MyFamily.com Secures $7 Million Credit Facility From Comerica
DENVER and PROVO, Utah, Aug. 8 /PRNewswire-FirstCall/ -- Comerica Bank (NYSE: CMA), a leading financial services company, and MyFamily.com, Inc., a leading online subscription business and the leading network for connecting families, announced today that Comerica's Technology and Life Sciences Division has provided MyFamily.com with a $4 million equipment term loan and a $3 million acquisition term loan.
"We are pleased to provide this credit facility to MyFamily.com, which offers customers a broad set of tools to discover information that makes their family history come to life," said Ed Messman, vice president, Comerica Northwest Region Technology and Life Sciences Division. "We remain focused on providing debt financing to companies that provide technologies to meet unique customer needs. MyFamily.com certainly fits nicely into that category, and its service has the noble focus of connecting families with their histories."
An interactive media company, MyFamily.com provides free and paid subscription services through its Web site network -- Ancestry.com, MyFamily.com, RootsWeb.com and Genealogy.com. These sites attract more than 10 million unique visitors every month. The company enriches the lives of its customers by providing the tools, content and community that empower them to find the people most important to them and share their unique family stories.
"Family history is one of the fastest-growing hobbies in the U.S., and this credit facility from Comerica will assist us in keeping pace with the growing demand from customers for research tools to explore their family trees," said Mike Herring, Chief Financial Officer for MyFamily.com. "Comerica took the time to get to know our business and construct a term loan package that meets our immediate financial needs, and we know the bank has the resources to meet our future requirements as well."
About MyFamily.com, Inc.
MyFamily.com, Inc. is among the largest online subscription businesses, with over one million paid subscriptions and more than 10 million people using its Web resources every month. An interactive media company, MyFamily connects families with their histories and one another. The MyFamily network of Internet properties includes: MyFamily.com, Ancestry.com, Genealogy.com, and RootsWeb.com. The Company also publishes Family Tree Maker, the #1 selling family tree software, Ancestry magazine, Genealogical Computing magazine, over 50 book titles, and numerous databases on CD-ROM.
About Comerica Bank'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 $59 billion in assets as of June 30, 2003. For more information, visit http://www.comerica.com.
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