THCG, Inc. Signs $2.5 Million Venture Development Engagement; THCG's V3 Relationship With ENJEWEL Expanded To Include Robust Web Engine Development Project
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NEW YORK--(BUSINESS WIRE)--July 20, 2000--THCG, Inc.
(NASDAQ:THCG), a leading builder of global Internet enterprises, today
announced that it has entered into a technology development agreement
with ENJEWEL, an online alliance of high end jewelry and watch
manufacturers and retailers. THCG will design and develop a
comprehensive Web engine consisting of proprietary software designed
to provide ENJEWEL with a highly functional, secure B2B and B2C
digital marketplace. This development project, led by THCG Managing
Director and Venture CTO Neal Ghura, represents a major expansion of
the existing V3 relationship between ENJEWEL and THCG. The technology
development engagement is expected to result in over $2.5 million in
development fees to THCG.
ENJEWEL was among the first partner companies to engage the unique
THCG V3 approach to building highly competitive global Internet
businesses. Applying the venture development, venture banking and
venture funding components of its V3 service model, THCG has aided
ENJEWEL in every phase of its early stage development - from creation
of its business plan to the determination of its operational,
technology and marketing platforms. Sheldon L. Ginsberg, Chief
Executive Officer of ENJEWEL, said, "Engaging THCG to design and build
a vital component of our business - our Web engine - was a natural
extension of our relationship, their commitment to the success of
ENJEWEL and to their e-commerce expertise. THCG's Venture Development
team is very experienced, as we have learned by working closely with
them for the last several months. Our ENJEWEL site will have a robust,
secure e-commerce engine and advanced merchandise display capability
to support the extraordinary quality of our products."
Neal Ghura added, "The www.enjewel.com Web engine will consist
entirely of software and technology we have custom developed. The
software is purpose-built to address the specific needs and desires of
the high-end jewelry purchaser. It will feature ease-of-use; rich
presentation of luxury jewelry and associated services; automated
inventory, order tracking, and fulfillment services; secure online
payment options; and dedicated customer service response tools.
There's nothing like it, anywhere. "
About ENJEWEL
Known previously under its "working title" Designer Jewelry On
Line, ENJEWEL will be focused on the delivery of high-end retail
jewelry to consumers via its Web site www.enjewel.com - which is
expected to be launched by the Fall of 2000. ENJEWEL stems from an
alliance of 16 prominent manufacturers and merchandisers of
quality-branded jewelry who have joined together to create the first
luxury clicks and bricks jewelry sales and services alliance of its
kind.
Founding retailers include: Bachendorf's, Diamond Cellars, Fink's
Jewelers, Greve Jewelers, Hamilton Jewelers, Hyde Park Jewelers, Lee
Michaels Jewelers, London Jewelers, Lux Bond & Green, Tivol Jewelers.
Founding manufacturers include: Honora, Lagos, Lazare Kaplan
International, M. Fabrikant & Sons, Leslie & Penny for Penny Preville,
Scott Kay Platinum.
Through this founding association of world-class retailers and
manufacturers, ENJEWEL has attracted over 60 additional equity
partners, including Chopard, Bondanza, Christopher Designs, B.C.
Clark, Diana, John Hardy Collection, Charles Krypel, Lacy & Co.,
Tapper's Diamonds and Fine Jewelry, Tiny Jewel Box, Traditional
Jewelers and Underwood Jewelers.
About THCG, Inc.
Based in New York City, THCG, Inc. is a leading architect and
builder of global Internet enterprises. Its incubation and business
creation efforts center around Web technologies, wireless,
communications, network security, and supply chain and customer
relationship management. THCG has equity positions in several
early-stage partner companies including Convergence MediaGroup, Inc.
(www.cmg-us.com); ENJEWEL (www.enjewel.com); Global Credit Services,
Inc. (www.globalcreditservices.com); Globecom Interactive, Inc.; IT
Utility, Inc. (www.itutility.com); and Test University, Inc.
(www.testu.com). The Company is also pursuing e-Commerce and
Web-content transactions with a "bricks and clicks" focus.
Additionally, THCG holds investments in over 10 Internet and
technology businesses it acquired through direct investment, equity
for services or acquisitions, including iBeauty.com (www.ibeauty.com);
insci-statements.com, Corp. (NASDAQ:INSI)(www.insci.com);
Marketplayer.com, Inc. (www.marketplayer.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. (NASDAQ:WEBM)(www.webmethods.com).
THCG shortly expects to complete the formation of THCG Giza Israel
as a THCG wholly-owned subsidiary. THCG Giza Israel will serve as the
Company's global technology "center of excellence" and is focused on
sourcing, screening and developing promising companies in the areas of
broadband, wireless, internet enabling technologies and telecom
infrastructures.
For more information, please visit the Company's Web site 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 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: Continental Capital & EQUITY CORP., Longwood, Fla.
Dodi Handy, 407/682-2001
or dodi@insidewallstreet.com |
