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Press Release | In The News

Electricité de France and Wellspring International Sign Technology Cooperation Agreement

World's Largest Electric Utility to Provide Manpower and Expertise To American Submetering Leader

SAN DIEGO, CA (May 19, 2003)—Wellspring International Inc., world class provider of wireless, point-of-use water submetering equipment, today unveiled a new technology cooperation agreement with Electricité de France (EDF), the world's largest government-owned electric utility.

With this Agreement, Wellspring will obtain the assistance of EDF in adapting its metering software platform for emerging opportunities in Europe. In exchange, EDF will get cash compensation and an equity stake in Wellspring International.

"EDF's exposure in the European utility market is unrivaled," said Brian Brittsan, Wellspring President. "Our expertise in the wireless submetering market and EDF's knowledge of European markets will result in a mutually beneficial relationship for both parties."

"Because of its integration of proprietary sensors, wireless and metering software technologies and its compelling business model, Wellspring is very attractive to various submetering applications in the field of multi-energy services," said Alain Sarrazin, Senior Vice President at EDF. "Its current market position carries with it enormous potential. We believe our own position in the European market can open more doors for Wellspring, and we look forward to participating in those opportunities."

Water submetering has a potential $17 billion worldwide market. Wellspring's patented solution exclusively addresses 60% of that market. In the United States alone, 14% of multi-family dwellings have adopted submetering, and pending legislation at both federal and state levels has this market poised to undergo dramatic growth in the next few years.

About Electricité de France
Since 1946, Electricité de France (EDF) has been the main player in the French electricity market. EDF's development for more than ten years as an investor and operator in Europe mostly, and also in the Americas, Asia and Africa has led to the gradual construction of the EDF Group. The Group has skills in every energy sector. The EDF Group is committed to a responsible performance strategy that combines economic performance, social equality and environmental responsibility. In 2002, the Group had a turnover of 48.4 billion Euros, of which 45% was outside the French electricity market (the objective is 50% by 2005). The EDF Group is proud to serve over 46.7 million customers worldwide as well as operating 121,000 MW of power capacity, of which 101,000 MW in France, 16,000 MW in other European markets, and 4,000 MW in other international markets.
Contacts c/o Easenergy Inc.: Francois-Xavier Rongere, CEO, Tel 1-408-879-7410 and Didier Gras, Vice President, Tel 1-408-879-7411.

About Wellspring
Wellspring is the world’s most complete water and energy sub-utility offering metering systems—as well as reading, billing and collecting services—for all building types. Wellspring is based in San Diego, California and Bristol, Pennsylvania. For more information, call 858-824-0900 or visit www.wellspringacquisition.com.

For more information, contact:
Wade Smith, CEO, (858) 824-0900
wsmith@wellspringwireless.com