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THCG, Inc. Announces Plan To Buy Back Up To 500,000 Shares
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NEW YORK--(BUSINESS WIRE)--Oct. 23, 2000--THCG, Inc.
(Nasdaq:THCG), a leading architect and builder of global Internet
enterprises, today announced that its Board of Directors has
authorized the repurchase of up to 500,000 shares of the Company's
outstanding common stock (approximately 3.7 percent of its outstanding
share capital), from time-to-time in open market transactions at
prevailing market prices. Purchase decisions will be made by Company
management and will be based upon market conditions and other factors.
Adi Raviv, Co-Chairman and Chief Financial Officer, stated, "We
believe that the current market price for THCG common stock does not
accurately reflect the value of the Company's underlying assets, its
current business or its prospects for the future. This stock
repurchase program underscores our commitment to enhancing long-term
shareholder value."
About THCG, Inc.
Based in New York City, THCG, Inc. is a leading architect and
builder of global Internet enterprises that is rapidly building a
portfolio of partnership companies and fee-for-service activities. Its
incubation and acceleration efforts focus on Internet-enabling
technologies and the development of promising companies in the areas
of broadband, wireless, telecommunications and telecom infrastructure.
In addition, the Company is pursuing e-Commerce and Web-content
transactions with a "bricks and clicks" focus. THCG Giza Israel serves
as the Company's global technology "center of excellence."
THCG's partner companies include Convergence MediaGroup, Inc.
(www.cmg-us.com), Enjewel (www.enjewel.com), Global Credit Services,
Inc. (www.globalcreditservices.com), Globecom Interactive, Inc.
(www.globecom-interactive.com), IT Utility, Inc. (www.itutility.com),
Test University, Inc. (www.testu.com) and Xtend Networks Ltd. THCG
also holds investments in more than ten Internet and technology
businesses it acquired through direct investment, equity-for-services
or acquisitions.
For more information, please visit the Company's Web site at
www.thcg.com.
"SAFE HARBOR" 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 forward-looking
statements. These risks and uncertainties include the Company's entry
into new commercial businesses, the risk of obtaining financing, risks
associated with start-up and early stage enterprises, risks associated
with providing services over the Internet, and other risks described
in the Company's Securities and Exchange Commission filings.
CONTACT: Continental Capital & Equity Corporation, Longwood, Fla.
Dodi B. Handy, 407/682-2001
dodi@insidewallstreet.com
or
THCG, Inc., New York
Daniel A. Halpern, Vice President,
Corporate Development and Investor Relations
212/223-0440
dhalpern@thcg.com
or
THCG Giza Israel
Ori Birnbaum, Vice President, Marketing
972-3-640-2350
orib@zinook.com
KEYWORD: NEW YORK ISRAEL INTERNATIONAL AFRICA/MIDDLE EAST
INDUSTRY KEYWORD: E-COMMERCE INTERNET NETWORKING SOFTWARE
TELECOMMUNICATIONS
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