THCG Files Amendment To 1999 10-K To Reflect Previously Announced Discontinued
Factoring Business; No Material Change Except In Reclassification Of Financial
Statements
NEW YORK, Aug 31, 2000 (BUSINESS WIRE) -- THCG, Inc. (Nasdaq:THCG), a leading
architect and builder of global Internet and technology enterprises, today
announced that the Company has filed a Form 10-K/A with the US Securities &
Exchange Commission reflecting a reclassification of its 1999 financial
statements due to the discontinuation of its factoring business, which occurred
during the first quarter of 2000, as well as an audit opinion from Arthur
Andersen, LLP. THCG engaged Arthur Andersen, its new independent auditors, to
audit THCG's financial statements for the year ended December 31, 1999. Arthur
Andersen's audit report is included in Amendment No. 1 to THCG's Annual Report
on Form 10-K for the fiscal year ended December 31, 1999 filed with the Form
10-K/A. The amended 10-K contains no other material changes to the financial
statements previously filed.
According to Adi Raviv, Co-Chairman and Chief Financial Officer of THCG, "We
believe that in order to position THCG as a world class entity, we need to align
ourselves with only those organizations ranked among the global elite in their
respective industries. Arthur Andersen clearly is distinguished worldwide as a
leader in the field of corporate auditing and taxation, and as such their
engagement by THCG was strongly advocated by our Board of Directors and nearly
unanimously supported by our shareholders. We value Arthur Andersen's wisdom and
experience in applying appropriate accounting and taxation practices to our
business. Although relatively non-material in nature, the amendment of our 10-K
is in accordance with prevailing accounting rules and is a reflection of the
desired financial objectives we hope to achieve by affiliating with only the
`best of breed' service providers available in the market."
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); Test University, Inc. (www.testu.com); and Xtend Networks,
Ltd.
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. |
