TSSW News: Pay attention to recent investment success noted and impact on shareholder value:
" Therefore, TouchStone may realize short-term liquidity from initial public offerings and achieve value appreciation and return on investment.
"We have set new goals and re-dedicated our resources to achieve profitability and increased value for our shareholders. We believe we now have the right combination of sound business philosophy and investment capital to create both short term liquidity and long term enterprise value," said Pierre Narath, chairman and CEO of TouchStone Capital Group. "
TouchStone Software Corp. Changes Name To TouchStone Capital Group
TouchStone Capital Group to Provide Internet B2B Incubator Services
NORTH ANDOVER, Mass.--(BUSINESS WIRE)--March 9, 2000--TouchStone Software Corp. (OTC BB: TSSW), Thursday announced a board resolution to change its name to TouchStone Capital Group in its continuing effort to refocus the company's business strategy as a B2B Internet incubator.
Following TouchStone's recently announced sale of eSupport.com, and TouchStone's PC diagnostics and upgrade technology unit (LOI announced March 8, 2000), to Phoenix Technologies Ltd. (Nasdaq: PTEC) the company has repositioned itself for significant growth in the surging Internet economy.
TouchStone anticipates that the $6.5 million in proceeds from the proposed sale of eSupport.com plus an investment from Phoenix Technologies of an additional $2.5 million, will provide additional capital to strengthen its new business incubator strategy as the company establishes favorable equity investments in early and mid-stage technology companies.
TouchStone Capital Group is dedicated to the task of nurturing new business entities through the early stages of development. By providing management guidance, promoting financing and lending necessary business support such as legal counsel, accounting assistance and marketing advice, TouchStone Capital Group can greatly enhance the survival odds for a new business and lead the way to rapid growth.
TouchStone Capital Group's incubation program's main goal is to capitalize on management's acumen and produce successful graduates -- businesses that are financially viable and freestanding when they leave the incubator -- usually within one to two years. The company anticipates a high percentage of incubator clients will graduate within the first year.
Its initial investments, which it made late last year, require a shorter time to maturity than many venture-type investments because they were made with later-stage companies that have sound and mature business strategies that were transitioning into an Internet focus rather than true start ups. Therefore, TouchStone may realize short-term liquidity from initial public offerings and achieve value appreciation and return on investment.
"We have set new goals and re-dedicated our resources to achieve profitability and increased value for our shareholders. We believe we now have the right combination of sound business philosophy and investment capital to create both short term liquidity and long term enterprise value," said Pierre Narath, chairman and CEO of TouchStone Capital Group.
With headquarters in North Andover, TouchStone Capital Group through strategic minority interests, manages a portfolio comprised of well managed, early to late stage technology companies with market presence in e-commerce, content and community and enabling technologies.
TouchStone's expertise in identifying opportunities and its targeted strategic focus on unique and successful business models, creates both short-term growth potential for investors and long-term value for shareholders.
TouchStone's operating model combines the talents of its management team with those of its portfolio of companies. Each of these companies hold niche positions with the promise of leadership in proven Internet sectors. With a strong cash position, minimal debt and millions of dollars in marketable securities, TouchStone is in a position to swiftly act on opportunities as they present themselves.
For more information, visit the company's Web site at www.touchstonesoftware.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors including the closing of the proposed sale of its eSupport.com subsidiary to Phoenix Technologies Ltd., the closing of the proposed investment in the company of $2.5 million by Phoenix Technologies Ltd., and the ability of the company to successfully commercialize its new technologies as well as risk factors set forth under "Factors Affecting Future Operating Results" in the company's annual report on Form 10-K and such other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Contact:
TouchStone Software Corp., North Andover
Rich West, 978/686-6468
E-mail: rich_west@unicore.com
or
Market Pathways
Shannon T. Squyres (media & investors), 949/955-1860 |
