April 1, 2002 - Blue Ridge Networks, a leading provider of outsourced Virtual Private Networking (VPN) solutions, and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica’s Technology and Life Sciences Division has provided a $1.75 million credit facility to the Chantilly company. Of that amount, $1.25 million is a revolving/working capital loan and $500,000 is an equipment term loan.
"The focus of our division has always been to work with venture-backed companies that offer compelling technology, regardless of where they are in their life cycle," said Brad Steele, vice president and regional manager in Comerica’s Mid-Atlantic Technology and Life Sciences Division. "Blue Ridge Networks, which has been providing VPN solutions to facilitate secure communications via the Internet for more than 10 years, is a nice addition to our portfolio."
Blue Ridge Networks, which created the first VPN technology in the early ‘90s, provides private networking solutions to corporate America, as well as select U.S. federal agencies with high security requirements. Its plug and play technology and unique 24-hour help desk simplify deployment and use while eliminating the Internet communications risk to which many businesses are exposed.
"As businesses focus increasingly on security, reliability and privacy, VPNs are becoming more and more popular, and many security-conscious organizations rely on our proven technology, " said John Zett, president of Blue Ridge Networks. "This credit facility from Comerica will foster our continued growth and help us enhance the products and services we provide to our customers."
About Blue Ridge Networks
Blue Ridge Networks provides outsourced Virtual Private Networking solutions enabling highly secure private communications over the Internet. Featuring a unique integrated Public-Key based authentication system, Blue Ridge has provided secure and reliable private networking solutions to commercial enterprises and select Federal Agencies for over a decade.
Blue Ridge Networks’ proven processes, people, and systems as well as years of VPN experience enable a quick and painless deployment of VPN technology for an enterprise. Customers are guaranteed deployment in 14 days or less. Blue Ridge Networks’ premium outsourced VPN model features design, provisioning, installation, monitoring, management and a special built in 24 Hour End User Help Desk, allowing the customer’s staff to focus on its core business.
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:
Leanne Scott
Dittus Communications
(202) 715-1515
leanne.scott@dittus.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
