Philadelphia and Princeton, NJ/Oct. 21, 2002 - Comerica (NYSE: CMA), a leading financial services company, and Valaran Corporation, a provider of a dynamic business framework for global companies, announced today that Comerica’s Technology and Life Sciences Division has provided Valaran with a $3.1 million credit facility. More than $2 million is designated as a working capital line of credit, with the remainder consisting of a term loan, a standby letter of credit and a new fixed asset loan.
"We are pleased to enter into a banking relationship with Valaran and to provide this innovative company with a credit facility that will help foster its growth," said Steven D. Hobman, senior vice president and regional manager of Comerica’s Mid-Atlantic North Technology and Life Sciences Division. "We understand the unique financial needs of technology companies and we have the resources to meet them, both at the early-stage level and as they mature."
Valaran’s business framework is designed to simplify the inherent complexity corporations encounter as they improve their end-to-end business processes. The company was designated as a "Hot Startup" by America’s Network magazine at SUPERCOMM 2001, and at this year’s event, received an honorable mention as a "Most Promising Enterprise Technology." Valaran’s venture capital investors include TL Ventures, EnerTech Capital, Celtic House International and Kinsman Capital.
"We are firm believers in the value of securing debt capital as an adjunct to equity financing, so we are delighted that Valaran has received this credit facility from Comerica," said Mike Burns, managing director at TL Ventures. "Comerica’s technology group is respected throughout the venture capital community."
"We considered a couple of alternatives when it came to choosing a banking partner, but we came to the conclusion that Comerica is the right institution for us," said Mark Kadish, controller/treasurer at Valaran. "Comerica’s team consists of experienced technology lenders and the bank’s resources will enable it to continue to meet our financial needs as we grow."
About Valaran Corporation
Valaran Corporation provides path-breaking software to enterprises to assist them in solving complex, real world problems. The ValaranTM Framework enables customers to dynamically model, implement and manage distributed business processes across operating units, with business partners, and incorporates existing applications and networks. Valaran has received wide recognition for its unique contribution to the telecom industry. The company was named "Best New OSS Company" by Billing World and OSS Today Magazine in 2002. For more information on Valaran Corporation, visit www.valaran.com or call (866) 716-7200.
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 among the 20 largest banking companies in the nation, with $52.6 billion in assets.
Media Contacts:
George Faigen
Valaran Corporation
(609) 716-7200 ext. 240
george.faigen@valaran.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
