• August 2, 2001

CoolSavings.com inc. has announced that in addition to the capital infusion of up to $15 million announced yesterday, it has implemented additional cost reducing actions. These measures follow the previously announced program to reduce operating expenses and will allow the company to utilize the new financing to leverage and capitalize on its industry leadership by investing further in developing and delivering e-marketing products and services. The company stated that in addition to the receipt of the first $5 million of secured debt from Landmark Communications, Inc., it has implemented a staff reduction of approximately 26% or 47 people. These changes, coupled with the infusion of the new capital (when fully funded) to critical business components, are expected to allow CoolSavings to reach break-even by the end of 2001, as previously stated.