SANTA CLARA and PALO ALTO, Calif/.Aug. 7, 2002 Tripath Technology Inc. (Nasdaq: TRPH), creators of Class-TTM 1-Bit Digital Audio Amplifiers, and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica s Technology and Life Sciences Division has provided the Santa Clara company with a $10 million revolving line of credit. The funds will be used as general working capital.
"We are always pleased to work with innovative companies like Tripath, and we look forward to developing a long-term relationship with this industry leader," said David Stearns, executive vice president and western district manager of Comerica s Technology and Life Sciences Division. "We feel Tripath will benefit from Comerica s ability to grow our services based on its needs."
Founded in 1995, Tripath completed an IPO in August 2000. The company s Digital Power ProcessingTM (DPP) technology helps make audio, DSL and wireless communications products smaller, lighter and more powerful. Tripath s audio amplifier solutions provide superior fidelity, power efficiency and economy, and its integrated silicon solutions enable DSL providers to increase port density and reduce energy costs. In addition, the company is developing RF power amplifier solutions for cellular phones.
"We were very impressed with how Comerica s Palo Alto team took the time to get to know our business and then worked with us to structure a credit facility that will be helpful as we continue to grow," said Dr. Adya Tripathi, Tripath s Chairman, President and CEO. " We are all operating in challenging times, and it is refreshing to find an organization that focuses on the positives and sees challenges as opportunities."
About Tripath Technology
Based in Santa Clara, California, Tripath Technology is a fabless semiconductor company that focuses on providing highly efficient power amplification to the digital media and electronics markets, DSL markets and RF markets. Tripath has created a patented technology called Digital Power ProcessingTM (DPP), which combines modern advances in digital signal processing and power processing. Tripath's current customers include consumer electronic and computer companies, such as APEX Digital, Apple Computer, Panasonic and Sony; as well as DSL communications equipment providers, such as Alcatel, who use Tripath's power efficient line drivers for central office applications. For more information please visit our web site at www.tripath.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 $51 billion in assets.
Safe Harbor Statement Certain matters discussed in this news release, including express or implied statements concerning consumer electronics manufacturers and the consumer electronics market, are forward-looking statements. The actual results may vary for those stated or implied from the forward-looking statements as a result of a number of risks and uncertainties including, but not limited to, risks in product development plans and schedules, rapid technological change, changes and delays in product approval and introduction, customer acceptance of new products, the impact of competitive products and pricing, market acceptance of our customers products, the lengthy sales cycle, proprietary rights of the Company and its competitors, dependence on third parties to manufacture products, general economic conditions and other risk factors detailed in the Company s United States Securities and Exchange Commission filings.
Media Contacts:
Peter Nam
Tripath Technology, Inc.
(408) 565-6819
pnam@tripath.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
