BOSTON/April 7, 2003 - Comerica (NYSE: CMA), a leading financial services company, and SmartBargains, Inc., an online retailer of closeout and liquidation merchandise, announced today that Comerica’s Technology and Life Sciences Division has provided SmartBargains with a $7 million revolving line of credit.
"We are pleased to provide this credit facility to SmartBargains, a company with a lot of momentum that operates outside of our traditional technology markets," said Dianne Russell, senior vice president and Northeast regional manager of Comerica’s Technology and Life Sciences Division. "This deal is a good example of how we leverage our excellent relationships with investors and develop innovative credit structures for companies with unique needs."
A new Comerica client, SmartBargains has also initiated a depository relationship with the bank and has taken advantage of Comerica’s cash management services.
SmartBargains offers a virtual shopping adventure for customers seeking great merchandise at incredible values. The company purchases closeout and liquidated merchandise from top name brand suppliers and offers these products to online shoppers at 30 to 80 percent off their retail price. SmartBargains has received equity capital from top-tier investors and strategic partners including General Catalyst Partners, Highland Capital Partners, the Gordon Brothers Group, Maveron and America Online.
"SmartBargains is thrilled to have attracted Comerica as our financial partner." said Carl Rosendorf, SmartBargains’ CEO. "Our new relationship clearly demonstrates the enormous strength of our business and it has already proved beneficial, as the bank has demonstrated its expertise in areas like cash management."
Rosendorf continued, "At SmartBargains, we've got the best of two worlds: a century of wisdom from our strategic partners and investors, and a great team of buyers, website producers and customer service people, all dedicated to providing customers with an unparalleled shopping experience."
About SmartBargains, Inc.
SmartBargains offers a virtual shopping adventure for customers looking for great merchandise at incredible values, combining the thrill of great deals on brand-name products and the excitement of rapidly changing merchandise with the convenience of home shopping. It provides customers with a fun and easy way to shop for branded and quality merchandise at prices up to 80 percent off retail, making it the ultimate bargain-shopping destination. Visit SmartBargains at www.smartbargains.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 19 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 $53 billion in assets as of December 31, 2002.
Media Contacts:
Stephen M. Joseph
SmartBargains, Inc.
(617) 456-2921
sjoseph@smartbargains.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
