THCG Raises $15 Million In Private Equity Financing for Its Venture Partner Company Test University, Inc.
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NEW YORK--(BUSINESS WIRE)--Aug. 14, 2000--
Vertex Management and SCP Private Equity Lead Investment
THCG, Inc. (NASDAQ:THCG), a leading architect and builder of
global Internet and technology enterprises, is pleased to announce
that it has successfully arranged a $15 million private equity funding
for its venture partner company, Test University, Inc. (TestU)
(www.testu.com). TestU is a privately-held online, standardized test
preparation company. Strategic investors in the financing included
Vertex Management, the venture capital arm of Singapore Technologies,
Inc., a global venture capital firm with over $500 Million under
management, and SCP Private Equity, an investment affiliate of
Safeguard Scientifics (NYSE:SFE), a worldwide leader in incubating and
operating premier technology companies in the Internet infrastructure
market.
TestU aims to be "a virtual university", creating a successful
test-taking experience for every student and providing the ultimate
learning and preparation environment for standardized tests, such as
SAT, ACT, high school exit exams, TOEFL, GRE and GMAT. The platform
features virtual tutors in an engaging, interactive and easy-to-use
environment. The Company says the new funds will be used for
additional course development and to increase its marketing and brand
development activities in the USA and the Pacific Rim.
Rick Bolton, President and CEO of TestU, noted, "THCG was
instrumental in helping TestU secure this latest round of financing.
Through their extensive network in the venture capital community, they
were able to help us make contact with exactly the right investment
firms. This expertise significantly reduced management's valuable time
and resources required to engage in the capital raising effort."
According to Ziad Abdelnour, Managing Director of THCG, Inc.,
"Based on the tremendous progress TestU has demonstrated with the
successful implementation of its business plan, we were pleased to
structure and execute this second round of early-staged financing for
our venture partner company. Investments by premier firms such as
Vertex and SCP Private Equity further validate how the market is
viewing the exciting potential of online educational businesses in
general, and the prospects of TestU in particular, as a promising and
leading company in the space."
Dr. Gideon Shichman, VP Vertex Management Israel, stated, "TestU
is part of Vertex's strategy of investing in and developing leading
web enterprises. TestU gives e-learning a whole new meaning with the
introduction of its model for interactive standardized test
preparation. It is the first truly affordable and readily accessible
method of test preparation. TestU's application democratizes education
and provides a significantly broader population the access to key
tools to attain education and opportunity."
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); 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);
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.
About TestU
TestU is a leading online standardized test preparation company
dedicated to providing high quality, accessible, and affordable test
preparation to everyone. TestU provides affordable test preparation to
individuals, as well as to schools and school districts complete with
its testSCOPE Reports, which allow school administrators to effect
change proactively. TestU was founded in August 1999 by top academics,
educational experts, administrators, and teachers. TestU's strategic
partners include the National High School Association, the California
League of High Schools, the Research and Education Association and
Barron's Educational Series. To learn more, visit the Company's Web
site at www.testu.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
Dodi Handy, 407-682-2001
dodi@insidewallstreet.com |
