BOSTON/Feb. 27, 2002 -- IntelCore Technologies, Inc. announced today that it has secured $7.5 million of additional financing with Comerica (NYSE: CMA, a leading financial services company, bringing the Company's overall funding to approximately $42 million. IntelCore is a developer and manufacturer of specialty optical fiber for the Photonics industry.
The $7.5 million credit facility with Comerica's Technology and Life Sciences Division will be used by IntelCore to finance new equipment and other working capital for its new Advanced Development and Manufacturing headquarters currently under construction in Grafton, MA. The credit facility with Comerica follows two rounds of investment financing received by IntelCore in 2000 and 2001 from noted firms Megunticook Management, St. Paul Venture Capital, Technology Venture Partners, Tudor Ventures Group and Beacon Telco. IntelCore's balanced funding will allow the Company to rapidly build and equip its new facility to meet the demand for innovative specialty optical fiber.
Jim McLaughlin, IntelCore's controller, commented on the advantages of partnering with Comerica: "We're very proud to have a financing partner with the strength and national recognition of Comerica, and we look forward to a relationship that will assist us through all stages of our growth." Bill Cadogan, a member of IntelCore's Board of Directors and former president and CEO of ADC, remarked on the value that this financial relationship can create: "This credit facility represents a strong vote of confidence in IntelCore's strategy and their ability to create enduring shareholder value in the years ahead."
Dianne Hyde Russell, the Boston-based senior vice president and manager of Comerica's Northeast Technology and Life Sciences Division, commented on the strength of the IntelCore-Comerica relationship: "IntelCore is a very compelling story. It's a company that was founded by industry veterans, staffed by industry experts, and invested in by firms that truly understand the business of specialty optical fiber in optical networking. We're delighted to provide IntelCore with this credit facility, which will help facilitate its continued growth."
About IntelCore
IntelCore develops, manufactures and markets innovative specialty optical fiber and fiber-based solutions for the Photonics industry. The Company, co-founded in 2000 by industry veterans Dr. Abdel Soufiane and William `Bill' Beck, is based on a business model that focuses on technology innovation and on providing growing component and module manufacturers with rapid product development and flexible, high-volume manufacturing. IntelCore's next-generation specialty optical fiber enables improved component performance, increased manufacturing yields, new network functionality and manufacturing process automation.
While currently located in Boston at the Boston University Photonics Center, IntelCore will soon be moving to a new state-of-the-art fiber development and manufacturing facility in Grafton, Massachusetts near the intersection of Interstate 90 and Route 495. Construction is well underway and the Company will be transitioning from Boston to Grafton by mid-2002.
The Company's web address is www.intelcore.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.
Media Contacts:
IntelCore
Christopher Van Veen
Marketing Communications
(617) 358-2104
vanveen@intelcore.com
or
Pacifico
(for Comerica's Technology and Life Sciences Division)
Adrienne Moch
(408) 293-8600 x319
amoch@pacifico.com
or
Comerica Bank-California
Keith Turner
(408) 556-5111
keith_turner@comerica.com
