competitors, page-2

I would say INT will earn a majority of future revenues from licensing their technology to existing metering providers globally (Gas, water and electricity) as the technology is network agnostic and is able to piggyback any metering service. You may find competitors signing deals to utilise INT technology in markets outside of the PRI/INT agreement, which coincidently is where Bayard has a strong presence!!

Any revenues through PRI/UTILIGY JV is icing on the cake, mind you that would be significant icing. This is now a very efficient business with revenues cascading down to the bottom line due to relatively fixed labour costs in implementing new client installations.

Cheers