Press Release Summary: Fayetteville, NC). tyBit Inc. (www.tyBit.com) 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.
Press Release Body: (Fayetteville, NC). tyBit Inc. (www.tyBit.com) 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." "We are committed to supporting education in any way that we can," said Clarence Briggs, CEO of tyBit. "Poverty, ignorance and apathy are the enemy," said the former U.S. Army infantry officer. Briggs, himself a father, understands the struggle endured by families, students, and educators to deliver quality education. "With a dropout rate of over 30%, coupled with drugs, gangs, and inadequate funding, it's harder than ever to ensure our children receive a quality education that will prepare them for life. The business community must do something to help." Senator Elizabeth Dole has always been an active supporter of education. "It's time to let creative, enthusiastic teachers know that they are a national treasure right where they are - in our classrooms," said Dole in a previous interview. In addition to supporting teachers, she has also been a vocal proponent of increased parental involvement in education. Briggs believes that Grants from the Briggs-tyBit foundation can be instrumental with respect to achieving these goals. Senator Richard Burr is a member of the Committee on Health, Education, Labor, and Pensions and has been a staunch supporter of the No Child Left Behind Act. He has voted in favor of several pieces of legislation to provide additional funding to schools tied to accountability measures. Briggs believes that school systems would be able to apply for Briggs-tyBit Foundation Grants to help develop and implement these accountability programs. The 5 year plan for tyBit aims to achieve annual revenues in excess of $6 billion. "Everything is bound to change now," said Sean McCoy, SVP of Sales and Marketing for AIT. "This is an opportunity to create a win-win for both the public and private sectors." Students, teachers, and researchers alike want the freedom to chose and customize their research technologies to fit their specific needs and learning styles. With this in mind, tyBit has been designed to be fully customizable, and will adapt to its users preferences while protecting individual privacy. Other emerging search tools see this opportunity as well. "The future vision is where information summarizes out to the way you want it to look," said Matt Eichner, VP of strategic development and marketing for Endeca, an information access platform that automatically creates categories out of search results. Just as exciting as the announcement of the Briggs-tyBit foundation is the recent release of tyBit Beta 3, now available for download on the web site www.tybit.com . The new release integrates the tyBit search experience into the clients' browser. "This new beta is awesome," said Briggs, This really moves the application to the next level." The new beta is compatible with both Internet Explorer and Firefox. "The fact that we have fused the browser with the search application is remarkable, and the possibilities are now limitless," said Briggs. In February, 2007 Neil Snyder and Edward Kealy of The non-partisan Committee for Education Funding, addressed U.S. House Speaker Pelosi stating that "reversing the damaging decline in education investment since 2005 must be a top funding priority. It will more than pay for itself by increasing the employability and productivity of our workforce while producing increased earnings and tax revenues. When our students succeed, our nation succeeds." 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 (www.ait.com). 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."
2022
