Robert Fair, Chairman & CEO of PremiumCHAT, said he welcomes the addition of the Philstone team. “In concert with our in-house technology staff, the Philstone team will work hand-in-hand with our executives and network staff providing a valuable addition to the patent-pending software project.”

PremiumCHAT's proprietary and patent-pending billable chat offering is the engine that will enable service businesses to charge for their services online, in a secure environment. Businesses looking to integrate the premiumchat engine into their sites should contact partners@premiumchat.com.

"This partnership is ideal for both Philosopher's Stone Ventures and PremiumCHAT," stated Jenny M. Sakhrani, CFO of Philosopher's Stone Ventures. "Our team will help PremiumCHAT successfully build its product and launch its service to the marketplace. PremiumCHAT is one of the stars of our list of portfolio companies."

Robert Fair writes, "PremiumCHAT is looking forward to launching our proprietary software during late 2001 with Philosopher’s Stone Solutions. The two companies have been working together for several months before an official agreement and terms was reached just days ago. 'The $1 million dollar plus investment by Philstone will allow PremiumCHAT’s shareholders to receive full value on their project, minimizing our burn-rate during a key period of development."

For more details on this relationship go to http://www.philstone.com/psinvests_pr.shtml