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

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
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

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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