tyBit Creates Foundation For Education; New Beta Released

tyBit Inc. CEO, Clarence Briggs briefed Senators Elizabeth Dole and Richard Burr about the formation of the Briggs-tyBit Charitable Foundation Inc: CEO, Clarence Briggs, recently returned from Washington, DC after briefing Senators Elizabeth Dole and Richard Burr about the formation of the Briggs-tyBit Charitable Foundation Inc.

The mission of the foundation is to decrease the dropout rate and increase academic performance by using income generated by the search engine usage activities of its subscriber base. The Briggs-tyBit Foundation will receive 30 to 40% of tyBit’s

gross revenues to fund the foundation. Briggs stated that later this year, they will meet with NC state educators and elected officials to unveil the proposal in detail.

“Based on our projections, industry trends, and usage data, the Briggs-tyBit Foundation is estimating donations of over $20,000,000 to North Carolina Education in its first year alone – more than $60,000 a day if the application is adopted. Having spent almost a decade working with North Carolina education community while with a large, multi-national Telco, “I know how valuable this additional revenue will be to our schools,” said Kitti Jo Finch, tyBit General Manager. “Mr. Briggs believes that supporting education is essential for our state and the nation.” In order to deliver quickly on the goals set forth in its mission statement, tyBit officials are considering outside investment of the firm for the first time in the history of the company.

Senior management and key company advisors are talking to several investment banking firms and individual investors to complete an $80 million financing to fund the roll out of the first release candidate and subsequent versions of the search engine. tyBit’s initial product development funding and its IT services are powered by its sister company, AIT. In contrast to tyBit Inc. AIT has never taken outside equity investment or incurred any long term debt, but instead built its business out of cash flow. “ AIT crawled, walked, built from scratch its proprietary self-sustaining technology and has been running strong over the past 12 years successfully and profitably. But tyBit, must compete in the dynamic market place of on-line advertising and search technology, therefore, we need savvy partners and investors to make it happen now.”