KIRKLAND, Wash. and BOISE, Idaho/May 5, 2003 - Comerica (NYSE: CMA), a leading financial services company, and Preco Electronics Inc., a leading provider of industrial electronics products, announced today that Comerica’s Technology and Life Sciences Division has provided Preco with a $4.75 million credit facility. The majority of the facility - $3.75 million - is a revolving line of credit; the other $1 million is a term loan.
"We are pleased to provide this credit facility to Preco Electronics, which holds the original patent on the electronic back-up alarm, and has enhanced its valuation by continuing to produce innovative electronics products for industrial customers," said Jim Ellison, senior vice president and managing director of Comerica’s Northwest Technology and Life Sciences Division. "Comerica offers technology clients a wealth of resources and expertise not available from other financial institutions."
Preco was founded in 1947 and is a designer and manufacturer of electronic industrial safety products.Over the past 52 years, the organization has grown in both size and scope via additions to its proprietary products and expansion of its manufacturing capabilities. Today, Preco operates two manufacturing facilities, in Boise, Idaho, and Morton, Ill., and it is one of the 10 largest privately held companies in the state of Idaho.
"Our financial needs required us to work with a bank that had the desire and ability to structure a unique credit facility for us, so we were pleased to learn that Comerica could do just that," said Ryan Curtis, director of finance at Preco Electronics. "The line of credit and term loan will enhance our ability to maintain our tradition of growth by delivering compelling industry application solutions that meet customer needs; help resolve problems; and make their operations safe, efficient, and profitable."
About Preco Electronics
Preco Electronics is one of the largest, privately held, industrial electronics firms in Idaho. Preco specializes in Safety Systems, Instrumentation, Commercial Vehicle Electronics, and Contract Manufacturing. Website: http://www.preco.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:
Russ Fulcher
Preco Electronics
(208) 323-1010
rfulcher@preco.com
or
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
