Thursday January 20, 1:35 pm Eastern Time
Company Press Release
Former Soros Partner to Join THCG
Evan Marks Named President of THCG Ventures
THCG Venture Partners I LLC Invests in Passport New Media, Inc.
NEW YORK--(BUSINESS WIRE)--January 20, 2000--THCG, INC. (NASDAQ: THCG - news) today announced that Evan M. Marks has agreed to join the Company on February 1, 2000 as President of THCG Ventures LLC (``THCG Ventures'), the Company's venture funding arm. Mr. Marks is currently a member of THCG's Board of Directors. THCG Ventures manages the investment activities of THCG Venture Partners I LLC, which was formed last month and has made 7 investment commitments, 3 of which have been funded. In addition, he will oversee the formation of a second investment vehicle which should bring the pool of venture capital managed by the Company to more than $100 million.
Mr. Marks was a partner of George Soros from 1992 to 1998, during which he was instrumental in the formation and management of two industry specialized investment funds which were organized by Soros Fund Management. These funds invested in the United States and overseas and had more than $1 billion of committed capital. Mr. Marks was also responsible for numerous other investment entities for the account of Mr. Soros and his family trusts. Prior to joining Soros, Mr. Marks was a Managing Director of Wasserstein Perella & Co.
Adi Raviv, Co-Chief Executive Officer of THCG, commented, ``We are delighted that Evan Marks accepted our offer to join THCG as President of THCG Ventures. Intellectual capital of Evan's caliber is extremely hard to find, and we are confident that Evan will play a critical role in the execution of THCG's global active incubation strategy, in which THCG partners with Internet entrepreneurs and traditional businesses migrating to the Internet in creating and growing dominant companies. We anticipate continuing to add to our management depth and execution capabilities with senior executives of Evan's stature and experience.'
Evan Marks added, ``Over the last few years I have invested in and explored the emerging Internet space. It became apparent to me that among the various business models that I have studied, THCG's global business creation strategy is the one that I believe is best positioned for success. I have decided to commit my efforts to THCG, in the hope of adding value initially to the Company's Venture Funding arm.'
The Company also announced that THCG Venture Partners I LLC has participated in the amount of $500,000 in a capital raising round of Passport New Media, Inc., the company behind Your Own World or ``YOW'. YOW raised a total of $6 million in a fundraising effort led by The Megunticook Fund, with the participation of THCG Venture Partners I LLC, TREKK Opportunity Partners, L.P., Rolling Oaks Enterprises LLC, Wyndcrest Capital Partners and various individual investors.
YOW (www.yourownworld.com) provides children and their parents a dynamic ``virtual Internet' experience with content from numerous leading children's Web sites through YOW's closed offline environment. YOW brings the best of the Web together with the benefits of multimedia CD-ROMs, namely speed and performance, to families' home PC desktops.
About THCG
THCG is a global Internet business creation firm providing venture development, venture banking and venture funding products and services. THCG's mission is to build dominant companies by partnering with leading Internet entrepreneurs and traditional brick and mortar companies migrating to the Internet. THCG has equity interests in a client portfolio of Internet-related companies including ETRAVNET.COM, Inc. (OTC BB: ETVT - news, www.travnet.com - news), iBeauty.com (www.ibeauty.com), Interleaf, Inc. (Nasdaq:LEAF - news, www.interleaf.com - news), IT Utility, Inc. (www.itutility.com), LogNet Systems Inc. (www.lognet.co.il), TechOnLine, Inc. (www.techonline.com) and Test University, Inc. THCG also has equity interests in more than 10 additional Internet-related companies, including RealTimeImage Inc. (www.realtimeimage.com), SoftWatch Ltd. (www.softwatch.com), SunShine Media Corporation (www.bikini.com) and webMethods, Inc. (www.webmethods.com). THCG's web site is located 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 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.
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