Subj: Newgold.com Appoints New COO and CFO; Top Management...
Date: 2/25/00 5:21:43 AM Pacific Standard Time
From: AOL News
Newgold.com Appoints New COO and CFO; Top Management Team Secured to Lead 'Next Generation' Investment Company
DALLAS--(BUSINESS WIRE)--Feb. 25, 2000--Newgold, Inc. (Nasdaq/OTC BB:NGLD) dba Newgold.com -- a publicly traded, Internet-based investment and holding company -- announced today the appointment of Jes Engelmann as Chief Operating Officer and James Kluber as Chief Financial Officer.
Newgold.com focuses on incubating high-tech, Internet-based, business-to-business, e-commerce and application service provision (ASP) startup companies. Newgold.com, the "next generation" of Internet investment companies, enables their shareholders to participate in pre-IPO, high-tech and Internet companies through its securities as a public company.
Forbes magazine and Forrester Research recently characterized these high-growth incubators as the fastest developing segment of new Internet investment -- "Smart Money."
Engelmann is formerly Managing Director of Eastern European operations for AT&T Lucent, where he successfully launched and established AT&T's stronghold in all of post-Soviet block Europe. After leaving AT&T Lucent Jes Engelmann has held senior executive positions in Internet related companies such as Paradyne, Cisco, Paragon Networks and latest as GM/COO of Comercis International.
Kluber is the former Vice President of Financial Operations at Security Capital Group (SCG) where he directed the financial activities for pre-IPO startup investment trusts that grew to over $2 billion in assets in 30 months.
James "Jamie" Cutburth, President and Chief Executive Officer (as well as active member of the Newgold.com Board of Directors) is a 20-year industry veteran and formerly chief operating officer of, Comercis.com -- a Dallas based business-to-business e-commerce and ASP company, in which Newgold.com has a significant interest.
With his new team, Cutburth brings experience in operations, brand and channel development, sales and product marketing in the Internet, Telecommunications, and PC industries. Cutburth has also served in senior management positions with Intel Corporation, 3Com/US Robotics Corporation, Rockwell International and Diamond Multimedia.
"I am honored to lead this seasoned team of industry experts in executing Newgold.com's strategic direction of becoming the new 21st Century dimension of Internet investment and development," said Cutburth.
"The Newgold.com management team is united and driven to provide our shareholders and qualified investors with the ability to safely invest in a portfolio of HOT new Internet startup companies, while preserving liquidity through direct investment in Newgold.com."
Today, most investors find it virtually impossible to take advantage of the initial public offerings and must wait until a startup goes public before purchasing stock. Now they may participate in pre-IPO, high-tech and Internet companies through the purchase of securities in Newgold.com.
Executing Newgold.com's business model, the management team identifies and engages qualified business-to-business, supply-chain-enabled e-commerce and ASP companies. Targeted companies will undergo a "due diligence" period; after which, they will be placed into the Newgold.com portfolio, assuming an investment, acquisition, or similar transaction can be completed.
The team will work closely with the management of these portfolio companies -- in the areas of technology development, strategic alliances and partnerships, marketing and sales, information technology, staffing/human relations and finance -- to accelerate the public offering.
Investors will benefit from potential accelerated increase in value creation as companies are added to the portfolio. There could be a higher possibility of value being created more quickly through Newgold.com's collective investment in multiple companies' versus an individual investor trying to invest in one start-up company at a time.
"I am excited about joining newgold.com as a team leader, being able to leverage my years of Internet, sales and marketing, business development, and merger and acquisition experience," said Engelmann, Chief Operating Officer. "The newgold.com business model we are going to execute on brings valuable, unique and differentiated benefits, both to our portfolio partner companies, and to our investors."
Kluber, Chief Financial Officer, said, "I am extremely excited to join Jamie Cutburth and his team at Newgold.com. The enhanced business model being deployed by Newgold.com of investing in complimentary B2B partner companies creates a targeted focus for investors and the Newgold network of companies. Building a core group of investments strategically involved in building the infrastructure for B2B companies, Newgold.com will develop dramatic synergies for its portfolio companies while significantly enhancing shareholder value. The visionary leaders at Newgold.com are well grounded in the reality of what is required to successfully implement this strategy."
Over the next few months, Cutburth and the current Newgold.com Board of Directors plan to recruit several new Board members from the Internet industry, and create an Internet industry advisory board. Future announcements will be made as the new Board members are identified.
Statements made herein, other than statements of historical fact, including statements about progress reports and plans for Newgold.com are forward-looking statements and are subject to a number of uncertainties that could cause the actual results to differ materially from the statements made, including, for example, the risk that companies meeting the Newgold.com criteria may not be available or that management talent or capital necessary to exploit those opportunities may not be available. For information about these and other risks, which may affect Newgold.com, please see the company's Annual Report on Form 10-K, as well as Newgold.com's reports on Form 10-Q and other reports filed with the Securities and Exchange Commission.
CONTACT:
Newgold.com
James Cutburth, 972/851-5434
jamie@newgold.com
Scott Dockter, 530/672-1116
scott@newgold.com.
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