THCG's Venture Partner Company Raises $5.15 Million
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NEW YORK--(BUSINESS WIRE)--July 12, 2000--
Al-Bawaba, "The Middle East Gateway," Receives Strategic Funding
From Group Of European And Middle Eastern Institutional Investors
THCG, Inc. (NASDAQ:THCG), a leading architect and builder of
global Internet enterprises, today announced that Tower Hill
Securities, Inc., its broker/dealer subsidiary, has secured an
aggregate of $5.15 million in financing from two prominent European
and Institutional investor groups to benefit Al-Bawaba, the Middle
East Gateway. Investors include the following entities:
-- TFG Venture Capital AG (www.TFG.de.com), a DM250 million high
technology venture capital fund located in Marl, Germany. TFG has
more than 60 hi-tech investments to date and invests across a
broad spectrum of technology sectors.
-- The Middle East Internet Holdings Corporation, an institutional
investment vehicle managing capital on behalf of a group of
prominent Arab businessmen from the Middle East and outside the
region. While Middle East Internet Holdings is not an Internet
company, it aims to capture and capitalize on the growing Internet
penetration in the region through partnerships and investments,
providing funding and know-how to start ups and affording the
opportunity for established companies to grow within this new and
exciting space.
Ramzi Khouri, Editor-in-Chief of Al-Bawaba.com, commented, "We are
delighted to welcome these new investors as shareholders of Al-Bawaba
and thank THCG for their efforts and relentless support in helping us
achieve our financial and corporate objectives. With the official
global market launch of www.albawaba.com rapidly approaching, we have
much work to do to ensure that the ultimate Internet network we
envision far exceeds industry expectations. This capital infusion will
greatly empower Al-Bawaba to dramatically enhance the depth and
breadth of our content and provide us with the means to significantly
accelerate our marketing activities within the Middle Eastern region,
as well as in Europe, the United States and Asia."
Al-Bawaba intends to emerge as the leading Internet network
service for residents of the Middle East and for others worldwide with
specific interests in Arab culture, politics, news, games, travel and
business opportunities. Its Web site is scheduled for market launch
later this year and is being designed to provide a variety of online
services to its target audience, while also serving as an online
community base for all Arab countries.
Ziad Abdelnour, Managing Director of THCG, Inc., stated, "This
fundraising has taught us that a company's stringent commitment to the
execution of its strategy, adherence to timelines and tight reign on
its purse strings will not go unnoticed by intelligent investors
seeking an investment yielding a path to profitability. Furthermore,
we are pleased that Al-Bawaba, a venture partner company of THCG, is
serving as yet another example of how THCG's V3 approach to building
global Internet enterprises is proving successful and continues to
deliver results, despite volatile market conditions."
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).
For more information, please visit the Company's Web site at
www.thcg.com.
About Al-Bawaba
Al-Bawaba, a U.S. corporation registered in the State of Delaware
with offices in London and the Middle East, aims to become the leading
online gateway serving the 21 countries of the Middle East. The
Company intends to provide its users with an extensive array of
content-based channels with broadband applications and capabilities
and online service offerings, as well as with tools to develop
affinity relationships through Web-based communities and participation
in a virtual marketplace for both business and individual e-commerce
purposes. Al-Bawaba will also provide advertisers and merchants with
the opportunity to intelligently target an audience with a highly
desirable demographic and psycho graphic profile through a customized
advertising delivery and results tracking service that sues
experiential advertising as its platform. The Company expects to
formally launch both English and Arabic language networks later this
year and is seriously contemplating expanding into other languages in
the near future.
The Company's competitive advantages lie in its ability to
leverage its relationships across the entire Middle East, access the
largest and most relevant databases of economic and business
activities in the numerous regions of the Arab World, and rely upon
the commitment and experience of its highly qualified management and
personnel. Revenue will be generated from advertising, e-commerce,
access fees and license (syndication) fees from newspapers, magazines
and other institutions across the world seeking to utilize the site's
content.
"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, FL
Dodi Handy, 407/682-2001
dodi@insidewallstreet.com |
