THCG Commences Monthly Reports On Its Performance In Accelerating Development For Partner Companies; Key THCG Partner Companies Achieve Major Development Milestones in April
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NEW YORK--(BUSINESS WIRE)--May 3, 2000--THCG, Inc. (NASDAQ:THCG)
reported today that growth and development of 8 key companies in its
portfolio significantly accelerated in the month of April. In each
case, the partner company achieved major milestones aided by the
successful execution of the THCG V3 Internet enterprise acceleration
business model -- the seamless delivery of venture development,
venture banking, and venture funding products and services.
Larry Smith, President of THCG and a member of the V3 development
team, said: "We conceived V3 as an immediate-impact enterprise
accelerator, delivering measurable development products and services
to client businesses in a very short time frame. Partner company
achievements in the last 30 days validate the impact of V3. This is
the first in a series of reports designed to define the role of the
THCG V3 business model in accelerating partner company growth and
development. The companies we're highlighting in today's report are
the 8 key partner companies new to our portfolio since November 1999.
Each of them achieved enterprise-defining milestones in the month of
April, with THCG as a contributing partner."
SECTOR: ADVANCED TECHNOLOGY AND SERVICES
Globecom Interactive: provides full-featured broadband tools and
enterprise-wide broadband intelligent networking products and
services.
*T
THCG partner company since: February 2000
Total position of THCG and affiliates (1): 18.0%
Total position of THCG (2): 3.2%
*T
Globecom Interactive April Milestones:
-- Established US office in Northern Virginia
-- Hired COO and CTO in US
-- Completed Beta software release of version 1.0
-- Secured first pilot project from major US retailer
Perspective: Chris Lawrence, THCG Senior Vice President said: "The
release of the Beta version makes the visual power of the Globecom
product a reality. The new Beta software is a major step in helping
prospective clients fully leverage current Internet infrastructure to
create rich media experiences. We believe that Globecom will become a
key e-commerce strategic partner for companies with significant
multi-media assets.
IT Utility: First ECSP (Enterprise Computing Service Provider).
Completely changes the business basis for buying information
technology services. Eliminates capital costs (hardware, software,
networking) by delivering all enterprise computing through a
thin-client Alternative Information Service Architecture (AISA(TM)),
billed on a per-seat monthly basis.
*T
THCG Portfolio company since: December 1999
Total position of THCG and affiliates (1): 34.9%
Total position of THCG (2): 14.4%
*T
IT Utility April Milestones:
-- Launched branded AISA architecture, the cornerstone of its
service
-- Installed its first client, 50 seats, and signed a contract
for a second major client, 125 seats
-- Hired CMO and CFO
-- Launched new website (www.itutility.com)
Perspective: Michael Gegenheimer, Co-Head Of Venture Development
for THCG said, "The real launch of IT Utility's service occurred in
April. The first installation was completed and a major new client was
signed. They have successfully hired key management and have put the
infrastructure in place to sustain a high level of growth. We look
forward to helping build this dynamic business."
SECTOR: " CLICKS AND BRICKS" ( BRICK & MORTAR COMPANIES
IMPLEMENTING AN INTERNET-BASED STRATEGY )
Designer Jewelry On Line: The first segment-specific application
of a second-generation e-commerce model that unites manufacturers and
retailers in an online partnership, eliminating channel conflict.
*T
THCG partner company since: January 2000
Total position of THCG and affiliates (1): 12.5%
Total position of THCG (2): 12.5%
*T
DJOL April Milestones:
-- Formally announced launch of this unique retailer/manufacturer
partnership venture...immediately becoming a high-visibility
player in the industry
-- Completed recruitment of 64 retail partners and 21 key
manufacturer partners
-- Commenced development of web architecture, after successful
development of manufacturer/retailer cooperation plan
-- Recruited and hired CEO
Perspective: Gary Anstey, THCG Senior Managing Director said, "The
level of participation and cooperation between manufacturers and
retailers achieved in DJOL creates an entirely new paradigm in
Internet retailing. We have helped create a model that can serve many
retail sectors."
GiftsWithLove: Online spiritual gift site delivered in partnership
with local churches and places of worship.
*T
THCG portfolio company since: January 2000
Total position of THCG and affiliates (1): 12.0%
Total position of THCG (2): 12.0%
*T
GiftsWithLove April Milestones:
-- Announced development of new business model in retail
spiritual gift segment, inclusive of redefined business and
revenue targets
-- Began capital raising process, in preparation for site launch
Perspective: Jon Jensen, THCG Vice President, said, " We've helped
GiftsWithLove develop a business model that will redefine the
competitive landscape in this market segment. Our completion of the
business plan in April crystallized the GiftsWithLove vision."
SECTOR: GLOBAL INTERNET- BASED BUSINESSES
Al-Bawaba: The first comprehensive news, information, and
e-commerce portal to serve the 21 countries of the Middle East.
*T
THCG portfolio company since: March 2000
Total position of THCG and affiliates (1): 17.9%
Total position of THCG (2): 5.6%
*T
Al-Bawaba April Milestones:
-- Completed key management hires, including CEO, Chief Editor,
Director of Marketing, and Director of Sales
-- Completed hire of 25 professionals to form core of launch
staff
-- Launched operational Beta site (www.albawaba.com)
Perspective: Gordon Winston, THCG Vice President said, "Although
Al-Bawaba was launched as a concern about two months ago, and the site
you now enter is work in progress, there is already a growing user
base compelled by the quality and the scope of the business
information. In addition, there is a growing number of Generation X
and Y users seeking out the game content. The official launch of
Al-Bawaba will be an even more pleasant surprise to the many watchful
eyes focused on the Company's developments. This will be one of the
preeminent sites dedicated to ecommerce and the interests of the
people of the Middle East, and those abroad with an affinity for the
region. The official launch will be a major event in the evolution of
the Internet in the Middle East."
