EEII AG

euro adhoc: A&A EIC Electricity Investment Company
Joint Ventures
EIC Electricity SA & US Energy Systems Form Joint Venture (E)

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EIC Electricity SA (SWX: EIC), a Swiss investment company, specializing in investments in the electricity sector and U.S. Energy Systems, Inc. (Nasdaq: USEY), a leading provider of customer-focused, clean and efficient energy solutions, today announced that subsidiaries of the two companies have formed a joint venture to invest in a newly formed Swedish district energy group that is a provider of "green" biomass-fuelled district energy.

EIC and USEY are investing $13 million in the 49% / 51% joint venture, which is financing the new Swedish group. A Swedish bank is providing $64 million of additional financing.

As part of the transaction, the newly formed Swedish group has acquired seven operating projects and several late stage development projects. The projects currently provide biomass-fuelled "green energy" to the equivalent of 30,000 households in ten communities outside of Stockholm, Sweden. The new energy group will be headed by Göran Ernstson, former chief operating officer of Birka Värme, one of the largest district energy providers in Europe.

EIC Electricity SA is a Swiss based investment company, which is listed on the Swiss Exchange (SWX:EIC) and on the Frankfurt Securities Exchange (Frankfurt:EIV). EIC invests in listed and private companies, which are active in power generation, district energy, transmission, trading and distribution. (www.eicpower.com)

U.S. Energy Systems, Inc. (Nasdaq: USEY), based in White Plains, NY, is a leading provider of energy services, specializing in outsourcing for large customers. It is a distributed generation company (producing energy near the customer) that owns and operates 28 energy projects in North America, using combined heat and power (CHP) and renewable fuel technologies. (www.usenergysystems.com).

end of announcement            euro adhoc 12.03.2002
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Further inquiry note: Dr. Dominique Candrian +41-43-844 10 00 info@eicpower.com

Branche:        Electricity Production & Distribution
ISIN:            CH0007162958
WKN:              940179
Börsen:         Frankfurter Wertpapierbörse, SWX Swiss Exchange



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