Comtex Establishes New Relationship With Silicon Valley Bank And Secures Revolving Line of Credit
January 12 2004 - 8:30AM
PR Newswire (US)
Comtex Establishes New Relationship With Silicon Valley Bank And
Secures Revolving Line of Credit NEW YORK, Jan. 12
/PRNewswire-FirstCall/ -- Comtex News Network, Inc. (BULLETIN
BOARD: CMTX) , a leading wholesaler of electronic real-time news
and content, today announced that it has selected Silicon Valley
Bank (SVB), the primary banking subsidiary of Silicon Valley
Bancshares , for its principal banking relationship. In conjunction
with this, Comtex has established an initial $1 million line of
credit with SVB for working capital purposes. "We are very pleased
to be working with Silicon Valley Bank, a leading provider of
banking services in the technology industry, to further strengthen
Comtex's financial foundation," said Steve Ellis, Comtex Chairman
and CEO. "As our new management team works to enlarge our customer
base and create more dynamic products, this banking relationship
provides the Company with an increasingly solid financial base,"
added Mr. Ellis. "We look forward to providing financial support to
Comtex as it revitalizes its operations and solidifies its
competitive position in the dynamic online content market," said
Michael Moretti, senior vice president, Silicon Valley Bank. "Our
mission is to help emerging and established technology companies,
such as Comtex, succeed by providing the diversified financial
services that will help them grow and prosper." About Comtex Comtex
is a leading wholesaler of real-time news and related content for
the world's leading financial and business information
distributors. With a specialization in the financial news and
content marketplace, Comtex receives, enhances, combines, filters
and distributes news and content received from more than 10,000
national and international news bureaus, agencies and publications.
The resulting news and content products -- with embedded stock
tickers, key words, standardized metadata, uniform formatting and
custom filters -- are all designed to meet the exacting standards
required by investment professionals. More information on the
company can be found at http://www.comtex.com/. About Silicon
Valley Bank Silicon Valley Bank provides diversified financial
services to emerging growth and mature companies in the technology
and life sciences markets, as well as the premium wine industry.
Through its focus on specialized markets and extensive knowledge of
the people and business issues driving them, Silicon Valley Bank
provides a level of service and partnership that measurably impacts
its clients' success. Founded in 1983 and headquartered in Santa
Clara, Calif., the company serves more than 9,500 clients across
the country through 28 regional offices. More information on the
company can be found at http://www.svb.com/. Please Note: Except
for the historical information contained herein, this press release
contains forward-looking statements within the meaning of Section
21E of the Securities and Exchange Act of 1934, as amended, that
involve a number of risks and uncertainties. These forward-looking
statements may be identified by reference to a future period by use
of forward-looking terminology such as "anticipate," "expect,"
"could," "intend," "may" and other words of a similar nature. These
statements involve risks and uncertainties that could cause actual
results to differ materially from those contemplated herein,
including the occurrence of unanticipated events or circumstances
relating to the fact that Comtex is in a highly competitive
industry subject to rapid technological, product and price changes.
Other factors include the possibility that demand for the Company's
products may not occur or continue at sufficient levels, changing
global economic and competitive conditions, technological risks and
other risks and uncertainties, including those detailed in the
Company's filings with the Securities and Exchange Commission.
Comtex undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. DATASOURCE: Comtex News Network, Inc.
CONTACT: Amber Gordon of Comtex News Network, Inc.,
+1-703-797-8011, or Web site: http://www.comtex.com/
http://www.svb.com/
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