Digital Paper Receives $2.5 Million Working Capital Line
Press release from the issuing company
RESTON, Va. & ALEXANDRIA, Va.--Oct. 9, 2001--Comerica Bank and Digital Paper, Inc. today announced that Comerica's Technology and Life Sciences Division has provided the software developer with a $2.5 million working capital line of credit and a $500,000 equipment loan.
Digital Paper provides technology enabling the efficient electronic exchange of intellectual capital.
"Digital Paper offers companies a simplified, secure solution for sending their technical documents over the Internet, and its collaborative engine streamlines B2B commerce,'' said April Young, senior vice president and managing director of Comerica's Mid-Atlantic Technology and Life Sciences Division. "We are pleased to begin this relationship with such a dynamic company.''
Digital Paper's docQuest(TM) family of products and services, all of which are based on Internet technologies, help enterprises work faster and smarter by providing access to technical content (e.g., engineering drawings, specifications, blueprints, etc.). The company is driving the elimination of paper-based processes with its integrated, rapidly deployed solutions. In 2000, Digital Paper was named one of Fortune's Cool Companies-Hot Ideas, and this year, it was selected as one of Greater Washington's Fast 50 Companies and honored with the 2001 Alexandria Technology Achievement Award.
"Comerica Bank has already proven to be an excellent resource for us, as its Technology and Life Sciences Division personnel clearly understand our financial needs and the value of our products and services,'' said Stewart Curley, Digital Paper's CFO. "This financing will facilitate our ability to continue developing and marketing innovative solutions to help businesses streamline operations and more efficiently exchange critical information.''
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