Learn2 Supports Industry Standard E-Learning Courseware And Tools, Will Streamline Operations

Learn2 Corporation (Nasdaq: LTWC), an interactive

multimedia e-learning provider, announced today that it is taking additional

steps intended to better support its existing customers, attract new customers,

and to consolidate and streamline its operations. Learn2 is converting its courseware

libraries and its authoring tool, StreamMaker, to be compatible with the evolving

e-learning standards. The Company will phase out its Pryor, Oklahoma operations

and consolidate its e-learning business at its Denver, Colorado location.

Learn2’s mission is to be business and government’s preferred partner providing

open, interactive, multimedia e-learning solutions for their employees and customers.

As the e-learning industry evolves, customers are selecting content and tools

from a variety of sources and additionally mixing instructor led training with

e-learning. In response to those customer requirements, Learn2 is enabling its

courseware to support industry standards (AICC and SCORM) so that its courses

can interoperate with learning management systems provided by other vendors.

Standards based interoperability is crucial for companies implementing e-learning

initiatives because the freedom to choose best of breed courseware is very important

in establishing training programs that meet business objectives. Learn2 has

organized its courseware into three libraries: end-user desktop applications,

professional Information Technology (IT) software and business skills courses.

The courseware within these libraries is AICC compatible and the Company is

working to make it SCORM compatible so that it will "plug and play"

with other vendors’ learning management systems.

Learn2 is also extending its authoring tools to support its standards compatible

courseware and has taken steps to enable subject matter experts to more easily

develop their own courseware. All courseware developed by Learn2 meets strict

instructional design standards such as stating the objectives of the course,

prescribed number and variety of interactions, pre-assessment and post-assessments,

appropriate graphics and animation that meet criteria for its methodology and

standardized terminology, writing style and active voice and vocabulary.

Learn2 will phase out its production and distribution operations in Pryor,

Oklahoma and consolidate its e-learning business in Denver, Colorado, which

is the current home of the Company’s courseware and authoring tool development

activities. The result of all of these actions is that about 60 positions will

be eliminated, primarily in the Oklahoma facility and certain field sales operations.

Severance and related expenses attributable to the elimination of these positions

will be approximately $300,000. When fully implemented these steps are estimated

to result in a reduction of operating expenses of approximately $5.5 million

on an annualized basis. The Company is currently re-examining the value of its

intangible assets as of December 31, 2001, as a result of these actions. The

Company anticipates that it will reduce the value of its intangible assets as

of December 31, 2001 by less than $500,000.

Robert "Bo" Ewald, Executive Chairman of the Board of Directors of

Learn2, said, "We continue the process of aligning our operations with

our strategy and streamlining our business to work towards profitability. These

decisions are based on the trends taking place within the e-learning industry

and will enable us to cost effectively manage and grow the business. The steps

we are taking will help strengthen the foundation of the Company in both its

product direction and financial base."

About Learn2

Learn2 Corporation is driven to be business and governments’ preferred partner

offering open interactive multimedia e-learning solutions for their employees

and customers. Learn2 provides effective online and CD-ROM training in: end-user

desktop applications, professional Information Technology (IT) software and

business skills. Learn2 also partners with clients to design customized proprietary

or industry specific content. Learn2’s engaging courseware features content

from leading subject matter experts, sound instructional design, low bandwidth

capability due to our patented delivery platform, StreamMakerâ, and support

of industry standards. Learn2 is a complete interactive learning solution provider

and our learning programs including tracking, administration and support services.

For more information please call 1-888-339-8898 or visit www.learn2.com.

Forward-Looking Statements

This news release contains forward-looking statements, which involve risks and

uncertainties. Accordingly, no assurance can be given that the actual events

and results will not be materially different than the anticipated results described

in the forward-looking statement. There are a number of important factors that

could cause actual results to differ materially from those expressed in any

forward-looking statements made by the Company. These factors include the Company’s

success in its business and operations; the activities of new or existing competitors,

the ability to attract and retain employees and strategic partners, the ability

to leverage intangible assets, the ability to complete new projects at planned

costs and on planned schedules and adoption of the Internet as a medium of commerce,

communications and learning. Investors are also directed to consider other risks

and uncertainties discussed in documents filed by the Company with the Securities

and Exchange Commission.

The Company undertakes no obligation to publicly release the

result of any revisions to these forward-looking statements, which may be made

to reflect events or circumstances after the date hereof or to reflect the occurrence

of unanticipated events.