Convergence Mediagroup: Provides marketers who target the 12-21
year old segment with web experiences...immersive, branded online
media events. Provides research-based feedback to measure degree of
youth market involvement with brands that sponsor the experiences.
*T
THCG portfolio company since: March 2000
Total position of THCG and affiliates (1): 21.2%
Total position of THCG (2): 8.0%
*T
Convergence Mediagroup April Milestones:
-- Won expanded engagement from Levi's, major client
-- Launch of major online project for Warner Brothers "Roswell"
TV series (http://thewb-levi/.com)
-- Completed 10 key professional hires, including CMO, Director
of Business Development, Human Resources Chief Officer
Perspective: Ed Tedeschi, THCG Co-Head of Venture Development,
said, "We believe that Convergence Mediagroup's ability to deliver,
high-involvement media experiences to young people is unique. April
was the month that the market began to recognize Convergence as the
premier Internet youth marketing services provider."
Global Credit Services: Online business intelligence and financial
information services for use in support of business decisions; also
publishes perspectives on financial factors that influence sector
economies.
*T
THCG portfolio company since: January 2000
Total position of THCG and affiliates (1): 39.1%
Total position of THCG (2): 26.9%
*T
Global Credit Services April Milestones:
-- Achieved 1Q revenue growth of 30% over same period last year,
becoming the largest provider of online multi-level credit
information, other than Dun & Bradstreet
-- Launched 14 new business information products, including "
Global Economic Outlook", "Global Sector Indices", and "US
Sector Outlook"
-- Published 6 white papers interpreting trends in US commerce,
including: "Dynamics of Risk, Liquidity, and Information" an
overview of the impact of business information on e-commerce
development
-- Staffed a new sector-based sales department with 4
professionals
Perspective: Adi Raviv, THCG Co-CEO, said, "Global Credit had an
extraordinarily productive April. Their unique ability to deliver a
high-level business information product came to fruition, as evidenced
by the range and scope of new product introductions and their record
breaking revenue performance."
Test U: Assist students in preparation for standardized tests by
providing the ultimate online environment for test preparation.
*T
THCG partner company since: December 1999
Total position of THCG and affiliates (1): 13.4%
Total position of THCG (2): 2.4%
*T
Test U April Milestones:
-- Completed development of fully functional web site and
launched pilot program in 5 cities
-- Made 7 key management hires
-- Announced strategic alliance with National High School
Association
Perspective: Ziad Abdelnour, THCG Managing Director, said, "This
testing environment will include a vibrant "living" campus that
provides fresh information and interaction with others. In this new
age, where an individual's future is strongly shaped by the way he or
she performs on standardized tests, the Company aspires to give
everyone an opportunity to "test like a genius"
Notes:
1) Includes total position held by THCG, Inc., its wholly-owned
subsidiaries and THCG Venture Partners I LLC, assuming the conversion
of warrant positions, on a fully-diluted basis.
2) Includes total position held by THCG, Inc. and its wholly-owned
subsidiaries, assuming the conversion of warrant positions, on a
fully-diluted basis. Includes THCG, Inc.'s pro-rata ownership of the
position held by THCG Venture Partners I LLC.
About THCG
THCG is an active Internet accelerator providing V3 global
enterprise -- enhancing services -- a seamless integration of venture
development, venture banking and venture funding services on a global
basis. THCG's mission is to identify and build significant companies
by partnering with leading Internet entrepreneurs and traditional
brick and mortar companies migrating to the Internet. The THCG partner
company portfolio includes Convergence MediaGroup, Inc
(www.cmg-us.com), Designer Jewelry On Line, Global Credit Services,
Inc. (www.globalcreditservices.com), Globecom Interactive, Inc., IT
Utility, Inc. (www.itutility.com), and Test University, Inc. THCG also
has equity interests in more than 10 additional Internet-related
companies, including iBeauty.com (www.ibeauty.com), Broad Vision, Inc.
(NASDAQ:BVSN, www.broadvision.com), LogNet Systems Inc.
(www.lognet.co.il), Passport New Media, Inc. (www.yourownworld.com),
TechOnLine, Inc. (www.techonline.com), RealTimeImage Inc.
(www.realtimeimage.com), SoftWatch Ltd. (www.softwatch.com), SunShine
Media Corporation (www.bikini.com) and webMethods, Inc.
(www.webmethods.com). THCG's web site is located at www.thcg.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, risks
associated with start-up and early stage enterprises, risks associated
with providing services over the Internet, and other risks described
in the Company's Securities and Exchange Commission filings.
Editors Note: In the expression V3, the 3 should be in
superscript.
CONTACT: Company Contact:
THCG, Inc., New York
Shai Novik, Chief Financial Officer
212-223-0440
snovik@thcg.com
www.thcg.com
or
Investor Relations:
Lippert/Heilshorn Assocs.
Lisa D. Lettieri, Vice President
212-838-3777
lisa@lhai.com
www.lhai.com
or
Media Relations:
Lippert/Heilshorn Assocs.
Elissa Grabowski, Assistant Vice President
212-838-3777
elissa@lhai.com
www.lhai.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS E-COMMERCE
INTERNET
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