Excelergy posts most profitable quarter ever

LEXINGTON, Mass., October 28, 2002 — Excelergy Corp., a provider of high performance software products for critical business processes in the energy/utility industry, reported its most profitable quarter in company history for the quarter ending September 30, 2002.

Excelergy delivered solid net income during the quarter, which was also the company’s best third quarter ever in terms of revenues, exceeding last year’s third quarter by nearly twenty percent.

“These results are a tribute to the commitment of all Excelergy colleagues to overcome challenging market conditions and deliver superior value and satisfaction to our clients, partners and stakeholders,” said Bill Mahoney, president and chief executive officer of Excelergy.

“This is Excelergy’s eighth straight quarter of delivering record-setting year-over-year financial results. We continue to stand out among software and technology providers because we continue to deliver rapid, measurable, and tangible ROIs with our products and technology to our clients all around the world.”

Excelergy’s new and add-on business agreements during the third quarter resulted in company records in overall revenues, license revenues, international sales, margins, operating cash flow, and profitability.

Earlier this month, Excelergy announced an agreement with Energiedirect, a subsidiary of Essent NV, the Netherlands’ largest electricity, gas, cable, and waste processing company. The rapid deployment of Excelergy Revenue Manager for billing, revenue management, customer care, collaborative communications and information exchange already has enabled Energiedirect to achieve one of fastest ever certifications to enter the competitive Dutch residential energy market.

In addition, an add-on agreement with American Electric Power significantly expanded AEP’s use of Excelergy systems. AEP will soon be using Excelergy’s software products to increase operational efficiencies in billing its large commercial and industrial customers, and in scheduling and settling power transactions for both its regulated and unregulated businesses.

Excelergy’s Client Services division also once again contributed significantly to Excelergy’s record Q3 results by delivering exceptional performance levels, a key indicator of client satisfaction.

Other third quarter Excelergy highlights include:

– Continued the most successful and widely-covered product launch in company history with Excelergy Trader BackOffice, helping increase the company’s wholesale market bookings by 74 percent.

– Nominated by Platts and BusinessWeek, two divisions of The McGraw-Hill Companies, as a finalist for one of the prestigious 2002 Global Energy Awards. Excelergy was nominated for the “Most Innovative Commercial Technology of the Year” for its groundbreaking Excelergy MarketRunner platform, which has been deployed to run the new Italian national power exchange.

– Successful, on-time implementation of the Italian wholesale power exchange, awarded to Excelergy in the final days of 2001. Excelergy MarketRunner was successfully deployed at Gestore Mercato Elettrico in June 2002, a span of less than six months. The exchange is now in the final stages of testing, ahead of schedule for the January market opening. Since other implementations of this size and scope historically have taken up to three times longer-and have cost three to ten times more-it is estimated that the on-time and on-budget deployment of MarketRunner will save Italian power consumers more than 1 billion euros.

– Continued its aggressive response to growing market demand for Excelergy’s software platforms in Europe and Asia by increasing its sales, marketing, and client services staff dedicated to those regions.

In addition, the company completed a comprehensive re-branding program aimed at more closely matching Excelergy product brands with the innovative solutions and functionality they provide the company’s growing number of global clients.

The Excelergy Wholesale Series-which include Excelergy Trader BackOffice, Excelergy MarketRunner, Excelergy Trading and Excelergy Transaction Auditor-enable companies to achieve straight-through processing of key wholesale business processes from generation and trade capture through scheduling and settlement.

The Excelergy Retail Series-which include Excelergy Revenue Manager, Excelergy BusinessRunner, Excelergy Customer Value Analyzer, and Excelergy Energy Supply Optimizer-manage the forecasting, billing, customer and revenue cycles for energy/utility companies operating in restructuring and competitive markets worldwide.

About Excelergy Corporation

Excelergy is a provider of high performance software platforms that automate six mission-critical business processes-forecasting, trading, scheduling, billing, settlement and customer/partner acquisition and care-in the energy/utility industry and other restructuring value chains.

Excelergy’s flexible, scalable software systems are based on an open, object-oriented, Web-based, native XML technology architecture. Excelergy has its North American headquarters in Lexington, Massachusetts, its European headquarters in London, England and its Asia-Pacific operations in Melbourne, Australia. More information is available at www.excelergy.com.

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