Sciences Division has provided an $8 million term note to the Allen, Texas-based company. The funds will allow Xtera to acquire capital equipment to complete its lab trials.
As a division, we are focused on working with both early- and late-stage companies that have developed innovative technologies and the infrastructure necessary to successfully market their products," said Tony Schell, senior vice president and managing director of Comerica’s Texas Technology and Life Sciences Division. "Xtera Communications has received the financial support of many respected investors and its Nu-Wave DWDM system radically lowers the cost of bandwidth capacity used by long distance carriers."
Since establishing its headquarters in North Texas’ telecommunications technology corridor in May 2000, Xtera’s mission has been to produce critical technology and products that solve carriers’ bandwidth needs at dramatically lower costs. Using optical networking technology to provide innovative transport solutions, the company also seeks to maximize the performance and profitability of carrier networks.
"We are getting positive indications from service providers, as Xtera is setting new cost standards for bandwidth capacity and distance in the all-optical network," said Chris Ryan, Xtera’s CFO. "We are pleased that Comerica has provided us with this term note, which enables us to build trial equipment and to expand our manufacturing capabilities."
Xtera Communications, Inc. is based in the telecom-technology corridor in North Texas. Xtera's Nu-Wave DWDM system delivers radically lower priced optical networking transport solutions for regional, long-haul and ultra-long-haul networks. Using patented technologies, the Nu-Wave is the industry's only Wide Reach™ DWDM transport system. Additional information on Xtera can be found on its website at www.xtera.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 $51 billion in assets.
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319