Wednesday December 1, 2:00 pm Eastern Time
Company Press Release
Nasdaq Confirms THCG's National Market Listing
NEW YORK--(BUSINESS WIRE)--Dec. 1, 1999--THCG, INC. (NASDAQ:THCG - news) today announced that pursuant to a review by Nasdaq completed on November 30, 1999, Nasdaq has reaffirmed THCG's National Market listing.
As announced on October 25, 1999 by Walnut Financial Services, Inc. (Walnut), one of THCG's predecessor companies, the merger creating THCG, Inc. was deemed by Nasdaq to be both a change of control and a change of business, requiring the filing of an initial listing application to remain on Nasdaq. At the time, Nasdaq questioned whether Walnut met the requirements for an initial National Market listing. Both companies promptly announced their intention to appeal Nasdaq's findings. However, since October 25, 1999, THCG's shares have increased in value to the point that THCG meets one of the listing standards for the National Market. Therefore, on November 17, 1999, THCG filed an initial listing application with Nasdaq for the listing of its common stock on the National Market. The application was approved on November 30, 1999.
Joseph D. Mark, Co-Chief Executive Officer of THCG said, ``We are obviously delighted to have prevailed in this matter and look forward to continuing the creation of dominant e-businesses. Clearly, we view the Nasdaq National Market as the proper listing for THCG. The trading activity in THCG's stock and the number of calls we receive daily seem to indicate that investors are paying attention to our strategy, capabilities, and objectives. Maintaining a Nasdaq National Market Listing status is important to THCG as it seeks to attract greater interest from institutional investors.'
Shai Novik, Chief Operating Officer and Chief Financial Officer of THCG, commented, ``Nasdaq National Market listing and significant trading volume are essential to the liquidity of THCG's stock. Whether used for corporate development activities or for employee incentive programs, a liquid stock is a valuable currency. Nasdaq's approval is positive news for our shareholders and employees alike. In each of our communications, we have emphasized that we are intent on becoming a leading provider of e-business creation services to Internet entrepreneurs and bricks and mortar companies migrating to the Internet. This is an enormous opportunity and we are particularly well-positioned to take advantage of it. The reaffirmation of our Nasdaq status is yet another small milestone that is an important part in building our corporate brand and image.'
About THCG
THCG's mission is to build dominant companies by becoming a leading provider of business creation, development and financing resources to Internet entrepreneurs and traditional bricks and mortar companies migrating to the Internet. THCG has equity interests in a client portfolio of Internet-related companies including ETRAVNET.COM, Inc. (OTC BB: ETRV, www.etravnet.com), iBeauty.com (www.ibeauty.com), Interleaf, Inc. (Nasdaq: LEAF - news, www.interleaf.com - news), LogNet Systems Inc. (www.lognet.co.il) and TechOnLine, Inc. (www.techonline.com). THCG also has equity interests in over 10 additional Internet-related companies, including eSynch Corporation (www.esynch.com), RT Image Inc. (www.rtimage.com), SoftWatch Ltd. (www.softwatch.com), SunShine Media Corporation (www.bikini.com), and webMethods, Inc. (www.webmethods.com).
``SAFE HARBOR' STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, and other risks described in the Company's Securities and Exchange Commission filings.
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Contact:
THCG
Shai Novik
Chief Financial Officer
212/223-0440
snovik@thcg.com
www.thcg.com
or
Lippert/Heilshorn Assocs.
Lisa D. Lettieri
Investor Relations:
Vice President
212-838-3777
lisa@lhai.com
www.lhai.com
or
Lippert/Heilshorn Assocs.
Johanna Shalhoub
Media Relations:
Account Executive
212/838-3777
johanna@lhai.com
www.lhai.com
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