NEW YORK and SHREWSBURY, NJ/April 21, 2003 - Comerica (NYSE: CMA), a leading financial services company, and Internet Photonics, a leading developer of carrier- grade Optical Ethernet and wave division multiplexing (WDM) transport solutions, announced today that Comerica's Technology and Life Sciences Division has provided Internet Photonics with a $10 million revolving line of credit.
"Internet Photonics offers a compelling value proposition to carriers and cable operators that are looking for a cost-effective means to deploy next-generation data services using existing network infrastructures," said Steve Miller, vice president in Comerica's New York Technology and Life Sciences Division. "Comerica is committed to serving emerging and mature companies in the technology sector, and our ability to provide credit facilities like this one can be of great assistance in helping companies continue down the path toward growth and success."
Founded in 2000, Internet Photonics delivers carrier-grade Optical Ethernet and WDM solutions that simplify networking and create a compelling economic model for service delivery. The company's Ethernet and WDM-based products enable telecommunications carriers and cable operators to cost-effectively extend existing technology infrastructures to offer high bandwidth data services, including high speed Internet, business services, telephony services, video-on-demand (VOD) and high-definition television (HDTV).
"Internet Photonics is currently growing revenues from telecom carriers and cable operators. This credit facility serves as an important building block, enabling us to scale our capacity and to support volume deployments within our expanding customer base," said Steven Waszak, Internet Photonics' Chief Financial Officer. "We elected to work with Comerica as they have a proven track record of success and understand the challenges facing emerging technology companies in the telecom and optical networking space."
About Internet Photonics
Internet Photonics is an innovative growth company delivering the first carrier-grade managed Optical Ethernet solutions with 10 Gigabit DWDM transport to allow network operators to sell profitable high-bandwidth data services alongside existing legacy services. Based jointly in Shrewsbury, NJ, and Marlborough, MA, the Company's next-generation optical transport products are scalable, simple-to-install, and provide carrier- grade reliability and manageability. Investors include The Sprout Group, ComVentures, Telesoft Partners, AT&T (NYSE: T) and New Venture Partners LLC, formerly the New Ventures Group at Lucent Technologies (NYSE: LU). For more information, please visit www.internetphotonics.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:
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
or
Joe Cumello
Internet Photonics
(508) 480-6708
jcumello@internetphotonics.com
