THCG and Its Zinook Subsidiary Fund and Sign Venture Development Agreement With
Xtend Networks
NEW YORK, Aug 22, 2000 (BUSINESS WIRE) --
THCG Commits $2 Million In Seed Capital And Will Assist In
Development Of Exciting Israeli Company Focused On High-Speed
Broadband Transmission Over Cable Infrastructure
THCG, Inc. (Nasdaq/NM:THCG), a leading architect and builder of global Internet
and technology enterprises, today announced that through its wholly-owned
Israeli-based subsidiary, Zinook, THCG has committed $2 million and venture
development services to obtain a 30% ownership stake in Xtend Networks, Ltd. The
company is a privately-held, Israeli-based technology provider focused on
increasing bandwidth over regular CATV broadcast infrastructure. In addition,
Zinook entered into a venture development agreement with Xtend, whereby Zinook's
V3 team has been engaged to assist Xtend in determining and implementing its
corporate growth, technology development and market introduction strategies.
Xtend Networks was founded in 1999 by Dr. Hillel Weinstein and Mr. Zeev Orbach
to explore ways to leverage the cable infrastructure for simultaneous
transmission of multimedia information with conventional TV channels. Dr.
Weinstein is perhaps most well-known for his invention of the Teletext, a
technology designed to transmit data over traditional TV broadcast. Currently,
Xtend is engaged in the development of novel core-technology and derivative
products for the transmission of data over standard television channels (cable
and satellite), offering efficient utilization of allotted bandwidth. Moreover,
this technology allows transmission of very high-speed multimedia and video
information over existing TV channels without interfering with regular TV
broadcasts.
Zeev Holtzman, Chairman and CEO of Zinook, stated, "Worldwide, technology
companies are vying to produce faster, more innovative broadband transmission
solutions capable of efficiently and cost-effectively transmitting rich voice,
video and data over existing cable and copper infrastructure. Xtend has
developed perhaps some of the most exciting technology focused on this real
market need, and, as such, should become a dominant player in the
broadband/interactive TV infrastructure market. We look forward to working
closely with Xtend to ensure that it is properly positioned to take maximum
advantage of its emerging market leadership."
Dr. Hillel Weinstein added, "Partnering with the industry professionals at
Zinook and THCG offers Xtend a unique blend of talent, immediate industry
acceptance and financial and market support. Specifically, Zinook will
contribute vital management assistance afforded by its experienced team of
venture managers; THCG Giza Israel will provide invaluable credibility with its
outstanding reputation in the Israeli high-technology, venture capital and
financial communities; and THCG, Inc. will deliver enhanced exposure on a global
scale to aid us in achieving our key marketing and critical second-round
financing objectives."
Concluding, Dr. Weinstein added, "We are very excited about the future and
expect that, with THCG's support, it is only a matter of time before Xtend
Networks is recognized as a leading source of spectrally-efficient broadband
technologies that enable high-speed data transfer through congested networks at
optimal cost-performance ratios."
About THCG, Inc.
Based in New York City, THCG, Inc. is a leading architect and builder of global
Internet and technology enterprises that is rapidly building a portfolio of
partnership and fee-for-service activities. Its incubation and acceleration
efforts center around Web technologies, wireless, communications, network
security, and supply chain and customer relationship management sectors. In
addition, the Company, which is also pursuing e-Commerce and Web-content
transactions with a "bricks and clicks" focus, 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).
THCG also 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); RealTimeImage, Inc.
(www.realtimeimage.com); SoftWatch, Ltd. (www.softwatch.com); Sunshine Media
Corporation (www.bikini.com); TechOnLine, Inc. (www.techonline.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 Infrastructure.
For more information, please visit the Company's Web site at www.thcg.com. |
