Fayetteville, NC (1888PressRelease)
June 06, 2008 - This week tyBit (www.tyBit.com/?pdkw=pr-fr-06-05-08) announced the first production release of the long-anticipated tyBit search engine and toolbar is on "The initial spark that drove the development of tyBit was our dissatisfaction with the search industry's pay per click model and the associated click fraud," said Clarence Briggs, Founder & CEO of tyBit. "Our click fraud experience with Google and the class action lawsuit, and then the Fayetteville Publishing Company on a local level led to litigation. So we said, there's a problem, and at the end of the day litigation may or may not change anything.
The long term business solution is to attack the problem head on with a market alternative and tyBit is our answer,” said Briggs. "We have over 45 major partners who will receive their private labeled versions of tyBit including media companies, telcos & carriers, OEMs, software providers, government, education and service providers who have indicated that they are frustrated because they don't feel they are getting their fair share of the interactive advertising dollars even though they have the relationship with subscribers. They also want customization and transparency which they aren't getting now. We can deliver this to them with tyBit."
Company officials indicate that tyBit is working with several interested capital firms to complete an $80 million first-round financing. AIT has never taken outside equity investment but instead built its business out of cash flow. The 5 year plan for tyBit aims to achieve annual revenues in excess of $6 billion. "tyBit is an interesting initiative because it combines unique technology with a business model that allows traditional media to get back into the game and earn their share in the advertising market," said Paul Stapleton, Managing Director of DH Capital, LLC.
Company officials say tyBit will unify search and make it so relevant that the term "search" becomes synonymous with "find". "While the major search engines seem preoccupied with becoming media content moguls, tyBit seems intent on redefining the search paradigm to produce greater relevancy, reduce click fraud and offer channel partners a piece of the search advertising pie. It's an interesting development that we will definitely keep our eye on" said Berge Kaprelian, President & CEO of Beka Publishing of Channel Vision magazine.
"The fact that Clarence Briggs has announced stepping away from his position as CEO of AIT in order to devote his full attention to tyBit, speaks volumes about his personal commitment to the tyBit vision," said Kevin Pollard, former Chairman of the New Orleans Area Regional Chamber of Commerce; Director of the World Trade Center of New Orleans, and Managing Partner and President of GlobalSolve™ Management Services. "His personal leadership and long-time management team have propelled AIT to 11 years of profitability and success. I've known these guys for years and the one thing that they do exceptionally well is execute."
TyBit is affiliated with AIT (www.AIT.com/?pdkw=pr-fr-06-05-08), a technology company that has achieved 11 straight years of sustained profitability and has generated $100s of millions in revenue while creating a profound economic influence on its surrounding community. AIT has been named 2 times to the Inc. 500 list of fast growing firms, 3 times to the Deloitte & Touche Fast 500 list, and has been previously named as the NC Entrepreneur Firm of the Year. TyBit is a registered trademark of tyBit Inc.
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