IRVINE, Calif./Oct. 30, 2002 - Comerica (NYSE: CMA), a leading financial services company, and TCI Solutions (TCI), a leading supplier of integrated enterprise-wide software solutions for the retail industry, announced today that Comerica's Technology and Life Sciences Division has provided the Irvine-based company with a $4 million revolving line of credit. Most of the facility -- $3 million -- is earmarked for working capital, while $1 million will be used for equipment purchases.
"Comerica is pleased to provide TCI Solutions with this credit facility, which will help the company continue to develop and market software solutions for retailers," said Bonnie Kehe, senior vice president and manager with Comerica's Technology and Life Sciences Division in Orange County. "We are committed to serving the financial needs of both early-stage venture-backed companies and later stage companies with compelling technologies and solid business models."
Since 1983, TCI Solutions has provided retailers with technology that enables them to better manage items and vendors, inventory, pricing, budgeting, and personnel. Today, the company offers an array of enterprise, client/server applications. Earlier this year, TCI was named to Deloitte & Touche's Technology Fast 50 for Orange County and San Diego, a distinction based on fiscal year revenues from 1997-2001. The company is supported by a number of venture capitalists, including Costa Mesa-based InnoCal.
"We are pleased to have TCI Solutions as one of our portfolio companies and delighted that Comerica has seen fit to provide the company with this credit facility," said Jay Houlihan, InnoCal managing director. "The Comerica team is well-versed in the unique financial needs of technology companies, and its experience and resources will serve TCI well."
"The Comerica team impressed us with its knowledge of the challenges we face in the technology market, and we were also pleased to learn that the bank has the resources to grow with us," said Stephen DeSantis, TCI Solutions' CFO. "In our business, it is critical to have the ability to respond to the unique and evolving needs of our clients, and this credit facility provides us with a valuable resource to ensure that we continue to be responsive."
About TCI Solutions
With more than 300 customers and 14,000 installations worldwide, TCI is a leading provider of integrated enterprise application software and professional services to the retail industry. The company's software solutions are built on the industry's most sophisticated technology infrastructure and are designed to support electronic data exchange throughout the enterprise and supply chain. The company is headquartered in Irvine, Calif., and operates state-of-the art development and customer support facility in Tucson, Ariz. Additional information on TCI is available at www.tcisolutions.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 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 among the 20 largest banking companies in the nation, with $52.6 billion in assets.
Media Contacts:
Steve DeSantis
TCI Solutions
(949) 476-1122 x3015
stevedesantis@tcisolutions.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
