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WideLines Receives $10 Million Capital Commitment

NEW YORK, NY, December 5, 2000-WideLines, LLC, the XML-based technology provider to the commercial insurance industry, today announced that it has received a commitment for an additional $10 million investment from M31 Venture Fund, LP.

WideLines operates an online commercial insurance marketplace that allows insurance producers and underwriters to conduct business in a secure, automated environment (www.widelines.com). In addition, WideLines licenses its proprietary XML technology to underwriters and producers on an application service provider (ASP) basis. WideLines’ technology supports a broad range of online transactional capabilities, including electronic submissions, real-time quotes, the negotiation of policy terms, comprehensive databases, and online policy binding and issuance.

"M31’s commitment provides us with the resources to achieve our goal of WideLines becoming the e-commerce standard for the commercial insurance industry", said Frank Panayotou, Executive Vice President of Business Development. "This latest financing is a further demonstration of M31’s long-term commitment to provide us with the necessary financial and strategic backing to ensure our success."

WideLines will use the funding for research and development and to augment its sales and customer support infrastructure.

About WideLines, LLC

WideLines, LLC (www.widelines.com) is an XML-based commercial insurance marketplace that connects agents and brokers with insurance underwriters and licenses its technology to underwriters on an ASP basis. Based in New York City, and with offices in Hartford and Philadelphia, WideLines provides technology solutions to the commercial insurance industry through a dedicated staff of insurance and information technology professionals. WideLines licenses its XML technology from XML Industries, LLC (www.xmlindustries.com), a technology development company that creates XML-based software for the financial services and other industries. Both WideLines, LLC and XML Industries, LLC are owned by M31 Venture Fund, LP, an investment fund capitalized by Leonard N. Stern, Chairman of The Hartz Group.