SAN JOSE, Calif./July 22, 2002 - Comerica (NYSE: CMA), a leading financial services company, and LGC Wireless, a leading supplier of wireless networking systems, announced today that Comerica's Technology and Life Sciences Division has provided the San Jose company with a $5 million revolving line of credit.
"Growing technology companies like LGC Wireless need to be assured that their bank has the both the resources and the flexibility to work with them to meet their financial needs," said Sam Bhaumik, senior vice president and managing director of Comerica's Northern California Technology and Life Sciences Division. "Comerica's strength and commitment to the technology sector are two reasons why LGC Wireless decided to do business with us."
Founded in 1996, LGC Wireless uses its patented technology to provide broadband optical wireless networks to carriers and corporations worldwide. The company's products increase capacity, expand coverage, improve clarity, and enhance resource utilization, which facilitates customers' ability to expand existing networks, build out new networks, and deliver new wireless voice and data services. LGC Wireless systems are found in more than 20 countries, and the company has offices in Silicon Valley and Cambridge, U.K.
"One of the major reasons we chose to go with Comerica is the strength of the bank's international network," said Scott Bennion, LGC Wireless' corporate controller. "We are currently expanding our international presence, so it was especially important to us that Comerica has the ability to support our foreign-denominated transactions, and that we can receive personal service from bankers who understand the challenges we face in the global market."
About LGC Wireless
LCG Wireless is a leading supplier of products for optimizing the development of metropolitan cellular, PCS and 3G networks, and for providing mobile users with reliable in-building access to high quality voice and wireless data. LGC is currently shipping product to more than 20 countries. Supported wireless standards include TDMA, CDMA, GSM, iDEN, and 3G. For more information, please visit our web site at www.lgcwireless.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 20 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 $50 billion in assets.
Media Contacts:
Tyler Bleszinski
LGC Wireless
(916) 418-1500
tyler.bleszinski@ogilvypr.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
