Arepa Secures Veteran Business Strategist as Software on Demand System Nears Completion; "Doc" Honan Appointed Chief Financial Officer and Executive Vice President.

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 5, 1998--As Arepa Inc. prepares details for this month's announcement of the industry's first Software On Demand(TM) system for broadband networks, the company has appointed an additional seasoned leader to its management staff.

Veteran business executive Elliot F. "Doc" Honan has been secured as Arepa's first chief financial officer and executive vice president. Honan will manage all aspects of the corporation's operations and finances and will build upon Arepa's existing corporate infrastructure. Honan and Arepa Founder and President Ric Fulop will work together to magnify Arepa's leadership position.

"To make Software On Demand(TM) a reality, a person of great experience and business savvy is needed to guide the process," explained Rouzbeh Yassini, chairman of the board and chief executive officer of YAS Corp. "Honan has gained 35 years experience in business and financial strategy as a key member of senior management teams during periods of intense growth in start-up companies. His wealth of experience will contribute greatly to Arepa's continued success as an innovative, entrepreneurial firm."

Prior to joining Arepa, Honan served as executive vice president of operations and previously as chief financial officer for ManagedComp Inc. of Waltham, Mass., a pioneer and technology leader in managed care for workers compensation. He is credited as a key player in helping to grow this company from $18 million to more than $100 million of premium volume in three years. Honan has also held executive positions in finance for Proteon Inc. of Westboro, Mass., serving as CFO and a member of the board of directors for this leading developer and supplier of token-ring networking/internetworking systems. Among other accomplishments while at Proteon, Honan led five rounds of venture capital, raising $23 million, and led the company's IPO.

Honan has also worked as a vice president of corporate development for Tyco Laboratories in Exeter, N.H.; for Ludlow Corp. in Needham, Mass., as vice president, treasurer, CFO and director; and for Arthur Young and Company in Boston, as a principal. He earned a master of business administration from the Harvard Graduate School of Business and was graduated magna cum laude with a bachelor of science in business administration from Providence College.

"Honan is well-known and highly respected in the financial community," stated Rob Ketterson, Arepa board member and a vice president at Fidelity Ventures which provided first- and second-round financing to Arepa. "He brings Arepa a great depth of knowledge and credibility."

Arepa was founded in April 1996 when it began development of a Software-On-Demand(TM) system for broadband cable TV and DSL networks. Scheduled for release this month, the Arepa System will offer broadband subscribers click 'n' play access to media-rich content and software, eliminating the need to download or install files. Arepa is privately financed by Intel Corp., Venrock Associates, Fidelity Ventures and YAS Corp. More comprehensive information on Arepa is available through the company's Web site at http://www.arepa.com.