US Network of Virtual Enterprises and Merrill Lynch Announce the First Annual National Business Plan Competition & Winners

Business Wire, April 6, 2005

NEW YORK -- Awarding $25,000 in Cash Prizes With Special Guests New York City Schools Chancellor Joel I. Klein BET Co-host "Free"

Teams of aspiring young business managers from public high schools across the country are competing to win $25,000 in prizes and business development funds provided by Merrill Lynch, through the first US Network of Virtual Enterprises & Merrill Lynch National Business Plan Competition. The competition kicked off today in New York City at Baruch College with two days of business plan presentations from 14 teams, and culminates with an announcement of the winners on Friday, April 8, at the Virtual Enterprises International Trade Fair.

Virtual Enterprises is a simulated business environment where students "trade" with their peers via e-commerce strategies through a worldwide network of over 3,000 virtual businesses in more than 30 countries. An initiative of the New York City Department of Education in 1996, Virtual Enterprises has grown to 375 virtual firms nationwide representing 8,000 public school students. The US Network of Virtual Enterprises and Merrill Lynch National Business Plan Competition is the first-ever national initiative for the U.S. Network of Virtual Enterprises represented by W!SE (Working In Support of Education).

Winning teams of the National Competition will be announced at the Ribbon Cutting Ceremony of the Virtual Enterprises International Trade Fair at the 69th Regiment Armory on April 8th, featuring New York City Schools Chancellor Joel I. Klein, BET Co-host and Founder of the Free4Life Foundation, "Free," Merrill Lynch Senior Vice President Jason Wright and First Vice President Eddy Bayardelle, and Virtual Enterprises, International Director Iris Blanc. This annual virtual trade fair, an event of the New York Department of Education, will be attended by 2,500 people, including student teams from the US, Romania, Bulgaria, and Austria.

"Creating innovative new learning opportunities for our students is essential to cultivating a new generation of leaders," said Chancellor Joel I. Klein. "I want to thank Virtual Enterprises and Merrill Lynch for their vision and commitment to our city's children. I wish all of our students participating in this competition the very best of luck and continued success in developing their business skills."

The Virtual Enterprises and Merrill Lynch National Business Plan Competition offers students the opportunity to participate in an exciting learning experience that inspires innovative thinking and paves the way for the creation of new business ideas and solutions. It also connects them to Merrill Lynch volunteers, who are committed to helping young people of all backgrounds become financially literate, business savvy and economically competitive.

Jason Wright of Merrill Lynch, said, "We think this is a wonderful way to expose young people to some of the career opportunities and rewards that can be available to them when they develop financial skills. Many youngsters, particularly in the inner cities, miss out on opportunities when they are adults to be successful entrepreneurs because no one opened their eyes to the possibilities. We chose to launch this program with Virtual Enterprises because of its very important mission, teaching students hands-on the excitement and skills of running a business and preparing them for a very successful business career."

"Virtual Enterprises is proud to partner with Merrill Lynch on this important initiative. As VEs nationwide continue to increase in number, so must their opportunities to demonstrate excellence, differentiation and achievement. Merrill Lynch's support in launching a national competition ensures that our students will have the opportunity to compete and succeed in a highly motivating and rewarding environment," said Virtual Enterprises, International Director Iris Blanc.

The Virtual Enterprises, International Trade Fair is an opportunity for students to exhibit and sell virtual (and, in some cases, actual) products and services through their virtual businesses in a competitive marketplace with their local and global colleagues and peers. The more than 100 VE Trade Fair exhibitors are student-run businesses from the U.S., Canada, Bulgaria, Austria and Romania. New York City, including A.C.T. Professional Services (audit and tax consultants) from Norman Thomas High School, O.V.E.A. Advertising Agency from Tottenville High School, and Cruisin' With Class (auto parts and accessories) from Automotive High School.

The National Business Plan Competition grand finals at Baruch College in NYC on April 6 and 7 culminate with the announcement of winners on April 8, 9:40am-10:15am, at the 69th Regiment Armory, (68 Lexington Ave. at East 26th Street, NY, NY 10010)

About Merrill Lynch's Philanthropy: Merrill Lynch was founded on the idea that the world is full of opportunity. Opening the door to that opportunity for underserved children and youth is the focus of the firm's global philanthropy. In 2003, Merrill Lynch giving totaled more than $30 million, with education receiving nearly half of that support. Merrill Lynch's flagship program Investing Pays Off(R)--or IPO(R)--helps create a level playing field for youngsters of all backgrounds through financial literacy and business savvy. The program strength lies in a free curriculum, the involvement of Merrill Lynch volunteers and online educational resources at http://volunteer.ml.com.