BW2196    JUL 20,2001     8:11     PACIFIC     11:11    EASTERN

(BW)(NY-SILICON-ALLEY-ENTREPRENEURS) Lawrence E. Phillips, Managing Director of Primedia Ventures, Named to Silicon Alley Entrepreneurs Club Board of Advisors

Business Editors

NEW YORK--(BUSINESS WIRE)--July 20, 2001--Silicon Alley Entrepreneurs Club (SAEC) today announced that Lawrence (Larry) E. Phillips, managing director of Primedia Ventures, has been named to its Advisory Board. Primedia Ventures is a corporate venture capital fund backed by PRIMEDIA (NYSE:PRM), the New York media company (www.primediaventures.com). Phillips has led over 20 investments in his 5 years of venture capital experience, several of which are now public or have been sold to public companies. Prior to forming Primedia Ventures, he founded an Internet division for Primedia's Magazine Group where he launched and managed several online products. He holds an A.B. from Cornell University and an M.B.A. from Harvard Business School.

"Silicon Alley Entrepreneurs Club is a fledging organization that is rapidly on the rise," said Phillips. "Their aggressive approach to helping their members grow their businesses is helping a new breed of entrepreneurs. Although the bar has been raised, great ideas and strong management teams still get funded - SAEC is fostering the interaction between entrepreneurs and the venture capital community."

"One of the SAEC's goals is to bring the investment community closer to entrepreneurs to facilitate the success of their businesses," said Gyan Parida, the founder, and president of SAEC. "SAEC is doing this at no charge to its members, unlike many other networking opportunities."

About Silicon Alley Entrepreneurs Club

Silicon Alley Entrepreneurs Club (SAEC) started as an online discussion forum and networking group for entrepreneurs in 1999. With a new vision SAEC has grown from 200 in January 2001 to more than 3,200 members of philanthropic technology and media professionals, making it the fastest growing and largest of its kind group in the country. The unique approach of SAEC is to provide everything FREE to its members and help the entrepreneurs of New York-tri state area in a tangible (not just talk) way to succeed and build the next Yahoo! or eBay. For more information visit http://www.SAEClub.com. Subscribe to the SAEC event announcement list by sending a blank email to: SAEC-subscribe@topica.com

Note to editors: All trademarks and registered trademarks contained herein remain the property of their respective companies. For photos of Lawrence Phillips, please contact The Devon Group.

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CONTACT: The Devon Group
Agency of Record for SAEC
Jeanne Achille, 732/542-2000, ext. 11
jeanne@devonpr.com

KEYWORD: NEW YORK
INDUSTRY KEYWORD: E-COMMERCE NETWORKING TELECOMMUNICATIONS

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