Plimpton Yang Acquires 25 Percent Equity Stake in TV Objects.PRINCETON, NJ--(BUSINESS WIRE)--Oct. 28, 1997-- Additional Capital Will Fuel New Product Development And Drive Continued Company Growth TV Objects, an innovative provider of Internet-enabling development tools, announced today that the managing partners of the private investment group Plimpton Yang yang (yang) [Chinese] in Chinese philosophy, the active, positive, masculine principle that is complementary to yin; see yin, under principle. recently made a 25 percent equity investment in the company. Under the terms of the deal, TV Objects founder, Andy Goren remains the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , president and majority shareholder while David Plimpton, president and managing partner of Plimpton Yang was named chairman of TV Objects' board of directors. In addition, the company's name has been officially changed from TV Objects Corporation to TV Objects Ltd. No further details were disclosed. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Plimpton, "Our firm is greatly impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with TV Objects' ability to develop solid software applications and with Andy Goren's proven track record for bringing innovative products to market. We are equally impressed with the talented and dedicated team he's assembled." "Plimpton Yang's investment allows TV Objects to aggressively research and develop innovative new software and utilities, which in turn will increase revenue," says Andy Goren. "Now more than ever, we are well positioned to take a leadership position in the web enabling utilities industry." The Plimpton Yang/TV Objects relationship started about a year ago when a feature article about Andy Goren appeared in a local Princeton newspaper. "I was researching companies in the java tools market, but had no idea there was one such company earning industry accolades and building a solid reputation in our own backyard," says Plimpton. "Needless to say, I was pleasantly surprised." Plimpton adds that he was particularly influenced by reading Goren's statement, "I'm not in the business to raise money. I'm in the business to make money." About TV Objects TV Objects was founded in 1995 by Andy Goren, an innovative software developer who, before starting TV Objects, was a software development manager with Logic Works Logic Works Inc. was a software company based in Princeton, New Jersey. Their flagship product was an IDEF1X modeling and database design tool called ERwin (ERwin) whose name is formed from an initialism of ER for Entity Relationship and "win", short for windows. Inc. Goren's formative formative /for·ma·tive/ (for´mah-tiv) concerned in the origination and development of an organism, part, or tissue. concept behind TV Objects was to develop, market and support innovative software tools and utilities for corporations developing Internet/intranet applications. In February, 1996 Goren's first TV Objects product, VBnet was introduced as an add-in for Microsoft's popular Visual Basic program. The product, which Internet-enabled visual Basic applications, soon won industry acclaim and positive product reviews. Goren sold the product to Progress Software in late 1996. Proceeds of that sale were used to fund the R&D and launch of a revolutionary new TV Objects product, Applet A small application, such as a utility program or limited-function spreadsheet or word processor. Java programs that are run from the browser are always known as applets. See midlet, crapplet and Java applet. Designer Enterprise(TM). Applet Designer Enterprise makes it easy to convert Visual Basic-generated applications to 100 percent Pure Java Refers to initiatives from Sun that specify 100% compliance with its Java specification. The goal is to maintain a consistent, single interface for Java so that all Java Virtual Machines can run all Java programs. See Holy Grail. and deploy them to the Internet, an intranet or a multi-platform application. Applet Designer recently won a JavaWorld Editor's Choice Award for best utility. Headquartered in Princeton, N.J., TV Objects markets and sells its products through direct and indirect channels throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . TV Objects' international sales are managed by Soft/Export via their network of distributors. TV Objects is an active member of the New Jersey Technology Council's Software Association and can be reached at (609)514-1444 or on the Web at www.tvobjects.com . About Plimpton Yang Plimpton Yang is a private investment firm comprised of families long active in developing business interests. Founded in 1996, the firm is dedicated to buying, building and managing equity interests in leading private and public technology companies specializing in information technology. Among the principals of Plimpton Yang are David C.A. Plimpton, Phillip L. Yang, Conrad A. Plimpton and John C. Plimpton. The principals have a combined 25 years of venture capital and leveraged buy-out buy·out also buy-out n. 1. The purchase of the entire holdings or interests of an owner or investor. 2. The purchase of a company or business: experience specific to developing large-scale enterprise from smaller ventures and a combined 25 years of computer science and astrophysics astrophysics, application of the theories and methods of physics to the study of stellar structure, stellar evolution, the origin of the solar system, and related problems of cosmology. perspectives applied to the complexity of global markets. The partners of Plimpton Yang are the sponsors of the Information Technology Genesis Fund LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a $25 million venture capital fund expected to close in early December. Plimpton Yang can be reached at (609)924-8244. CONTACT: TV Objects Corp. Michael Ventriello 609/514-1444, ext. 228 e-mail: mventriello@tvobjects.com or Plimpton Yang David Plimpton 609/924-8244 e-mail: david@plimpton.com |
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