EXHIBIT 10.40
                                                                   -------------

                        WPP DOTCOM HOLDINGS (TWELVE) LLC
                             c/o WPP Group USA, Inc.
                              309 West 49th Street
                            New York, New York 10019



June 29, 2000


ValueFlash.com, Inc.
250 West 57th Street, Suite 1101
New York, NY  10019
Attention:  Mr. Shai Bar-Lavi, CEO

Dear Mr. Bar-Lavi:

         This letter agreement (this "Agreement") sets forth the understanding
between us with respect to certain warrants to be granted to WPP Dotcom Holdings
(Twelve) LLC ("Holder") by ValueFlash.com, Inc. (the "Company"). As an
additional inducement for J. Walter Thompson U.S.A., Inc. ("JWT") to enter into
the Strategic Alliance Agreement dated June 29, 2000 (the "Strategic Alliance
Agreement") between JWT and the Company, the Company agrees to grant Warrants to
Holder, an affiliate of JWT, to purchase shares of common stock of the Company
("Shares") pursuant to the form of Warrant to Purchase Stock (the "Warrant
Agreement") attached hereto as Exhibit A. The parties hereto agree as follows:

         For every thirty thousand Users (as defined below) registered (30,000)
by JWT pursuant to the Strategic Alliance Agreement, up to a maximum of
3,000,000 Users, from and after June 29, 2000 through and including December 31,
2002, the Company shall grant to Holder, Warrants to purchase such number of
Shares such that upon exercise, Holder shall own one-tenth of one percent
(.10%), up to a maximum of 10%, of the total capital stock of the Company ("User
Warrants"), on a fully-diluted basis at the time of exercise. The exercise price
for the User Warrants shall be based on a per share value based on a total
capitalization value for the Company at the time of exercise of $37,500,000,
subject to the terms of the Warrant Agreement. The User Warrants shall expire on
the date 60 months from the date hereof. The User Warrants will be issued on a
quarterly basis at the request of Holder as the above User thresholds are met.

         The parties further agree that Holder shall have the right, through its
officers and designated representatives (including, without limitation, its
counsel and its certified public accountants) to make such examination of the
books and records of the Company as shall be reasonably necessary to verify the
numbers of Users. Any such examination shall be made during normal business
hours upon reasonable prior notice with the full cooperation of the Company and
its employees and representatives.

         For purposes of this Agreement, "Users" shall mean any individual who,
as a result of a promotion, campaign or other endeavor by or on behalf of a JWT
Contact (as defined in the

<PAGE>

Strategic Alliance Agreement), installs the Company software (the "Software") on
such individual's computer and registers with the Company, either via CD-ROM,
direct download from the web site of the Company or such JWT Contact or through
another source. A "User" shall be deemed a User upon installation of the
software, regardless of subsequent de-installation, deactivation or inactivity.

         This Agreement may not be amended or modified in any respect unless
pursuant to a writing signed by both parties. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York, without
giving effect to the choice of law provisions thereof. This Agreement may be
executed in two or more counterparts, all of which taken together shall
constitute one instrument.

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.


                                      WPP DOTCOM HOLDINGS (TWELVE) LLC


                                      By: /s/  Kevin Farewell
                                          -------------------------------
                                          Name:  Kevin Farewell
                                          Title:  President




                                      VALUEFLASH.COM, INC.


                                      By: /s/ Shai Bar-Lavi
                                          -------------------------------
                                          Name: Shai Bar-Lavi
                                          Title: CEO




<PAGE>
                                                                       EXHIBIT A


THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF
UNDER SUCH ACT OR PURSUANT TO RULE 144 OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.


                            WARRANT TO PURCHASE STOCK

Issuer:              ValueFlash.com, Inc., a Delaware corporation
Number of Shares:    As set forth below
Class of Stock:      Common Stock, $.01 par value per share
Exercise Price:      As set forth below
Issue Date:          ________________, 20__
Expiration Date:     As set forth below


         THIS WARRANT CERTIFIES THAT, for the agreed upon value of $1.00 and for
other good and valuable consideration, this Warrant is issued to WPP Dotcom
Holdings (Twelve) LLC ("Holder") by ValueFlash.com, Inc., a Delaware corporation
(the "Company").

