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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/