PALO ALTO and SANTA CLARA, Calif./Oct. 3, 2002 - Comerica (NYSE: CMA), a leading financial services company, and NETGEAR, Inc., a worldwide provider of easy-to-use, high performance networking products at prices affordable to homes and growing businesses, announced today that Comerica'sTechnology and Life Sciences Division has provided the Santa Clara company with a $20 million revolving line of credit. The funds will be used as working capital.
"We are pleased to have the opportunity to provide this considerable credit facility to NETGEAR," said Sam Bhaumik, senior vice president and managing director of Comerica's Northern California Technology and Life Sciences Division. "This deal illustrates our commitment to the technology sector, our focus on relationship banking and our ability to work with mature companies that need a bank possessing significant resources."
Since 1996, NETGEAR has designed and developed products that enable home and business customers to share broadband Internet access, network office peripherals, and enjoy multimedia entertainment among multiple personal computers and other Internet-enabled devices. Headquartered in Silicon Valley, the company markets and sells its products throughout North America, Europe and the Asia/Pacific region.
"NETGEAR is an established company with an impressive balance sheet and strong cash generating capability. This credit facility will be an important additional tool to grow aggressively when we need to as we continue to market our networking solutions to small businesses and homeowners," said Jonathan Mather, NETGEAR's chief financial officer. "We were impressed with the Comerica team's technology expertise and with the bank's resources, which will enable it to support our future growth."
About NETGEAR Inc.
NETGEAR provides branded, easy-to-use, reliable and technologically advanced networking solutions for homes and small businesses. Headquartered in the heart of Silicon Valley, Santa Clara, Calif., NETGEAR designs and develops products that enable home and small business users to share Internet access, peripherals, digital content and applications among multiple personal computers and other Internet-enabled devices. NETGEAR primarily markets and sells its products through distributors based in North America, Europe and the Asia/Pacific region to a network of resellers. NETGEAR was recently named to Deloitte & Touche's "Technology Fast 500" and to its "2001 Technology Fast 50" for Silicon Valley. For more information visit the company's Web site at www.netgear.com or call (408) 907-8000.
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 $51 billion in assets.
Media Contacts:
Doug Hagan
NETGEAR Inc.
(408) 907-8053
doug.hagan@netgear.com
or
Ken Hagihara
Integrity Public Relations (for NETGEAR)
(949) 768-4423
ken@integritypr.net
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
