-- June 21, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced it provided Austin-based SoloMio Corporation with a $1 million equipment financing facility and a $500,000 line of credit.
SoloMio, a manufacturer of software for wireless telecommunications, is a new client to the Bank.
"Our emphasis is on developing compelling new applications that define the character of next generation wireless networks. SoloMio is gaining incredible traction in the marketplace, and growing rapidly to meet the needs of our customers," said Richard Schwartz, president and chief executive officer of SoloMio. "Our partnership with Silicon Valley Bank helps us maintain a strong financial position and have the resources to grow a global company in a fiscally responsible manner."
"SoloMio is developing software for the rapidly growing wireless telecommunications industry, and selling to some of the most respected wireless network operators in Europe," said Stuart Edwards, senior relationship manager in the Bank's Austin office. "This relationship compliments our high technology portfolio, and we look forward to working with SoloMio now and in the future." About SoloMio Corporation
With offices in Austin, Hamburg and London, privately held SoloMio Corporation is an independent spin-off of Vignette Corporation. Founded in 2000 to develop large-scale software applications that deliver enhanced voice services for next-generation (2.5/3G) wireless networks, SoloMio's board members include President and CEO Richard Schwartz, John Thornton of Austin Ventures and Bill Daniel of Vignette. About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at www.svb.com.
SVB Contact: Andrea McGhee, (408) 654-3078, firstname.lastname@example.org.