Philosopher's Stone Ventures Invests $1 Million in PremiumCHAT
January 2, 2001, Redondo Beach, CA - Philosopher's Stone
Ventures announced today that it would invest close to $1
million dollars in PremiumCHAT, an application service provider
of billable instant messaging.
"This partnership is ideal for both Philosopher's
Stone Ventures and PremiumCHAT," stated Jenny M. Sakhrani,
CFO of Philosopher's Stone Ventures. "Our team will
help PremiumCHAT successfully build its product and launch
its service to the marketplace. PremiumCHAT is one of the
stars of our list of portfolio companies."
PremiumCHAT's software will allow web-based communities
and professionals in the service sector, such as lawyers
and doctors, to have direct, secure instant messaging communication
with their clients over the Internet. "For the first
time, by using the PremiumCHAT product, professionals can
bill for the time spent consulting with their clients or
patients," noted Robert W. Fair, Chairman and CEO of
PremiumCHAT. "Our product is unique because it is the
first one that allows for real monetary transactions, not
just communication."
The partnership between the two companies involves investment
of money, resources, advisory services and fund raising
opportunities.
For additional information, contact:
Brenda Harris
Philosopher's Stone Ventures
Telephone: (310) 316-3100
Fax: (310) 316-9500
media@philstone.com
http://www.philstone.com
The Philosopher's Stone is a mythical substance that can
transform lead into gold, and produce the Elixir of Life
that makes the drinker immortal. Philosopher's Stone Ventures,
as a technology incubator, has similar transformative powers:
turning the innovative ideas of our entrepreneurs into successful,
groundbreaking, money-making businesses.
