NewPower in merger discussions

PURCHASE, N.Y., Feb. 20, 2002 — NewPower Holdings, Inc. announced today that it is in merger discussions for the sale of the company to Centrica plc, a U.K. public company which is a provider of energy and other essential services.

Pending resolution of a number of issues, the parties are discussing a cash tender offer of $1.05 per share for all of the company’s outstanding stock and warrants, subject to price adjustments based on changes in commodity prices and further subject to a variety of conditions for closing the tender offer.

Holders of a majority of the outstanding shares and warrants of the company have indicated their intention to support the transaction currently being discussed.

There can be no assurance that the outstanding issues will be resolved and a transaction will be announced, the company said.


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