HoustonStreet.com announces investment from kRoad Ventures and Vivendi

Deal to bring online energy commodity trading to Europe and beyond

NEW YORK, and PORTSMOUTH, NH, April 6, 2000 - kRoad Ventures LP (kRoad) and HoustonStreet Exchange Inc. (HoustonStreet) announced today a significant investment by kRoad and Vivendi S.A. in HoustonStreet Exchange, Inc. (HoustonStreet). The investment will help HoustonStreet to bring online energy commodity trading to Europe and continue to build momentum for its Internet-based energy commodity trading platform and information portal, HoustonStreet.com. kRoad is a global venture capital fund focused on the infrastructure sector (energy, utilities, water and waste management). In addition to the investment of capital, kRoad brings trading liquidity, sector experience and international business networks unique to its limited partners: Vivendi (Europe), Softbank (Asia) and Sithe (North America).

"The HoustonStreet transaction is in line with our goal to invest in companies where our capital contribution is strategically supported by our sector experience and access to global markets," said William Kriegel, general partner, kRoad Ventures. "We believe kRoad's contribution will give HoustonStreet the opportunity to become the global leader in online energy trading."

kRoad's comprehensive investment is intended to accelerate and serve as the cornerstone for HoustonStreet's international initiatives. As a first step, kRoad, Vivendi and HoustonStreet have agreed to structure a strategic partnership to establish HoustonStreet as the energy commodity trading system in Europe. In addition, William Kriegel will join HoustonStreet's board of directors.

"kRoad and Vivendi have the international clout and market relationships to jumpstart HoustonStreet's global plans," said Frank Getman, president and CEO of HoustonStreet Exchange. "Specifically, we have our sights set on Europe, and we expect kRoad and Vivendi to be significant partners as we look to expand our reach and scope of services."

As an additional impact of this investment, Sithe (North America) will add liquidity to HoustonStreet's wholesale domestic trading platform by posting megawatt hours of electricity from its U.S. assets.

HoustonStreet's online trading engine allows traders to buy and sell energy products faster, more efficiently and more cost effectively than in the past. Designed by traders for traders, HoustonStreet.com has been providing a vehicle for electronic trading since July 1999, when it launched its first electricity trading platform. The company will soon offer platforms for the trading of crude oil, refined products, natural gas and other energy commodities.

The Internet offers an opportunity to create more efficient markets in which to conduct business transactions. In a recent study, Forrester Research estimates that B2B commerce will grow from $109 billion in 1999 to $2.7 trillion in 2004. The online trading of natural gas and electricity is expected to increase from $11 billion in 1999 to over $266 billion in 2004.

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.

About kRoad Ventures
Based in New York City, kRoad Ventures L.P. (kRoad) invests in early stage Internet and technology-driven ventures in the infrastructure sector (energy, utilities, water, waste-management, and environmental services). kRoad combines the specific sector experience, market access, and entrepreneurial acumen unique to its founding limited partners. For more information visit kRoad Ventures at www.kroadventures.com.

kRoad's Founding Limited Partners:

  • Vivendi, based in France, is a world leader in environmental services (water, waste management, energy and transportation) and a major actor in communications (telecommunications, Internet, pay-TV, publishing and multimedia) with substantial investments in Internet and Internet-related ventures. Vivendi has presence in 100 countries with 275,000 employees worldwide. Vivendi is traded on the Paris stock exchange and had revenues of 41.6 billion Euros in 1999.
  • Sithe, based in America, is one of the world's leading independent power companies with offices in 10 countries.
  • Softbank, based in Japan, is one of the world's leading investors in Internet and Internet-related companies with ownership positions in more than 300 Internet companies.
  • William Kriegel, kRoad's general partner, is a recognized entrepreneur, innovator, and leader in the infrastructure sector. Mr. Kriegel is the founder and chairman of Sithe Inc.

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 and refined products site,(vi) market acceptance of HoustonStreet.com cannot be predicted and (vii) HoustonStreet.com may be unable to fully realize the strategic benefits afforded by the kRoad relationship. HoustonStreet.com is a registered service mark of HoustonStreet Exchange.