NEW YORK and SOUTH PLAINFIELD, NJ/March 26, 2003 - Comerica (NYSE: CMA), a leading financial services company, and Inplane Photonics, a designer, developer and manufacturer of integrated optical components and subsystems on small, low-cost platforms, announced today that Comerica's Technology and Life Sciences Division has provided the New Jersey company with a $3 million term loan. The funds will be used to purchase equipment.
"We are pleased to provide this credit facility to Inplane Photonics, which is fast becoming the technology of choice for optical network integrators," said Steve Miller, vice president in Comerica's New York Technology and Life Sciences Division. "Today's market conditions have resulted in a return of investors focusing on quality, rather than quantity, which dovetails with our business model of providing financial support to the strongest emerging technology companies."
Inplane Photonics has been recognized as a market leader in Erbium Doped Waveguide Amplifiers (EDWAs), its vanguard products in an extensive family of loss-less optical modules. Those products are based on Planar Lightwave Circuits (PLCs) technology, which quickly has become the platform of choice for optical network integrators to meet their requirements for the next generation of highly functional, low-cost, small footprint integrated components. The world-class scientists and engineers of Inplane Photonics have unparalleled experience and track record in developing new PLCs.
"This credit facility will be invaluable to us as we continue to provide next-generation technologies to the optical sector," said Joe Gitto of Geller and Company LLC., Inplane Photonics' CFO. "We felt it was important to work with a bank that understands the challenges technology companies face, and Comerica provides that assurance, along with the resources of a well-respected financial institution."
Inplane is introducing and demonstrating two new waveguide amplifier products at the Optical Fiber Communications (OFC) 2003 in Atlanta, March 23-27, Booth 2052.
About Inplane Photonics
Inplane Photonics, based in South Plainfield, New Jersey, occupies a 21,000 sq. ft. facility, including a 2,500 sq. ft. class 100 clean room. In its first round of funding, Inplane secured financing from two prominent venture capital firms, Jerusalem Venture Partners (JVP) and Morgenthaler Venture Partners, and a lease line from Comerica. Both VC firms manage a combined asset base of over $1.6 billion and have invested in leading optical networks and components companies such as Chromatis, CyOptics, Cogent Communications, Agility, Lightwave Microsystems, and NanoOpto.
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 18 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:
Tricia Schafer-Petrecz
TMP Worldwide (for Inplane Photonics)
(610) 688-8130 x106
tricia.petrecz@tmp.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
