THCG, Inc. Announces Expansion of Executive Team and Management Reorganization
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NEW YORK--(BUSINESS WIRE)--June 23, 2000--
Company Selects Continental Capital & Equity Corporation To
Launch National Investor Awareness Campaign
THCG, Inc. (NASDAQ:THCG), a leading architect and builder of
global Internet enterprises, today announced that in light of the
Company's aggressive growth initiatives, Adi Raviv and Joseph D. Mark,
former co-CEO's of THCG, have been renamed Co-Chairmen of the Board.
Mr. Mark will continue to serve as THCG's Chief Executive Officer and
Mr. Raviv will assume the post of Chief Financial Officer, with
responsibilities that include overseeing the financial, legal,
corporate development and investor relations functions. Mr. Raviv
commented on the management reorganization by stating that, "while Joe
and I have assumed different roles and responsibilities to address the
changing needs of our growing and dynamic organization, we remain
partners committed to the realization of THCG's goals and the
interests of its shareholders."
THCG also announced the addition of Daniel K. Wong as Senior Vice
President of Finance and Corporate Controller Niall L. O'Toole as
General Counsel and Secretary.
Mr. Wong joins THCG after having served for six years as a
Division Chief Financial Officer with an international broker-dealer
affiliated with Citigroup. Prior to that, he served as a corporate
controller with a Nasdaq-listed international computer manufacturer
with approximately $400 million in annual sales, 700 employees and 10
subsidiary companies. Mr. Wong aided the latter Company's IPO and
follow-on with its secondary offering.
Mr. Wong has also served as an auditor with both BDO Siedman and
Laventhal and Horwath. As Corporate Controller of THCG, Mr. Wong will
work with Mr. Raviv in managing SEC and NASD financial filings. He
will also focus on improving and implementing management reporting
systems for THCG and its portfolio companies.
For over 17 years, Mr. O'Toole has distinguished himself as a
managing attorney with expertise in general corporate, securities,
banking and investment management law. Since 1997 and until he joined
THCG, Mr. O'Toole served as General Counsel and Director of Compliance
for Gleacher NatWest, Inc. where he was responsible for overseeing all
legal affairs of this boutique broker-dealer specializing in high
yield underwriting, sales and trading, acquisition finance, merchant
banking, private equities and M&A advisory products.
In the mid-90's, Mr. O'Toole served as Vice President and Senior
Associate Counsel of The Chase Manhattan Bank where he served as Chief
Legal Counsel to the senior executives including the CFO, Executive
Vice President of Human Resources, and the President of VISTA Mutual
Funds. During the 1980's, Mr. O'Toole was an associate with Cravath,
Swaine & Moore where he practiced domestic and international corporate
law. Mr. O'Toole attended both Harvard College and Harvard Law School,
and graduated magna cum laude from each, respectively.
At the executive level, Mr. Larry W. Smith continues to serve in
the role of President with a focus on marketing and the creation of
Tier Zero (home grown) businesses. Mr. Shai Novik maintains his
position as Chief Operating Officer with specific duties that involve
corporate infrastructure, strategic planning and human resources. Mr.
Evan Marks, in addition to his role as President of THCG Ventures,
will assume the role of Senior Managing Director with responsibility
for coordinating the integration of the Company's service offerings
and the engagement of its unique V3 (Venture Development, Venture
Funding and Venture Banking) operating methodology.
On the operational level, THCG continues to achieve its successes
in the US with a team that includes Michael Gegenheimer and Ed
Tedeschi, Senior Managing Directors and Co- Heads of the US Venture
Development group, and Gary Anstey, Senior Managing Director and Head
of the US Venture Banking group.
In conclusion, Mr. Mark stated, "We make it our business to guide
the building of winning management teams in each of our partner
companies. Consequently, we are effecting these critical management
changes and vital additions to our executive team to maximize the
growth potential of THCG and properly position the Company to
implement its ambitious strategic growth initiatives - both
domestically and abroad."
The Company further reported that it has engaged Continental
Capital & Equity, a nationally recognized, full service financial
public relations firm, to increase mass market awareness of THCG among
individual investors, institutions, analysts, retail stockbrokers and
other investment professionals. Effective immediately, Continental
Capital will begin working closely with key THCG executives to develop
and implement communications strategies and programs specifically
designed to foster and enhance investor interest and appreciation for
the Company's exciting growth platform.
About THCG, Inc.
Based in New York City, THCG, Inc. is a leading architect and
builder of global Internet enterprises rapidly building a portfolio of
partnership businesses. Its incubation efforts center around Web
technologies, wireless, communications, network security, and supply
chain and customer relationship management. In addition, the Company,
which is also pursuing e-Commerce and Web-content transactions with a
"bricks and clicks" focus, has equity positions in eight 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); 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 Corporation
Longwood, Fla.
Dodi Handy, 407/682-2001
Email: dodi@insidewallstreet.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: E-COMMERCE INTERNET TELECOMMUNICATIONS
MANAGEMENT CHANGES
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