AMDAX Completes First Ever Web-Based Live Auction of Electric Commodity in the Western States; Company Proves Auction Technology; California Deregulation Leads $266 Billion National Market.

Business Editors/Energy Writers

SAN DIEGO--(BUSINESS WIRE)--May 18, 2000

Just as the country braces for a long, hot summer and highly volatile energy prices, AMDAX -- the American Direct Access Exchange (http://www.amdax.com) -- announced today the successful completion of the first ever Web-based, retail electric energy auction in the Western United States.

"The timing couldn't be better for this technology to go live," said Eric Rosenblatt, chief executive officer of AMDAX. "Large energy customers are eager to lock in energy prices and avoid expected market volatility." Rosenblatt cited a recent wave of stories appearing across the country warning of impending energy price shock. He also noted that both of Southern California's largest utilities -- Southern California Edison and San Diego Gas & Electric -- have recently announced substantial campaigns urging customers to take advantage of the newly deregulated market and minimize their exposure to price shock.

The AMDAX PowerBid(SM) system, a proprietary technology developed by the company, is the first live retail energy auction platform of its kind. The AMDAX exchange has opened the highly lucrative California marketplace to national energy service providers seeking to diversify their base and enter the newly deregulated California market.

AMDAX hosted its first full-scale auction in San Diego, attracting a variety of large commercial and industrial companies, including the Oceans Eleven Casino in Oceanside, Calif. "We run our facility around the clock, so we're always conscious about energy cost and consumption," said Bob Moyer, general manager for Oceans Eleven. "The AMDAX exchange allowed our company to seek competitive bids without the time and expense of an RFP, and we have locked into a very good price prior to our highest consumption period of the year." "One hundred percent of our qualified providers participated in this auction," said Rosenblatt. "Energy suppliers are very eager to tap this market."

AMDAX Chief Information Officer, William Dale, noted that while new e-commerce exchange ideas are announced every day, few have actually established a successful marketplace. "There are many great ideas for exchange and auction sites, but this is an exceedingly complex process to establish." Following the success of its initial exchange, AMDAX is quickly moving forward with increasingly larger auctions throughout the state of California. "Our goal is to establish statewide coverage by year's end," noted Rosenblatt. Expansion into other states is planned for the coming year.

About AMDAX

AMDAX is a privately held corporation providing an Internet-based transaction platform where leading providers of wholesale electric energy bid, in a live auction format, on the aggregated electric energy load of commercial, industrial, and governmental customers. The company's proprietary PowerBid(SM) system allows energy customers to obtain the lowest possible price and provides an efficient alternative to the traditional paper request for proposal and manual review process.