         This Warrant is being issued to Holder, an affiliate of J. Walter
Thompson U.S.A., Inc. ("JWT"), as an additional inducement for JWT to enter into
the Strategic Alliance Agreement dated June 29, 2000 (the "Strategic Alliance
Agreement") between JWT and the Company.

         Subject to the terms and conditions hereinafter set forth, the Holder
is entitled upon surrender of this Warrant and the duly executed subscription
form annexed hereto as Appendix 1, at the office of the Company, 250 West 57th
Street, Suite 1101, New York, New York 10019, or such other office as the
Company shall notify the Holder of in writing, to purchase from the Company such
number of fully paid and non-assessable shares of the Company's common stock,
$.01 par value per share ("Common Stock") such that upon exercise, Holder shall
own [____] percent ([____]%) of the total capital stock of the Company on a
fully diluted basis at the time of exercise (the "Shares"). The purchase price
per Share shall be the Exercise Price. The number of Shares subject to this
Warrant shall be locked in on the earlier of the date immediately prior to (i)
the exercise of this Warrant, (ii) an Acquisition (as defined below) or (iii)
the consummation of the Company's initial, registered, firm-commitment
underwritten public offering of its Common Stock and in which the shares of
Common Stock sold by the Company in such offering are approved for trading or
quotation on a national securities exchange or the NASDAQ National Market. This
Warrant may be exercised in whole
<PAGE>

but not in part any time and from time to time until 5:00 PM, Eastern time on
the date 60 months from June 29, 2000 and shall be void thereafter (the
"Expiration Date").

A.       EXERCISE PRICE.

         The Exercise Price shall be based on a per Share value based on a total
capitalization value for the Company at the time of exercise of $37,500,000.


                                    ARTICLE 1

                                    EXERCISE
                                    --------

         1.1  Method of Exercise. Holder may exercise this Warrant by delivering
a duly executed Notice of Exercise (a "Notice") in substantially the form
attached as Appendix 1 to the principal office of the Company. Unless Holder is
exercising the conversion right set forth in Section 1.2, Holder shall also
deliver to the Company a certified check for, or delivery by wire transfer to an
account specified by the Company, the aggregate Exercise Price of the Shares
being purchased.

         1.2  Delivery of Certificate and New Warrant. The Company shall, as
promptly as practicable and in any event within five Business Days after receipt
of such Notice and payment, execute and deliver or cause to be executed and
delivered, in accordance with such Notice, a certificate or certificates
representing the aggregate number of shares of Common Stock specified in said
Notice. The share certificate or certificates so delivered shall be in such
denominations as may be specified in such Notice and shall be issued in the name
of the Holder or such other name or names as shall be designated in such Notice;
provided, that any such transfer to a person other than the Holder complies with
the registration requirements of the Securities Act or an exemption therefrom.
This Warrant shall be deemed to have been exercised and such certificate or
certificates shall be deemed to have been issued, and such Holder or any other
Person so designated to be named therein shall be deemed for all purposes to
have become a holder of record of shares, as of the date the aforementioned
Notice and payment is received by the Company. The Company shall pay all
expenses, taxes and other charges payable by the Holder in connection with the
preparation, issuance and delivery of share certificates, except taxes, if any,
as a result of the share certificates not being issued in the name of the
Holder.

         1.3  Repurchase on Sale, Merger, or Consolidation of the Company.

              1.3.1  "Acquisition". For the purpose of this Warrant,
"Acquisition" means any sale, transfer, exclusive license, or other disposition
of all or substantially all of the assets of the Company, or any securities
transaction, reorganization, consolidation or merger of the Company where the
holders of the Company's outstanding voting equity securities immediately prior
to the transaction beneficially own less than 50.1% of the outstanding voting
equity securities of the surviving or successor entity immediately after the
transaction.
<PAGE>

              1.3.2 Assumption of Warrant. Upon the closing of any Acquisition
(other than an Acquisition in which the consideration received by the Company or
its stockholders, as the case may be, consists solely of cash), the successor or
surviving entity shall assume the obligations of this Warrant, and this Warrant
shall be exercisable for the same securities and property as would be payable
for the Shares issuable upon exercise of the unexercised portion of this Warrant
as if such Shares were outstanding on the record date for the Acquisition and
subsequent closing. The Exercise Price shall be adjusted accordingly.

