SAN FRANCISCO/Feb. 25, 2002-- Comerica Bank (NYSE:CMA), a leading financial services company, announced today that its Technology and Life Sciences Division has provided a $2 million line of credit to San Rafael-based digital media software firm, Lumenati, Inc. The funds will be used as working capital.
"Lumenati is a leading developer of next-generation digital media management software products for telecommunications and cable broadband service, consumer electronic device, and PC OEM sectors," said Sam Bhaumik, senior vice president and managing director of Comerica's Northern California Technology and Life Sciences Division. "Granting this line of credit fits well with our strategy of working with both early-stage technology companies and those that are farther along in their development, such as Lumenati."
Lumenati's Flipstream offers residential broadband subscribers the applications necessary to publish personal digital media such as photographs, albums, music collections and streaming media directly from their own PCs. Other products and services are also expected to spawn from the Lumenati Digital Media Platform (DMP), a proprietary technology infrastructure for managing digital media upon which today's Flipstream offering is based. Lumenati is also in the development stages of an advanced media-on-demand iTV software platform to be a powerful future software tool for aggregating and deploying Internet protocol television services.
"We are thrilled to be working with such a respected financial institution as is Comerica," said Cliff Jenks, Lumenati's chief executive officer. "Their San Francisco team impressed us with its ability to become familiar with our technology and assess our financial needs, and as we grow, we believe the bank has the resources to meet our needs."
About Lumenati, Inc.
Lumenati enables broadband providers to rapidly deploy and accelerate the acceptance of subscription-based, value-added services to not only today's installed base, but also to tomorrow's broadband future. Lumenati provides solutions to the challenge of delivering value-added services that will attract new subscribers, increase revenue from the installed base of subscribers, and most importantly, develop longer-term services that will realize the full potential of the network. The company's software product portfolio addresses today's market requirements through a personal PC publishing application that enables subscribers with home broadband connections to publish personal digital media -- photo albums, music collections, streaming video and more -- directly from their PC to friends and family.
Lumenati is about accelerating broadband revenues for its partner-customers. Pequot Capital Management, Buchanan Investments and Encore Capital Management have provided venture capital funding to Lumenati, Inc. For further information or editorial assistance, please visit www.lumenati.com, or call 415/455-9500, ext. 1146.
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 in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. From 19 offices located across the U.S., Comerica's Technology and Life Sciences Division serves all major technology centers. Comerica is the 17th largest banking company in the nation, with $51 billion in assets.
Media Contacts:
Comerica Bank-California
Keith Turner, 408/556-5111
keith_turner@comerica.com
or
Pacifico
(for Comerica's Technology and Life Sciences Division)
Adrienne Moch, 408/293-8600 ext. 319
amoch@pacifico.com
or
Public Relations for Lumenati, Inc.
Jody Flynn, 415/455-9500 ext. 1146
jpflynn@horizoncable.com
