CHICAGO/June 17, 2003 - Comerica (NYSE: CMA), a leading financial services company, and Sportvision, Inc., the Emmy Award-winning leader of sports-media technology, announced today that Comerica’s Technology and Life Sciences Division has provided Sportvision with a $1 million line of credit and a $1.5 million term loan. Portland-based VenCore Solutions, the early stage commercial equipment leasing experts, brought the two parties together and provided an additional $500,000 lease line of credit.
"We are pleased to provide this credit facility to Sportvision, a preeminent developer of fan-centric broadcast and online sports technology," said Jim Ellison, senior vice president and managing director, Comerica Northwest Technology and Life Sciences Division. "Our focus on providing financial support to innovative technology companies remains constant, because there are plenty of enterprises that can demonstrate their worthiness to receive debt capital."
Since 1998, Sportvision’s technological enhancements have been used in well over 1,000 sports broadcasts to provide fans with richer and fuller entertainment experiences. A winner of multiple Emmy Awards for technical achievement, Sportvision invented the virtual 1st & Ten™ line, which makes use of the company’s patented video overlay technology to create the illusion that a yellow line is painted on the field, and that players are crossing it or standing on it. The company’s newest product, IceCast, is an online game tracking service being featured on NHL.com; other Sportvision innovations include the K Zone virtual strike zone for ESPN’s Sunday Night Baseball and the RACEf/x car-tracking system that collects and displays car performance data on NASCAR broadcasts. In December 2002, Sportvision raised $10 million in conjunction with its merger with Ignite Sports.
"This financing from Comerica will be extremely valuable to us as we continue to lead the development of fan-friendly TV and interactive sports applications while establishing new broadcast sponsorship and advertising opportunities for marketers," said Hank Adams, CEO, Sportvision. "We consider ourselves to be the premier sports-media company, so it makes sense for us to work with a premier technology bank, an organization that has the resources to meet our growing financial needs."
"We first met Sportvision while they were in an incubator in Evanston, Ill. and it has been a pleasure to watch them grow, succeed and be a part of that effort," said David Farber, managing director, VenCore Solutions. "This transaction is an excellent example of combining resources to benefit an innovative technology company. We're delighted that Comerica was able to step in and provide debt capital to complement Sportvision's equipment lease with us. Like Comerica, we believe in doing what it takes to serve our portfolio companies' total financial needs."
About Sportvision, Inc.
Sportvision, Inc. is the nation’s premier interactive sports marketing and technology company, developing products that enrich fans' interaction with sport and creating marketing solutions that generate new value for sports properties, marketers and media companies. A privately held corporation, Sportvision solutions have enhanced experiences for fans and marketing partners of the NFL, NBA, NASCAR, NHL, PGA TOUR, LPGA Tour, Major League Baseball, NCAA football and basketball, WTA, Major League Soccer, Ironman Triathlon and other sporting events on-air and online. The company has captured three Broadcast Emmy Awards for their signature broadcast enhancements, the virtual yellow 1st and Ten™ line and K Zone.Sportvision can be found on the web at www.sportvision.com.
About VenCore
VenCore is a re-capitalized spin-off created from the 17 year-old Venture Leasing Division of FirstCorp. They are focused on providing equipment lines of credit to early-stage, entrepreneurial companies that do not qualify for traditional lease financing. VenCore’s clients are emerging growth companies that have received equity capital and may or may not have received a first round of venture capital. These clients often need their first workstations, telephone systems and office equipment. For more information, visit www.vencore-solutions.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:
Glenn Mastro
Mastro Communications (for Sportvision, Inc.)
(732) 469-5700
or
Gilian Ritchey
VenCore Solutions-Oregon
(503) 598-4101
or
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600 x319
or
Keith Turner
Comerica Bank
(408) 556-5111
