RESTON and MCLEAN, Va./Oct. 7, 2002 -- Comerica (NYSE: CMA), a leading financial services company, and SynXisr Corporation, a provider of reservation management and distribution systems for the hospitality industry, announced today that Comerica's Technology and Life Sciences Division has provided the McLean-based company with a $1.7 million credit facility, composed of a $1.5 million revolving credit line and a $200,000 million equipment loan.
"There is nothing more satisfying to us than to work with companies that have developed innovative technologies, so we are delighted to enter into a relationship with SynXis and provide them with this credit facility," said April Young, senior vice president and managing director of Comerica's Mid-Atlantic Technology and Life Sciences Division. "We are committed to serving the technology sector as the only bank with the resources and expertise to work with companies at all stages of their lifecycle."
Since 1999, SynXis Corporation has provided reservation management and distribution services to the hospitality industry through its unique Reservation Management System (patent pending). Its customers include independent and chain hotels, resorts, casinos, and conference centers around the world. SynXis is backed by U.S. and European investors.
"Comerica's resources and focus on the technology market are certainly two of the reasons we chose to bank there, but equally as significant is our respect for Comerica's people," said Kevin Cheetham, SynXis's CFO. "This credit facility will assist us as we work toward increasing our worldwide market share, and we look forward to working with Comerica as our financial needs evolve."
About SynXis Corporation
SynXis Corporation's Internet-based ASP solution delivers full electronic distribution and reservations management capabilities to the worldwide hospitality industry. SynXis Reservation Management System, at the solution's core, empowers hotel operators to consolidate and manage hotel inventory from all sources -- seamless GDS connectivity, over 1200 popular Internet travel sites, private-label central reservations systems, and full-service hotel Web sites. It also helps hotels build revenue by enabling them to independently manage each distribution channel from one easy-to-use control center. SynXis AgentTM does not require major upfront investment and hotels can realize substantial cost savings with SynXis' simple transaction-based pricing model. SynXis is the technology source for more than 3,500 hotels, bed and breakfasts, resorts, and destinations, including, Harrah's, VIP International, Interstate Hotels & Resorts, Colonial Williamsburg, and Jumeirah Hotels.
SynXis' corporate headquarters are in McLean, VA, with offices in Denver, CO, and Amsterdam, The Netherlands. For more information on SynXis and its products, please call (703) 448-2530, e-mail info@synxis.com, or visit our Web site at http://www.synxis.com.
"SynXis" and "Book-A-Rez" are registered trademarks and/or trade names owned and used by SynXis. The functions comprised within SynXis Reservation Management System are the subject of pending patent applications. SynXis claims copyright protection for all software programs and content hosted via SynXis' Web sites.
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:
Carol Levitt
SynXis
(703) 610-4908
clevitt@synxis.com
or
Adrienne Moch
Pacifico (for Comerica's Technology and Life Sciences Division)
(408) 293-8600 ext. 319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
