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Leading Teen Site for ``Cashless'' Commerce and Investing Gets New Execs, Funds.

ENGLEWOOD, N.J.--(BUSINESS WIRE)--Nov. 9, 1999--, the leading "cashless" commerce and investing site for teens, announced today that it has hired three key executives to lead its marketing, business development and content expansion efforts.

MainXchange recently secured seven million dollars in private venture financing from a group of leading investors led by the Israel Infinity Fund and including Banexi, the venture arm of Banque Nationale de Paris. Founding investors Veritas Venture Capital Management Ltd. and Bob Lessin, the Chairman of WIT Capital, also participated in this round.

"We're pleased to bring aboard talented individuals from MaMaMedia, Engineering Animation and Ogilvy Interactive as part of our experienced management team," says MainXchange CEO Clay Stobaugh. "We selected candidates with a broad range of experience and extensive industry contacts to accelerate the already rapid growth of MainXchange as the premier destination for the financially-savvy Internet generation, fulfilling our mission to be 'the place where teens and money meet.'"

Joining the MainXchange team are:

-- John A. Federico, Vice President, Marketing

Federico arrives from leading youth site MaMaMedia, where he had been director of marketing and member development. Federico has also held senior marketing posts at, New Jersey Online, (the first local, Internet-based online service of Advance Publications Internet) and (now, an iTurf property).

-- Linda Lannon, Vice President, Business Development

Lannon had been general manager/executive director of business development for interactive entertainment at Engineering Animation, Inc., where she helped establish EAI as the largest independent software developer in the U.S. At EAI, Lannon managed relationships and negotiating licensing deals with leading industry brands, including Mattel, Hasbro, IBM, Nickelodeon, Electronic Arts, Warner Bros., Disney and Crayola. Prior to EAI, Lannon was associate publisher at Western Publishing overseeing the creative division of Golden Books and marketing manager at Scholastic Inc.

-- Amy Laskin, Director of Site Content

Laskin joins MainXchange from Ogilvy Interactive, where she was a senior content developer. Laskin's responsibilities included projects for clients including IBM, GTE, Arthur Andersen, Peterson's CollegeQuest and the National Youth Anti-Drug Campaign for the Office of the National Drug Control Policy (ONDCP). Previously, Laskin spent five years at Morgan Stanley Dean Witter, Discover before becoming the Director of New Media at O Design Group Inc., where she founded the interactive division.

About MainXchange is the leading "cashless" commerce and investment site for the Internet generation, attracting influential, financially savvy 12 to 24 year-olds now coming of age on the Internet. MainXchange teens gain valuable experience with money -- earning it, investing it and spending it -- within a fun, safe and rewarding environment where virtual currency buys real, brand-name products. MainXchange activities, including its award-winning stock market simulation, the Internet's first "cashless auction," trivia games, chat and message boards, are provided free of charge at with support from sponsors including Tommy Hilfiger, Donna Karan, Kaplan Educational Centers and The Learning Company.

MainXchange also runs an award winning educational site at where students nationwide participate in interactive financial learning activities that meet national curriculum standards. and are operated by MainXchange, Inc., a privately-held, venture-backed corporation currently headquartered at 2 North Dean Street, Englewood, N.J. 07631-2807 with development operations in Tel Aviv, Israel.
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Publication:Business Wire
Geographic Code:1USA
Date:Nov 9, 1999
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