                                    ARTICLE 2

                                   ADJUSTMENTS
                                   -----------

         2.1  Reclassification, Exchange or Substitution. Upon any
reclassification, exchange, substitution, reorganization or other event that
results in a change of the number and/or class of the Common Stock, Holder shall
be entitled to receive, upon exercise or conversion of this Warrant, the number
and kind of securities and property that Holder would have received for the
Shares if this Warrant had been exercised immediately before such
reclassification, exchange, substitution, reorganization or other event. The
Company or its successor shall promptly issue to Holder a new Warrant for such
new securities or other property. The provisions of this Section 2.1 shall
similarly apply to successive reclassifications, exchanges, substitutions,
reorganizations or other events.

         2.2  No Impairment. The Company shall not, by amendment of its
Certificate of Incorporation, as amended, or through a reorganization, transfer
of assets, consolidation, merger, dissolution, issue, or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed under this Warrant by the
Company, but shall at all times in good faith assist in carrying out of all the
provisions of this Article 2 and in taking all such action as may be necessary
or appropriate to protect Holder's rights under this Article against impairment.

         2.3  Fractional Shares. No fractional Shares shall be issuable upon
exercise or conversion of the Warrant and the number of Shares to be issued
shall be rounded up to the nearest whole Share.


                                    ARTICLE 3

                  REPRESENTATIONS AND COVENANTS OF THE COMPANY
                  --------------------------------------------

         3.1  Representations and Warranties. The Company hereby represents and
warrants to the Holder as follows:

              (a) All Shares and other securities which may be issued upon the
due exercise of this Warrant shall, upon issuance, be duly authorized, validly
issued, fully paid and non-
<PAGE>

assessable, and free to any liens and encumbrances except for restrictions on
transfer provided for herein or under applicable federal and state securities
laws.

              (b) The authorized capital stock of the Company consists of
25,000,000 shares of common stock, $.01 par value per share. Schedule 3.1(b)
sets forth all of the outstanding shares of common stock and preferred stock and
outstanding options, warrants, convertible securities, convertible debentures,
and rights to acquire, subscribe for, and/or purchase any Common Stock,
preferred stock and/or other capital stock of the Company or any securities or
debentures convertible into or exchangeable for Common Stock, preferred stock
and/or other capital stock of the Company.

              (c) The Company covenants that it shall at all times cause to be
reserved and kept available out of its authorized and unissued shares such
number of shares of its Common Stock and other securities as will be sufficient
to permit the exercise in full of this Warrant.

         3.2  Notice of Certain Events. If the Company proposes at any time (a)
to declare any dividend or distribution upon its Common Stock, whether in cash,
property, stock, or other securities and whether or not a regular cash dividend;
(b) to offer for subscription pro rata to the holders of its Common Stock any
additional shares of stock of any class or series or other rights; (c) to amend
the Certificate of Incorporation of the Company in any way which would alter or
change the powers, preferences, or special rights of any of its securities,
including, without limitation, any reclassification or recapitalization, to
effect any amendment; (d) to merge or consolidate with or into any other
corporation, or sell, lease, license, or convey all or substantially all of its
assets, or to liquidate, dissolve or wind up; or (e) offer holders of
registration rights the opportunity to participate in an underwritten public
offering of the Company's securities for cash, then, in connection with each
such event, the Company shall give Holder (1) at least 20 days prior written
notice of the date on which a record will be taken for such dividend,
distribution, or subscription rights (and specifying the date on which the
holders of securities of the Company will be entitled to receive such dividend,
distribution or subscription rights) or for determining rights to vote, if any,
in respect of the matters referred to in (c) and (d) above; (2) in the case of
the matters referred to in (c) and (d) above at least 20 days prior written
notice of the date when the same will take place (and specifying the date on
which the holders of securities of the Company will be entitled to exchange
their securities of the Company for securities or other property deliverable
upon the occurrence of such event); and (3) in the case of the matter referred
to in (e) above, the same notice as is given to the holders of such registration
rights.

