iXL's Consumer Financial Network to Expand with $50

Million Investment from GE Capital / iXL Awarded Internet Services Contract for GE and GE Capital Stamford, Conn. (PROTEXT) - GE Capital announced today that its GE Equity unit has agreed to invest $50 million in Consumer Financial Network (CFN), a subsidiary of iXL Enterprises. CFN plans to expand its technology infrastructure, target new distribution points, enhance its customer service capabilities and add new products and services to the platform. The agreement is subject to customary conditions and regulatory approval. CFN, headquartered in Duluth, Georgia, currently offers an array of on-line financial service products from multiple providers to employees of large and mid-size companies, including home and auto insurance, mortgages and other financial services. "We started doing business with iXL about 18 months ago and were quickly impressed with their capability in helping us develop e-commerce strategies," said Denis J. Nayden, president and CEO, GE Capital. "CFN offers customers a combination of choice, control and convenience. This agreement also gives GE Capital a great opportunity to leverage the CFN platform to distribute our broad array of commercial and consumer financial products." GE Capital previously invested $22 million in iXL and CFN to provide funds for growth. GE Capital currently sells a variety of its consumer insurance products via CFN and makes CFN platform products and services available to its approximately 40,000 employees across the United States. GE Capital also announced it has awarded iXL a contract to help GE and GE Capital businesses make greater inroads in e- commerce. The 5-year agreement, which guarantees $20 million to iXL in the first 15 months, marks a significant investment by GE Capital in iXL. "GE is accelerating its electronic commerce with customers around the world," said Gary Reiner, chief information officer, General Electric Company. "This deal with iXL will help us do just that." GE Equity, the private equity arm of General Electric Company (NYSE: GE), has over 20 diversified investments in internet and e-commerce companies. Based in Stamford, Connecticut, GE Capital, with assets of more than US$300 billion, is a global, diversified financial services company with 28 specialized businesses. General Electric Company is a diversified manufacturing, technology and services company with operations worldwide. About iXL, Inc. iXL, Inc. is a strategic Internet services company offering comprehensive Internet-driven business solutions for Fortune 1000 companies and other corporate users of information technology. iXL's core competencies include Internet strategy consulting, e- commerce systems and services, business information management systems, interactive learning environments and digital media services. The Consumer Financial Network(TM) Inc., (CFN) a subsidiary of iXL Enterprises, is a sophisticated e-commerce platform for marketing financial and life services over corporate intranets and the Internet. CFN contracts with competing providers of financial services and employee benefits to create an unbiased environment for the comparison shopping and purchase of these services. About CFN(TM) The Consumer Financial Network(TM) Inc., (CFN) is a sophisticated e-commerce platform for marketing financial services and employee benefits over corporate intranets and the Internet. CFN contracts with competing providers of financial services and employee benefits to create an unbiased platform for the comparison shopping and purchase of these services. CFN is provided at no cost to large companies and associations (typically with 5,000 or more employees) for distribution as a human resources benefit to their employees or members. Founded in 1993, CFN(TM) is headquartered in Duluth, Georgia. ots Original Text Service: GE Capital Internet: http://www.newsaktuell.de Contact: Marcy Brucellaria of GE Capital, (USA) 203-961-2281, office, or (USA) 914-737-2652, home Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT