NEW YORK and LAKE SUCCESS, NY/June 16, 2003 - Comerica (NYSE: CMA), a leading financial services company, and White Amber®, a leading provider of services procurement and management solutions, announced today that Comerica’s Technology and Life Sciences Division has provided White Amber with a $2.3 million credit facility.
"We are pleased to provide this flexibility to White Amber, which provides vendor-neutral contingent workforce solutions that focus on efficiency," said Steve Miller, vice president, Comerica Technology and Life Sciences Division. "While a number of financial institutions have turned their backs on the technology sector, we remain committed to working with companies that have strong management teams, large markets, and the ability to attract and retain customers."
Customers around the world -- including Fortune 500 companies -- are using White Amber’s fully automated Web-based software to efficiently manage their temporary contract staffing programs. The company’s technology and reporting tools replace the traditional costly and paper-intensive processes associated with the contingent/contract labor marketplace, providing companies a means to streamline human capital management and reduce administrative costs. Prominent White Amber investors include RRE Ventures, Venrock Associates, Infinity Capital and Wachovia Strategic Ventures.
"We look forward to continued growth, as we introduce more companies to our unique human capital management solutions that focus on improving our customers’ bottom line," said Daniel Pess, White Amber’s chief financial officer and senior vice president. "We’re delighted to have the backing of a prominent bank like Comerica to help us achieve our goals."
About White Amber
White Amber’s workforce management solution helps large companies manage all aspects of the sourcing process for a wide range of services, delivering significant cost savings and improving the return on outsourcing strategies. The company’s human resource management experts, proven methodology and patent-pending Web- based technology combine to streamline every step of the process, from vetting suppliers and negotiating contracts, matching the right jobs to the right vendors. This benefits both parties by ensuring prompt payment to vendors and delivering comprehensive records and analysis to corporate customers. Based in New York, the company can be reached at www.whiteamber.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. From 18 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 nearly $56 billion in assets as of March 31, 2003.
Media Contacts:
Comerica Contacts
Adrienne Moch
Pacifico
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
White Amber Contacts
Michael Cruz
White Amber
(516) 927-1002
mcruz@whiteamber.com
or
Susan Bassett
Corporate Ink
(617) 969-9192
sbassett@corporateink.com
