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Subject: HoustonStreet's New CFO
Contact: Deb Dargie Kim Salem Beaupre & Co. Public Relations Inc. HoustonStreet Exchange (603) 559-5826 (603) 766-8703 ddargie@beaupre.com ksalem@houstonstreet.com HoustonStreet Exchange hires 15-year financial industry veteran Howard Smith as CFO Smith to prepare Web-based energy exchange company for growth, secure private equity investments and manage financial operations for strategic alliances PORTSMOUTH, NH, July 28, 2000 - Investment banking veteran Howard Smith has joined HoustonStreet Exchange as its chief financial officer (CFO), the company announced today. Smith will direct HoustonStreet's financial operations, including securing and managing private equity investments. Smith brings more than 15 years of investment banking, corporate finance, public accounting and management experience to HoustonStreet. His experience closing complex business transactions and initial public offerings will help HoustonStreet executives plan for future growth. As CFO, Smith will also work closely on the financial details of future strategic alliances and joint ventures as the company extends its energy trading platform, HoustonStreet.com, into new foreign and domestic markets. Smith comes to HoustonStreet from Copyright Clearance Center, a Mass.-based clearinghouse for managing, licensing and distributing secondary-use copyrights for text and photographic media over the Web. He served as the company's vice president of finance, CFO and head of business development. In the latter role, he managed the company's capital raising efforts, directed all finance and accounting staff operations and secured business development and partnership opportunities. Prior to Copyright Clearance Center, Smith managed numerous merger and acquisition and private equity transactions across multiple industry sectors as director of mergers and acquisitions at Fleet Corporate Finance/Bank Boston- Robertson Stephens. Smith honed his investment banking and corporate finance advisory skills in a variety of management positions at Coopers & Lybrand L.L.P. Baldwin & Clarke Corporate Finance Inc., Dean Witter's Reynolds Capital Markets Inc., Touche Ross & Company and Booz, Allen & Hamilton Inc. "Howard's extensive Wall Street, investment banking and transaction-closing experience will help us grow the company," said Getman. "With the management team we now have in place, HoustonStreet will continue striving to become 'how energy companies do business.'" Smith earned a master's degree in public administration at George Washington University where he was a Scottish-Rite Foundation Scholar, and a bachelor's degree in economics and political science at the College of William and Mary. About HoustonStreet Exchange Designed by traders for traders, HoustonStreet Exchange represents the first Web portal for the trading of wholesale energy products. HoustonStreet.com provides an online trading engine that allows traders to buy and sell their energy products faster, more efficiently and more easily than in the past. HoustonStreet Exchange is headquartered in Portsmouth, New Hampshire with offices in Houston, Texas. HoustonStreet Exchange is a majority-owned subsidiary of BayCorp Holdings Ltd., (AMEX: MWH). For more information, visit HoustonStreet at www.houstonstreet.com. # # # This press release contains forward-looking statements. There are a number of important factors that could cause these forward-looking statements to be materially inaccurate. These factors include, without limitation, that (i) energy traders may be unwilling or unable to use Internet-based energy trading systems, including HoustonStreet.com, (ii) HoustonStreet.com may not be able to operate profitably, (iii) technological or systems outages could occur, (iv) competitors with greater financial, marketing or other resources could emerge, (v) performance is contingent upon successful completion of design and implementation of the crude, refined products and natural gas sites, and (vi) market acceptance of HoustonStreet.com cannot be predicted. HoustonStreet.com is a registered service mark of HoustonStreet Exchange.
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