SAN FRANCISCO, CA-February
25, 2002 --Comerica
Bank (NYSE: CMA), a leading financial services company,
announced today that its Technology and Life Sciences
Division has provided a $2 million line of credit to
San Rafael-based digital media software firm, Lumenati,
Inc. The funds will be used as working capital.
ìLumenati is a leading developer
of next-generation digital media management software
products for telecommunications and cable broadband
service, consumer electronic device, and PC OEM sectors,î
said Sam Bhaumik, senior vice president and managing
director of Comericaís Northern California Technology
and Life Sciences Division. ìGranting this line of credit
fits well with our strategy of working with both early-stage
technology companies and those that are farther along
in their development, such as Lumenati.î
Lumenatiís Flipstream offers residential
broadband subscribers the applications necessary to
publish personal digital media such as photographs,
albums, music collections and streaming media directly
from their own PCs. Other products and services are
also expected to spawn from the Lumenati Digital Media
Platform (DMP), a proprietary technology infrastructure
for managing digital media upon which todayís Flipstream
offering is based. Lumenati is also in the development
stages of an advanced media-on-demand iTV software platform
to be a powerful future software tool for aggregating
and deploying Internet protocol television services.
ìWe are thrilled to be working
with such a respected financial institution as is Comerica,î
said Cliff Jenks, Lumenatiís chief executive officer.
ìTheir San Francisco team impressed us with its ability
to become familiar with our technology and assess our
financial needs, and as we grow, we believe the bank
has the resources to meet our needs.î
About Lumenati, Inc.
Lumenati enables broadband
providers to rapidly deploy and accelerate the acceptance
of subscription-based, value-added services to not only
todayís installed base, but also to tomorrowís broadband
future. Lumenati provides solutions to the challenge
of delivering value-added services that will attract
new subscribers, increase revenue from the installed
base of subscribers, and most importantly, develop longer-term
services that will realize the full potential of the
network. The companyís software product portfolio addresses
todayís market requirements through a personal PC publishing
application that enables subscribers with home broadband
connections to publish personal digital mediaóphoto
albums, music collections, streaming video and moreódirectly
from their PC to friends and family.
Lumenati is about accelerating
broadband revenues for its partner-customers. Pequot
Capital Management, Buchanan Investments and Encore
Capital Management have provided venture capital funding
to Lumenati, Inc. For further information or editorial
assistance, please visit www.lumenati.com,
or call 415.455.9500, ext. 1146.
About Comericaís Technology
and Life Sciences Division
Comericaís 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., Comericaís Technology and Life
Sciences Division serves all major technology centers.
Comerica is the 17th largest banking company in the
nation, with $51 billion in assets. For more information,
visit www.comerica.com.
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