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• The Wall Street Journal reports that “Coca-Cola Co. is creating a virtual teenager hangout like MySpace and Facebook -- but only on cellphones -- to lure more youngsters to its sodas and flavored drinks, starting in the U.S. and China.

“The beverage company said it is creating a mobile-phone network under its Sprite brand in which members can set up profiles, post pictures and meet friends.”

The site is set to launch in the US on June 22.
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