Rare Medium Strengthens Incubator and Venture Capital Arm
NEW YORK--(BUSINESS WIRE)--June 1, 2000--
Experienced Industry Executives Join Rare Medium to Manage
Increasing Deal Flow
Rare Medium Group Inc. (NASDAQ: RRRR) today announced that it has strengthened its management team assigned to its growing incubator and venture initiatives with the addition of seasoned technology industry executives.
Lane Brostrom has joined the company as a partner from Andersen Consulting where he focused on private equity opportunities in eCommerce. In his new position, Mr. Brostrom will concentrate on emerging technologies in the broadband, home networking, telephony and wireless markets. Prior to joining Rare, Lane was with the venture capital firm Crescendo Ventures, formerly IAI Ventures, where he focused on eCommerce, communication technologies and services. Lane also worked with Intel's Commercial Business Development Group on broadband projects, and as a systems engineer specializing in communication satellites at Hughes Electronics. Lane was a Fulbright Scholar at the Max Planck Institute in Munich, has a PhD in Physics from Utah State University, and an MBA from the Anderson School at UCLA.
Working with Brostrom will be Derrick Chen, previously a director of venture investments at Rare Medium, who has been promoted to partner. Prior to joining Rare Medium Group, Chen was an investment banker with Lazard Freres, Goldman Sachs and Montgomery Securities. At Montgomery, he helped create the east coast technology group and led the corporate finance effort for the Internet sector. Chen graduated from Harvard College in 1987 with an A.B. in Biochemistry.
To further support its incubator initiative, Rare Medium has appointed John Fodor as Vice President-Incubation, who will manage a group of experienced vertical industry and horizontal discipline experts drawn from the Company's business units. Fodor oversaw the establishment and operations of a network of 350 companies in 72 countries as vice president/general manager of Radio Express, the international syndication partner for ABC Networks. He was also in charge of securing and managing alliances and acquisitions in 12 countries as managing director-international with Eagle River Interactive (now Agency.com). Fodor joins Rare from a consulting engagement with Communiverse, where he was responsible for business planning and operations for media, entertainment, retail and Internet startups. Fodor is especially experienced in leveraging the resources of large corporations to develop new businesses. He is a "summa cum laude" graduate of the Anderson Graduate School of Management at UCLA.
According to the company management, its position as an e-solutions leader continues to generate significant deal flow through both its venture and incubator business units. "Rare Medium applies its in-depth vertical knowledge and highly regarded Internet services to promote the development of its investments, which distinguishes it from customary venture capital investors," said Suresh V. Mathews, president and COO of Rare Medium. "As our existing investments progressed and new opportunities surfaced, we recognized the need to strengthen our infrastructure to maximize their potential."
About Rare Medium
Rare Medium invests in next generation Internet companies and provides end-to-end Internet Services. Rare Medium incubates, finances and manages private companies and also makes strategic investments in independently managed companies that it believes possess superior Internet-focused business models. Rare Medium's Internet Services include development and authoring of business plans and strategies; strategic, creative and technological consulting for Web initiatives; on-line brand development and management; development of content for broadband and wireless applications; and launch of on-line commerce trading exchanges. Rare Medium leverages its Internet Services expertise to increase the overall success of the companies in its investment portfolio.
Rare Medium employs over 900 people in more than 20 locations worldwide. For more information, visit raremedium.com.
Except for historical matters contained herein, the matters discussed in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements reflect numerous assumptions and involve risks uncertainties that may affect Rare Medium Group Inc., and its subsidiaries' business and prospects and cause actual results to differ materially from these forward-looking statements. Among the factors that could cause actual results to differ are Rare Medium's limited operating history; competition; low barriers to entry; reliance on strategic relationships; rapid technological changes; inability to complete transactions on favorable terms and those risks discussed in the company's filings with the SEC.
CONTACT:
Rare Medium Group, Inc.
Elena Rohweder
Office: 214/761-6702
Cellular: 214/679-7136
elenar@raremedium.com
or
Wall Street Investor Relations Corp.
Joseph M. Zappulla, 301/907-4090
joez@wallstreetir.com
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