REDONDO BEACH, Calif., Nov. 22, 2004 (PRIMEZONE) -- Carlton McGee, Chief Financial Officer of CorpHQ, Inc. (Pink Sheets:COHQ), appears this week on StreetSignals(TM), a weekly, nationwide financial radio show and global webcast, produced by Investrend Broadcast (www.investrendbroadcast.com).
StreetSignals(TM) is produced and hosted by Investrend's Drew Connolly and is a weekly survey of the financial markets bridging Main Street to Wall Street. This week's program focuses on CorpHQ's voluntary reporting of their third quarter 2004 results and a brief update on the future prospects for their portfolio companies.
The program spotlighted CorpHQ and its pioneering business incubation model, which first identifies high potential individuals with interest in select consumer-oriented businesses. It then provides these entrepreneurs with a comprehensive range of business management support and initial seed capital to grow their businesses. CorpHQ's goal is to nurture these firms to the point where they can grow to "critical mass" and position them ultimately for a liquidity event, via initial public offering or merger with a larger company.
Mr. McGee said, "The CorpHQ 3rd quarter results are keyed primarily from the liquidity we achieved through the on-going divestiture of a portion of our holdings in Safeguard Technology. We received $595,673 from this divestiture during this period. Our working capital at $395,156 has increased over tenfold from a year ago. This is a planned divestiture in keeping with our business model. Our focus remains on providing all Safeguard shareholders with long term value while generating a strong ROI for CorpHQ and its own shareholders."
When asked, "Is the CorpHQ business model really working?" by Connolly, Mr. McGee replied, "We believe it is. First of all, we continue to work very hard on the proposed three-way merger involving Safeguard Technology, which if consummated, would be extremely valuable for all of the parties involved. If this merger is ratified, we will continue to advise the merged entity on its pre-IPO financing and its progress toward an IPO on the Alternative Investment Market (AIM) in London... We work with our other portfolio companies in much the same manner as we have Safeguard, and are working to position each company on the same type of growth track."
"Secondly, under the leadership of our CEO, Steve Crane . . . we are working to reduce the time from concept to liquidity for our (new) portfolio companies. The new investment opportunities that we are evaluating are less dependent on product development and capital . . . and we believe this could make our operations even more efficient in the future," added McGee.
The original program ran on Saturday, November 20th on the Business TalkRadio Network from 9 p.m. to 10 p.m. EST, in its regular weekly live time slot on radio stations across the U.S., including WLIE 540 AM in the New York City metropolitan market. It may be heard on-demand at http://www.businesstalkradio.net.
About CorpHQ, Inc.:
CorpHQ Inc. operates as a holding company and business incubator; we organize, invest in, and provide comprehensive management support and a variety of resources to high-potential companies. CorpHQ also acquires interests in and provides consultation to selected companies that are synergistic with its portfolio companies. CorpHQ provides periodic Voluntary Financial Reports on its operations at http://www.pinksheets.com/quote/finance.jsp?symbol=COHQ.
Forward-Looking Statements
Any statements made in this press release which are not historical facts contain certain "forward-looking statements" as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.