JESSUP, Md. and RESTON, Va./June 3, 2002 - Quantum Photonics, Inc. (QPI), a developer and producer of low cost, high performance optoelectronic components, modules and sub-systems for the telecom and datacom markets, and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica’s Technology and Life Sciences Division has provided the Jessup company with a $3 million credit facility. The financing consists of a $2 million equipment line of credit and a $1 million revolving credit line.
"Quantum Photonics, with its strong syndicate of venture capital investors, is just the type of growing technology company we are seeking to add to our portfolio," said April Young, senior vice president and managing director of Comerica’s Mid-Atlantic Technology and Life Sciences Division. "Our division is committed to working with both young and established companies that offer compelling technologies, feature strong management teams, and have solid institutional funding."
QPI was formed in 1998, and for the first two years of its existence, it achieved record performance in semiconductor lasers, supplying devices under government contracts. Since 2000, the company has been focused on large-scale commercial development, engaging new customers with industry-leading optoelectronic technology. QPI closed its second round of funding, $27.6 million, in February 2002.
"Securing this credit facility from Comerica will help us appreciably as we work toward becoming a market leader," said Terry Browne, QPI’s general counsel. "We look forward to our relationship with Comerica, as it provides us with the financial resources we need at this stage of our company’s development."
About Quantum Photonics
Quantum Photonics, Inc., located in Jessup, Md., is on the cutting edge of innovation in the development and production of low cost, high performance optoelectronic components, modules and sub-systems for use in fiber optic networks. For more information about Quantum Photonics, its products, and its state-of-the-art manufacturing facility, please visit our Web site at www.quantumphotonics.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:
Terry Browne
Quantum Photonics
(240) 456-7109
browne@quantumphotonics.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
