Red Herring Names Veon One of "Top 50 Private Companies in the Digital Universe"; Interactive Broadband Multimedia Leader Ranks Among Top e-Businesses

Business Wire, May 1, 2000

Business/High-Tech Editors

TAHOE, Calif.--(BUSINESS WIRE)--May 1, 2000

Veon, the premier provider of video broadband programming and interactive services for commercial and entertainment applications today announced that it has been named to Red Herring's annual "Top 50 Private Companies in the Digital Universe." The announcement came during the Red Herring's Venture 2000 conference, a three-day forum where industry leaders, entrepreneurs, and financiers meet and discuss the strategic issues facing emerging technology companies.

The Red Herring's "Top 50 Private Companies in the Digital Universe" list, which reads like a Who's Who of the wired world, is an annual review of influential e-businesses that are defining the standards by which their peers work, forging the most influential new business models, and developing the products and services that will change the way business is conducted. In being chosen, Veon joins the ranks of such past honorees as Ask Jeeves, Bloomberg, Buy.com, Anderson Consulting and Drugstore.com, many of which have become standard bearers of the e-business economy.

"The mission of the Red Herring is to explore the most pressing trends, issues and innovations affecting business leaders and entrepreneurs," said John Mecklenburg, Editor, Red Herring Events.

"For the `Top 50 Private Companies in the Digital Universe' list, we've chosen companies that may not be the largest or have the most impressive financial metrics, but whose work promises to effect the most dramatic change on commerce -- pioneers who transform e-business management or firms whose strategies are redefining their respective markets," Mecklenburg continued.

"It is a great honor for Veon to be included in the prestigious roster of pioneers and innovators that the Red Herring's `Top 50 Private Companies in the Digital Universe' represents," said Joanna Shields, CEO, Veon. "We've worked hard to do our part for the broadband revolution by helping to define the nature of and push the limits of interactive broadband programming. This recognition by the Red Herring is a great validation of Veon's broadband programming and video e-commerce platform and of our vision to enable entirely new and compelling types of programs."

The Herring 100 is an annual report on the e-business industry that features the Top 50 Private Companies and the Top 50 Public Companies, as well as breaking down its selections by industry, including Communications Equipment, Communication Services, Wireless Equipment and Services, Software, Semiconductors, Systems Manufacturing, Consumer Computing, Media, Electronic Commerce, and Biotechnology. More information on the Herring 100 or the Top 50 list is available online at www.redherring.com.

About Veon

Veon is the premier video broadband programming and interactive services platform. Veon invented HyperVideo(R), navigable, clickable video programming, and provides the industry's only end-to-end enabling solution for creating, deploying, managing and measuring the effectiveness of interactive broadband programming. Veon has completed distribution agreements with the leading broadband service providers, development and marketing partnerships with top-tier technology companies, and creative partnerships with leading interactive agencies and I-Builders. These agreements have strategically positioned Veon as the de facto standard for interactive broadband programming. Veon's corporate offices are located in San Francisco, CA and its research and development operations are located in Herzliya, Israel. For more information, please visit the Veon Web site at www.veon.com.

About Red Herring Communications, Inc.

Red Herring Communications is an integrated network of media properties connecting the people, companies and industries whose ideas and technological innovations are inspiring and reshaping the world of business. Insightful, irreverent and influential, Red Herring Magazine, Red Herring.com, Red Herring TV and Red Herring Events are essential sources of information and analysis linking the technology industry and the global economy. A privately held company, Red Herring Communications is headquartered in San Francisco. www.redherring.com.