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<title>Utilis Energy is pleased to announce the publication of its latest study</title>
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        <p align="center"><span style="FONT-SIZE:
 10pt; COLOR: navy; FONT-FAMILY:
 
 Verdana; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA" 
     ><a href="http://www.utilisenergy.com"><img height="72" src="http://www.utilisenergy.com/images/logo.gif" width="179" border="0"></a></span></p>
        <p align="center"><a href="http://www.utilisenergy.com/casestudies.html"><img border="0" src="http://www.utilisenergy.com/images/ontario/ondereg.gif" width="584" height="94" 
      style="WIDTH: 568px; HEIGHT: 81px"></a></p>
      
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      <td colSpan="2"><b><i><font face="Arial" color="#ff0000" size="4">
      <P align=center><SPAN 
   
      style="FONT-SIZE: 12pt; COLOR: #003399; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"></SPAN></SPAN><STRONG><FONT 
      face="Arial TUR" color=#000080 size=4>Market operations &amp; 
      fundamentals</FONT></STRONG></SPAN></SPAN></P>
      <P style="MARGIN-LEFT: 10px" align=center>
               &nbsp; </font></i></b><font color="#4d4d4d" > <SPAN 
      style="FONT-SIZE: 10pt; COLOR: #000099; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><STRONG><FONT 
      face=Arial color=#444444>In May 2002, Ontario, Canada's&nbsp;most 
      industrialized province will deregulate its electricity market. Are you 
      fully informed about the new market structure and&nbsp;ready to take 
      advantage of the business opportunities it represents? 
      </FONT></STRONG></SPAN>
                    
                  
        </font></P>
      <P style="MARGIN-LEFT: 10px" align=center><font color="#4d4d4d" > <SPAN 
      style="FONT-SIZE: 10pt; COLOR: #000099; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT color=#444444><a href="http://www.utilisenergy.com/casestudies.html">Click here for <STRONG>free</STRONG> 
      <STRONG>summary</STRONG>    
      and table of contents</a></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></P></FONT></td>
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      <p align="center"><a href="http://www.utilisenergy.com/casestudies.html"><FONT face=Verdana size=2></FONT>
         </a>&nbsp;</p>
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      <P style="MARGIN-LEFT: 10px">
      Timely information and analysis...</font></i></b></P>
      <p style="MARGIN-LEFT: 10px"><font size="2" face="Arial" color="#4d4d4d">
           New York City based energy consulting firm,
      Utilis Energy, offers a thorough appraisal of deregulation in Ontario.</font></p>
      <P style="MARGIN-LEFT: 10px"><b><font size="3" face="Arial" color="#000080"><i>
               
       Our study:</i></font></b></P>
      <ul style="COLOR: #ff0000"><font face="Arial" size="2" color="#4d4d4d">
        <UL>
          <LI><FONT face="Arial TUR" color=#484848>Explores the role of the 
          Independent Market Operator</FONT> 
          <LI><FONT face="Arial TUR" color=#484848>Explains how spot market 
          power prices will be derermined</FONT> 
          <LI><FONT face="Arial TUR" color=#484848>Offers detailed&nbsp;10-year 
          electricity demand forecasts</FONT> 
          <LI><FONT face="Arial TUR" color=#484848>Provides in-depth commercial 
          &amp; industrial load profile data</FONT>
                   </font></LI>
      </ul></UL>
      <p align="center"><font color="#4d4d4d" face="Verdana" size="2"> <SPAN 
      style="FONT-SIZE: 10pt; COLOR: #000099; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT color=#444444><a href="http://www.utilisenergy.com/casestudies.html">Click here for <STRONG>free summary</STRONG>    
      and table of contents</a></FONT></SPAN></font></p>
      <P align=center><FONT face=Verdana color=#4d4d4d size=2><STRONG><EM>or 
      call Utilis Energy on 917 371 8161</EM></STRONG></FONT></P>
    </td>
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    <td width="200"><a href="http://www.utilisenergy.com/casestudies.html"><img border="0" src="http://www.utilisenergy.com/images/ontario/Gain.gif" width="200" height="50"></a></td>
    <td vAlign="center"><font size="2" color="#4d4d4d" face="Arial">
      <P><STRONG><FONT face="Arial TUR" 
      color=#484848>...</FONT></STRONG><STRONG><FONT face="Arial TUR" 
      color=#484848> &nbsp;a better understanding of Ontario's electricity 
      market, its operations, fundamentals and end user load 
      profiles</FONT></STRONG> </P> 
                
              
      </font></td>
  </tr>
  <tr>
    <td width="200"><a href="http://www.utilisenergy.com/casestudies.html"><img border="0" src="http://www.utilisenergy.com/images/ontario/Learn.gif" height="50" width=200 ?></a></td>
    <td vAlign="center"><font size="2" color="#4d4d4d" face="Arial"><FONT color=#484848><FONT 
      face="Arial TUR"><STRONG>...&nbsp;participation requirements necessary to 
      become an energy service provider</STRONG> </FONT></FONT></font></td>
  </tr>
  <tr>
    <td width="200"><a href="http://www.utilisenergy.com/casestudies.html"><img border="0" src="http://www.utilisenergy.com/images/ontario/Obtain.gif" width="200" height="50"></a></td>
    <td vAlign="center"><font size="2" color="#4d4d4d" face="Arial">
      <P><SPAN 
 style="FONT-SIZE: 10pt; COLOR: #000099; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><SPAN><SPAN><FONT 
      face="Arial TUR" color=#484848><STRONG>...&nbsp;knowledge&nbsp;needed to 
      develop a targeted marketing and customer&nbsp;acquisition 
      strategy&nbsp;</STRONG></FONT></SPAN></SPAN></SPAN></SPAN></SPAN></SPAN></P>
              
       </font></td>
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    <td colSpan="2">
      <P align=center><FONT face=Verdana color=#4d4d4d size=2> <SPAN 
      style="FONT-SIZE: 10pt; COLOR: #000099; FONT-FAMILY: Verdana; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA"><FONT color=#444444><a href="http://www.utilisenergy.com/casestudies.html">Click here for <STRONG>free</STRONG> 
      <STRONG>summary</STRONG>    
      and table of contents</a></FONT></SPAN></FONT></P>
      <P align=center><FONT face=Verdana color=#4d4d4d size=2><STRONG><EM>or 
      call Utilis Energy on 917 371 
8161</EM></STRONG></FONT></P>
    </td>
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Energy respects your privacy. We never pass your information along to third
parties.</b></font></p>
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