KIRKLAND, Wash. and BOISE, Idaho/May 27, 2003 - Comerica (NYSE: CMA), a leading financial services company, and TelemetricTM Corporation, the industry leader in providing utilities with affordable wireless solutions for communicating with down-line equipment, announced today that Comerica’s Technology and Life Sciences Division has provided Telemetric with a $650,000 line of credit.
"We are pleased to provide this credit facility to Telemetric, the third Boise technology company with which we have closed a deal in the past several months," said J.P. Michael, senior vice president and manager, Comerica Northwest Technology and Life Sciences Division. "Our commitment to the technology sector is reflected in our efforts to discover innovative companies across the country that can benefit from Comerica’s wide-ranging products and services."
Telemetric provides utilities with low-cost, two-way communications to equipment located beyond the substation. The company’s wireless remote monitoring solutions have been installed by utilities ranging from small rural electric co-ops to large investor-owned utilities. In addition to offering ease of installation, low cost, and excellent coverage, Telemetric products work anywhere where cellular phone service is available.
"Comerica offers us the best of both worlds-a bank that understands the technology market and has the resources to meet our financial needs today, and in the future," said Scott Schoenherr, Telemetric CEO. "Having this credit line available will assist us as we continue to market our products to utilities across the country, focusing on the significant cost savings and enhanced power quality that can be achieved through their use."
About Telemetric
Telemetric is the industry leader in low-cost wireless solutions, providing utilities with an affordable option for communicating with down-line equipment and machinery. Our solutions have helped over 100 utilities control costs and improve customer service by allowing them to cost-effectively monitor, control and automate equipment located beyond their substations. By utilizing the "control channel" of the cellular network, Telemetric allows customers to send small packets of data over the existing public cellular network with far better coverage and at a much lower cost than other methods of communication. Telemetric is privately held with headquarters in Boise, Idaho. For more information, please visit www.telemetric.net, or email info@telemetric.net.
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 nearly $56 billion in assets as of March 31, 2003.
Media Contacts:
Robin Falk
Telemetric Corporation
(208) 658-1292
rfalk@telemetric.net
or
Adrienne Moch
Pacifico (for Comerica)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank
(408) 556-5111
keith_turner@comerica.com
