THCG Announces Acquisition of Its Venture Portfolio Company; LogNet, Inc. Acquired by insci-statements.com, Corp.; THCG Acted as Financial Advisor
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NEW YORK--(BUSINESS WIRE)--May 30, 2000--THCG, INC. (NASDAQ:THCG)
today announced that LogNet,Inc., a THCG Venture Portfolio company,
has been acquired by insci-statements.com, Corp. (NASDAQ:INSI), a
provider of Internet-based and on-site solutions for electronic
statement/bill presentment services and digital document storage,
workflow and electronic commerce. THCG owns approximately 3.9% of
LogNet.
Under the terms of the agreement, Insci is acquiring all of the
stock of LogNet in exchange for 2.5 million shares of Insci Common
Stock. Both companies' boards of directors have approved the
acquisition. Tower Hill Securities, Inc., a wholly owned subsidiary of
THCG, acted as financial advisor to LogNet as part of its on-going
Venture Banking relationship with the company.
LogNet is a privately held, development stage company that
develops software solutions for electronic bill presentment and
payment (EBPP), electronic statement presentment (ESP), one-to-one
marketing and printing connectivity. Insci will leverage these
capabilities in its efforts to establish itself as a leading worldwide
provider of both Internet portal-based applications services and
on-site, enterprise software solutions for secure high-volume
electronic document management and delivery.
insci-statements.com, Corp. Chairman and CEO Ted E. Prince,
Ph.D., stated, "LogNet has demonstrated expertise in legacy data and
connectivity technologies, and has core capabilities in manipulating
bill output data streams. Its experienced Israeli R&D team with over
thirteen years of sustained product performance, will further enhance
the ability of the combined company's new ASP business to capture a
meaningful share of the rapidly expanding markets for secure,
high-end, Internet-based EBPP and ESP markets."
LogNet President and CEO Albert Elbaz is joining Insci as
Executive Vice President of InfiniteSpace.com, a subsidiary of
insci-statements.com, Corp. Mr. Elbaz said that, "We appreciate the
creativity, hard work, and professionalism that was exhibited by the
THCG Venture Banking team. They brought the idea to us and assisted us
throughout the execution phase of this transaction. This business
combination will allow us to pursue our business strategy. By joining
forces with a larger company such as Insci that specializes in the
EBPP and ESP markets and enjoys worldwide partnerships, we create a
much more formidable and competitive presence."
THCG Venture Banking Senior Managing Director Gary Anstey
commented, "As an active Internet accelerator, THCG's mission is to
identify and build significant companies. We had participated in
LogNet's first funding approximately 20 months ago, and have worked
closely with the company since then by providing both Venture Funding
and Venture Banking services to help it achieve its financial and
strategic goals. We initiated this transaction, worked closely with
both companies in its execution and are confident that this
acquisition will assist Insci in realizing its potential as a leader
in its rapidly growing markets."
About THCG
THCG is an active Internet accelerator providing V3
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 Al-Bawaba, Inc.
(www.albawaba.com), 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),
insci-statements.com, Corp. (NASDAQ:INSI, www.insci.com), 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.
About insci-statements.com
Insci is a leading provider of electronic statement/bill portal
services and digital document storage, workflow and electronic
commerce solutions. The company's portal services and software
solutions are designed to help customers become more competitive,
streamline business processes, improve customer service and take
advantage of new technological developments to drive revenues. Insci
has separated its two principal businesses, both operationally and
financially, to establish InfiniteSpace.com as a separate wholly owned
subsidiary. For more information about INSCI, visit its home page on
the Internet at www.insci.com. For additional investor relations
information visit Allen & Caron Inc.'s web site at www.allencaron.com.
About LogNet Inc.
LogNet is a pioneer in the PC-to-Host connectivity and printing
industry. The company provides hardware and software solutions that
enable organizations to extract greater value from their Centralized
Architecture data systems. LogNet's core strengths are its IPDS
protocol conversion and emulation technologies, and expertise in
legacy data integration. These capabilities underlie its existing
products and are the drivers of future growth. LogNet currently
develops and markets two product lines - terminal emulators and
host-to-LAN printing integration solutions.
LogNet is repositioning its legacy business to participate in the
burgeoning electronic bill presentment and payment (EBPP) market. EBPP
is an electronic process for delivering bills and bill-related
documents over the Internet to consumer and business customers. LogNet
will create an e-billing solution that enables billers to Extract and
Convert legacy-billing data and distribute it over the Internet.
"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 such forward-looking
statements. These risks and uncertainties include the Company's entry
into new commercial businesses, the risk of obtaining financing, risks
associated with startup or early stage enterprises, the effect of
demand for public securities, activity in the secondary securities
markets, general economic, political and market conditions, and other
risks described in the Company's Securities and Exchange Commission
filings.
CONTACT: THCG, Inc., New York
Shai Novik, 212/223-0440
Chief Operating Officer
snovik@thcg.com
www.thcg.com
or
Lippert/Heilshorn Assocs., New York
Investor Relations:
Lisa D. Lettieri, 212/838-3777
Vice President
lisa@lhai.com
or Media Relations:
Pamela Rigler, 212/838-3777
Account Supervisor
pamela@lhai.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: INTERNET BANKING SOFTWARE HARDWARE NETWORKING
MERGERS/ACQ MANAGEMENT CHANGES
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