         3.3 Information Rights. So long as the Holder holds this Warrant and/or
any of the Shares, the Company shall deliver to the Holder (a) promptly after
mailing, copies of all notices or other written communications to the
shareholders of the Company, (b) within one-hundred and twenty (120) days after
the end of each fiscal years of the Company, the annual unaudited financial
statements of the Company prepared in accordance with generally accepted
accounting principles consistently applied ("GAAP") and (c) within sixty (60)
days after the end of each of the first three quarters of each fiscal year, the
Company's quarterly, unaudited financial statements which beginning in calendar
year 2001, shall be prepared in accordance with GAAP.
<PAGE>

         3.4 Board Representation. The Board of Directors of the Company (the
"Board") shall be comprised of eleven (11) directors. The Company agrees that
the number of directors constituting the Board shall not be changed without the
written consent of the Holder Directors (as defined herein). For as long as
Holder or any of its affiliates holds Common Stock or Warrants of the Company,
Holder shall have the right to appoint to the Board two directors, who shall
initially be Jonathan Schechter and Thomas Cotton (the "Holder Directors"), and
the Company hereby covenants and agrees to take any and all action necessary for
the election of each of the Holder Directors. In the event Holder elects to
remove an initial Holder Director and subsequently designates a substitute
director, the Company hereby covenants and agrees to take any and all action
necessary for the election of such substitute director.

                                    ARTICLE 4

                     WARRANT AGENCY; TRANSFER, EXCHANGE AND
                             REPLACEMENT OF WARRANT
                             ----------------------

         4.1  Warrant Agency. As long as the Warrant remains outstanding, the
Company shall perform the obligations of and be the warrant agency with respect
to the Warrant (the "Warrant Agency") at its address set forth in the Agreement
or at such other address as the Company shall specify by notice to the Holder.

         4.2  Ownership of Warrant. The Company may deem and treat the person in
whose name this Warrant is registered as the holder and beneficial owner hereof
(notwithstanding any notations of ownership or writing hereon made by any Person
other than the Company) for all purposes and shall not be affected by any notice
to the contrary, until due presentment of this Warrant for registration of
transfer or exercise as provided herein.

         4.3  Transfer of Warrant. The Company agrees to maintain at the Warrant
Agency books for the registration of transfers of the Warrants, and transfers of
this Warrant and all rights hereunder shall be registered, in whole but not in
part, on such books, upon surrender of this Warrant at the Warrant Agency,
together with a written assignment of this Warrant duly executed by the Holder
or its duly authorized agent or attorney. Upon surrender, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees and in the denominations specified in the instrument of assignment
(which shall be whole numbers of shares only) and this Warrant shall promptly be
canceled.

         4.4  Loss, Theft, Destruction of Warrant Certificates. Upon receipt of
evidence reasonably satisfactory to the Company of the ownership of and the
loss, theft, destruction or mutilation of any Warrant and, and in the case of
any such loss, theft or destruction, upon receipt of indemnity or security
satisfactory to the Company (it being understood and agreed that if the holder
of such Warrant is Holder, then a written agreement of indemnity given by Holder
alone shall be satisfactory to the Company and no further security shall be
required) or, in the case of any such mutilation, upon surrender and
cancellation of such Warrant, the Company
<PAGE>

will make and deliver, in lieu of such lost, stolen, destroyed or mutilated
Warrant, a new Warrant of like tenor and representing the right to purchase the
same aggregate number of Shares.

         4.5  Expenses of Delivery of Warrants. The Company shall pay all
expenses, taxes and other charges payable in connection with the preparation,
issuance and delivery of Warrants hereunder.

                                    ARTICLE 5

                                  MISCELLANEOUS
                                  -------------

         5.1  Term; Notice of Expiration. This Warrant is exercisable, in whole
but not in part, at any time and from time to time on or before the Expiration
Date set forth above.

         5.2  Legends. This Warrant and the Shares shall be imprinted with a
legend in substantially the following form:

              THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
              SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD,
              PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
              REGISTRATION THEREOF UNDER SUCH ACT OR PURSUANT TO RULE
              144 OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
              THE CORPORATION AND ITS COUNSEL THAT SUCH REGISTRATION
              IS NOT REQUIRED.

