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February 5, 2007
SAN DIEGO -- Skyriver Communications, Inc., Southern California's leading wireless broadband communications company, announced today that it has entered into a financing agreement with Comerica Bank. The agreement provides for both a working capital line of credit and equipment financing line. Specific details of the financing agreement were not disclosed. Skyriver will use the proceeds from the financing to aggressively grow its business organically through further expansion of its network footprint into areas of Los Angeles and Orange County complemented by upgrade of its current network with next generation WiMAX technology. Further, Skyriver will be aggressively pursuing inorganic growth strategies including targeted acquisitions.
"Comerica Bank's Technology & Life Sciences Division has extensive experience in providing innovative financing to growing companies like Skyriver," said Steve Stuckey, Regional Managing Director, Technology & Life Sciences Division. "We are extremely pleased to be able to work with Skyriver, and we look forward to expanding our relationship as it grows."
Adam Gickling, CFO of Skyriver stated, "Comerica has proven time and again that it understands the challenges that early stage technology companies face. It is further validation of our business model that Comerica sees the compelling value proposition that Skyriver offers. With a strong financing partner like Comerica in place, we can accelerate our growth and continue to offer new and more compelling services to the marketplace."
Skyriver Communications Inc.
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