BOCA RATON, Fla., June 17, 2002 (PRIMEZONE) -- Precom Technology, Inc. (OTCBB:PMMT), doing business as Concilium Group, announced today that it has completed the formation of a private equity venture capital fund limited to high net worth individual investors. Prospect Street Ventures, an established venture capital firm in New York City and Precom's strategic partner, will manage the fund. The fund will focus on private companies with protected technologies, proven management, and actual revenues or contracts in place. Initial closing of the Fund is expected by July 15, 2002.
According to Robert Hipple, CEO of Precom: "This unique private equity fund, available exclusively to Concilium clients and managed by Prospect Street Ventures, will allow investors to be actively involved in the fund's portfolio companies. The Concilium client base is made up of many high-income, entrepreneurial individuals whose business and market perspective will add an invaluable level of expertise to the normal venture capital investment decision process. We look forward to working with Prospect Street on this specialized concept."
Precom Technology (Concilium), is an international financial services company engaged in financial, tax and business planning, asset protection, insurance management, equipment leasing and merchant banking for high net worth, high-income individuals, and their business operations, in the U.S. and in Europe, South America and Asia. The company currently maintains offices in the United States and Hong Kong.
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Certain information included in this communication contains statements that are forward looking, such as statements relating to further anticipated direction of the financial industry, plans for further expansion, various business development activities, planned capital expenditures, funding resources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.