North American Funds Invests in wwwrrr

MINNEAPOLIS, MN (January 6, 2000). wwwrrr, Inc. (pronounced ‘whir’) announced today that Chicago-based North American Funds has made the first major institutional investment in the company. Terms of the transaction were not disclosed.

wwwrrr is an online training, communication and education company formed in March 1999 in response to national concerns over the Internet’s place in education. wwwrrr offers a line of products that enable teachers, students and parents to use the Internet more effectively with online technology that transforms the World Wide Web into a friendly, useful environment for learning and is the critical link between school and home.

The successful three-pronged approach strategy designed by wwwrrr is delivered, first, by creating online training for educators to assist in their understanding of the Internet and its successful integration into the classroom; secondly, by offering a communication product to facilitate online dialog and communication between teachers and parents; finally, by providing core curriculum products for student use at school and home.

wwwrrr is currently conducting a pilot program with 25 schools in the Minneapolis Public School System. In the second quarter of 2000, the company anticipates launching a rollout to school districts nationwide. Co-founders Dale LaFrenz and Paul Gullickson are former senior executives from the Minnesota Educational Computing Corporation (MECC), the leading developer, publisher, and distributor of interactive, learning software for use by children in schools and homes. MECC is credited with developing a number of nationally acclaimed software programs including Oregon Trail. In March 1994, MECC completed its initial public offering and a second $100 million offering in August 1995. In May 1996 MECC was merged into The Learning Company, which was subsequently merged into Mattel.

North American Funds President Charles Palmer commented, "We are pleased to announce that North American Funds has become the primary investor in wwwrrr. We have worked closely with this management team in the past, as North American Funds was the major investor in MECC from 1991 until the company was merged into The Learning Company. We are confident that wwwrrr will be highly successful, based on the focus of the company and the fact that the senior management team has established an impressive record in both the K-12 market and the consumer marketplace." wwwrrr President and CEO Paul K. Gullickson commented, "Completing this phase in our financing is an important milestone, putting wwwrrr ahead of investment expectations. Our senior management team has partnered with North American Funds for a number of years in the past and we are pleased to continue this alliance. We strongly believe our concept will be a leader in the industry because it addresses the national education training need, as well as the need for improved communication between parents and schools."

North American Funds specializes in acquiring or making substantial equity investments in businesses with annual revenues of $5 million to $35 million and significant growth potential. Investors in the Funds are a select group of prestigious investors that includes American Family Mutual Insurance Company, Ameritech’s pension trust, the John D. and Catherine T. MacArthur Foundation, North American Company Ltd., and the University of Texas System’s endowment funds. North American Funds has invested in 25 companies in a wide variety of industries since its formation in 1989.