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(April 25, 2001) -- Modem Media, Norwalk, Conn., announced today that its board has approved a voluntary stock option exchange for 495 eligible employees and directors. They will be able to cancel previously granted options with an exercise price greater than $6 per share in exchange for an equal number of new options, which are expected to be granted later this year for an undetermined price. The company expects to begin the exchange on April 30 and end it on May 25.

This offer is available only to current employees or directors who have not received any options within the last six months and one day, or on or after Nov. 28, 2000. -- Adrienne Mand

Copyright April 2001, Crain Communications Inc.

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