IN THE NEWS
State of Maryland Extends Commitment to Invest $50,000 in TeleContinuity, Inc.
November 18, 2003 The State of Maryland announced today that the Maryland Department of Business and Economic Development ("DBED") has extended a commitment to invest $50,000 in TeleContinuity, Inc. under the State's Challenge Investment Program Agreement ("CIP"). "It is gratifying that the State of Maryland, after careful business analysis, believes TeleContinuity's telecom disaster-recovery service will be an important new industry for the State and that it will be investing State funds to assure the success of TeleContinuity," said Roy Pinchot, CEO.
The Maryland Challenge Investment Program
The Maryland Challenge Investment Program provides financing for seed-stage companies to cover a portion of the initial costs associated with bringing new products to market. Initial investments are made up to $50,000, with future incremental investments to a maximum of $150,000. These incremental investments are awarded based upon the client's performance and the client's ability to achieve milestones set by the Investment Financing Group staff at the time of the initial closing. The Challenge Investment Program requirements are:
- The business must have no more than 25 employees and annual sales of less than 1 million.
- A minimum 1:1 co-investor match is required.
- Applicants are limited to high tech companies whose principal place of business is located in Maryland.
- The company must remain in Maryland for at least three years. Investment decisions are based on the project's potential return on investment, market potential, experience and credibility of the management team, and impact on the Maryland economy. Investment decisions are also based on the strength of the technology (e.g., patents, highly proprietary developments preferred).
About TeleContinuity
Founded in the wake of September 11, 2001 and the subsequent Anthrax attacks on Congress, TeleContinuity is focused on providing telecommunications assurance services to businesses and government customers worldwide. Positioned as "telecommunications gap insurance," we enable a seamless, low cost, network-level solution that will restore incoming telephone service to users within minutes of a PBX failure, fiber cut, fire, flood, building evacuation, or catastrophic event. TeleContinuity's unique technology will enable users to be reached at their existing telephone extensions -- via any network, any device, and at any location -- as though no service disruption had ever occurred. TeleContinuity's patent-pending and fully outsourced service solution will offer customers the ability to immediately resume business operations telephonically following a communications disruption, thereby minimizing, or even eliminating the economic impact that would have resulted from the interruption. TeleContinuity, Inc. was founded by Roy Pinchot, President and CEO, Raul Vera, Chief Technical Officer, and Michael Rosenberg, Executive Vice President. All have extensive backgrounds in telephony, information technology, marketing and sales.
TeleContinuity, Inc. is a 2003 winner of The National Institute of Standards and Technology-ATP Grant Competition.
Contact for Information:
Roy Pinchot
Chief Executive Officer
Tel: (240) 453-6235
Email: rpinchot@telecontinuity.com