Friday March 10, 8:06 am Eastern Time
Company Press Release
Newgold.com Recruits Two Senior Vice Presidents
Newgold.com Appoints Top Senior Managers, Recruiting Joseph Stefan and Raoul Garcia to Critical Operations Positions
DALLAS--(BUSINESS WIRE)--March 10, 2000-- Newgold, Inc. (OTCBB:NGLD - news) dba Newgold.com announced today the appointments of Mr. Joseph Stefan as its Vice President of Strategic Partnerships, and Mr. Raoul Garcia as its Vice President of Internet Business Management.
Stefan formerly served as President and Chief Operating Officer of RealPage, Inc., the leading provider of software and information services to the property management industry. Prior to joining RealPage, Stefan was President of Buyers Access, a wholly owned subsidiary of AIMCO (NYSE:AIV - news), the largest operator of apartment communities in the country.
Garcia formerly served as CEO of Netcentricity, which was owned by Dallas-based venture capital investor United Companies. Prior to joining Netcentricity, Garcia had for several years occupied senior management positions for a variety of Internet and technology companies.
Newgold.com has recently established a partnership incubation model for high-tech, Internet-based, business-to-business, e-commerce and application service provider (ASP) startup companies that Newgold.com believes will enable those companies to achieve business critical mass more effectively than the typical Internet industry model.
Forbes magazine and Forrester Research recently characterized ``Smart Money' high-growth incubators as the fastest developing segment of new Internet investment for the corporate and public investor.
``Joe and Raoul will lead the two core operational functions within Newgold.com,' said Jes Engelmann, Chief Operating Officer of Newgold.com. ``Our model is to create value for our shareholders through our investments in early and mid-stage Internet companies. But we expect to create value in those portfolio companies in large part through our relationships with established strategic partners. We are pleased to have two experienced professionals to develop and manage our partner companies.'
The Newgold.com operations team will work closely with the management of Newgold.com's portfolio companies in the areas of technology development, strategic alliances and partnerships, marketing and sales, information technology, staffing/human relations and finance with the goal of accelerating the growth and development of those companies.
``Now that the operations team is in place, we are expecting great results from their efforts,' said James Cutburth, President and CEO of Newgold.com. ``In fact, Stefan and Garcia have already hit the ground running for Newgold.com, already targeting several potential strategic partners and portfolio companies.'
Stefan commented, ``Raoul and I expect to work quickly in identifying and evaluating Newgold.com's initial set of partner companies. We are firmly committed to working to create a world class technology investment vehicle by bringing high-quality, and synergistic, investment and partnership deals to fruition as quickly as possible.'
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve risks and uncertainties. All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words ``believes,' ``anticipates,' ``plans,' ``expects' and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, uncertainties regarding the performance of Newgold.com's partner companies, the unproven nature of Newgold.com's business model, the risk that investment opportunities in target companies meeting the Newgold.com criteria may not be available upon terms acceptable to Newgold.com, if at all, the risk that the capital and other resources that Newgold.com will need to exploit its business model will not be available, and the other risks discussed in Newgold.com's Annual Report on Form 10-KSB and in Newgold.com's other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. NewGold.com undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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Contact:
Newgold.com
James Cutburth, 972/851-5434
jamie@newgold.com
Scott Dockter, 530/672-1116
scott@newgold.com
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More Quotes and News: Newgold Inc (NGLD.OB - news)
Related News Categories: computers, internet, publishing, telecom
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