         5.3  Compliance with Securities Laws on Transfer. This Warrant and the
Shares may not be transferred or assigned without compliance with applicable
federal and state securities laws by the transferor and the transferee
(including, without limitation, the delivery of investment representation
letters and legal opinions reasonably satisfactory to the Company, as reasonably
requested by the Company). The Company shall not require Holder to provide an
opinion of counsel if the transfer is to an affiliate of Holder or if (a) there
is no material question as to the availability of current information as
referenced in Rule 144(c), (b) Holder represents that it has complied with Rule
144(d) and (e) in reasonable detail, (c) the selling broker represents that it
has complied with Rule 144(f), and (d) the Company is provided with a copy of
Holder's notice of proposed sale; provided, however with respect to clauses (a),
(b), (c) and (d) above, the Holder shall obtain an opinion of counsel if
requested by the Company and the expenses of such counsel shall be paid by the
Company.

         5.4  Transfer Procedure. Subject to the provisions of Section 5.3,
Holder may transfer all or part of this Warrant and/or the Shares issuable upon
exercise of this Warrant at any time by giving the Company notice of such
transfer setting forth the name, address and taxpayer identification number of
the transferee and surrendering this Warrant to the Company for reissuance to
the transferee(s) (and Holder if applicable).
<PAGE>

         5.5  Notices. All notices and other communications from the Company to
the Holder, or vice versa, shall be deemed delivered and effective when given
personally or sent by electronic facsimile transmission, express overnight
courier service, or mailed by first-class registered or certified mail, postage
prepaid, at such address as may have been furnished to the Company or the
Holder, as the case may be, in writing by the Company or such holder from time
to time, but in all cases, unless instructed in writing otherwise, the Company
shall deliver a copy of all notices to Holder to WPP Dotcom Holdings (Twelve)
LLC, c/o WPP Group USA, Inc., 309 West 49th Street, New York, New York 10019,
Attn: Thomas Neuman.

         5.6  Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party
against which enforcement of such change, waiver, discharge or termination is
sought.

         5.7  Attorneys Fees. In the event of any dispute between the parties
concerning the terms and provisions of this Warrant, the party prevailing in
such dispute shall be entitled to collect from the other party all costs
incurred in such dispute, including reasonable attorneys' fees.

         5.8  Governing Law. This Warrant shall be governed by and construed in
accordance with the laws of The State of New York, without giving effect to its
principles regarding conflicts of law.

         5.9  Transfer; Covenants to Bind Successor and Assigns. All covenants,
stipulations, promises and agreements in this Warrant contained by or on behalf
of the Company or the Holder shall bind its successors and assigns, whether so
expressed or not. This Warrant shall be transferable and assignable by the
Holder hereof in whole but not in part to any other Person and the provisions of
this Warrant shall be binding upon and inure to the benefit of the Holder hereof
and its successors and assigns.

         5.10 Severability. In case any one or more of the provisions contained
in this Warrant shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby. The parties shall
endeavor in good faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.
<PAGE>

         5.11   Section Headings. The section headings used herein are for
convenience of reference only, are not part of this Warrant and are not to
affect the construction of or be taken into consideration in interpreting this
Warrant.

                                          COMPANY
                                          -------

                                          VALUEFLASH.COM, INC.


                                          By: ________________________________
                                              Name:
                                              Title:


[CORPORATE SEAL]

Attest:

By: ___________________________
    Name:
    Title:



<PAGE>
                                   APPENDIX I
                                   ----------


                               NOTICE OF EXERCISE
                               ------------------


         1.  The undersigned hereby elects to purchase____shares of
the______________stock of ValueFlash.com, Inc. pursuant to Section 1.1 of the
attached Warrant, and tenders herewith payment of the Exercise Price of such
shares in full.

         2.  The undersigned hereby elects to convert the attached Warrant into
Shares in the manner specified in Section 1.2 of the attached Warrant. This
conversion is exercised with respect to____________of shares of
the__________________stock of ValueFlash.com, Inc.

         [Strike paragraph that does not apply.]

         3.  Please issue a certificate or certificates representing said shares
in the name of the undersigned or in such other name as is specified below:


                  ---------------------------------------------------
                           (Name)


                  ---------------------------------------------------

                  ---------------------------------------------------
                           (Address)

         4. The undersigned represents it is acquiring the shares solely for its
own account and not as a nominee for any other party and not with a view toward
the resale or distribution thereof except in compliance with applicable
securities laws.


                                       -----------------------------------------
                                                       (Signature)



-----------------------
       (Date)