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To: akmike who wrote (51247)	5/6/2002 3:19:46 AM
From: EnricoPalazzo	Read Replies (1) \| Respond to of 54805

Hi Mike, Thanks for the very informative bit on Echelon. I have a couple of questions: Do you know why cash flow from operations has been so negative of late? Any reason to expect this to turn around? The italy thing is certainly good news. Do you expect similarly large announcements in the US (nothing wrong with foreign markets of course, but I find american ones a bit easier to understand)? Do you expect competition to eat into sales of the LONworks products? In what way is the technology protected from competition? Thanks Ethan

To: akmike who wrote (51247)	5/6/2002 9:26:51 AM
From: hueyone	Respond to of 54805

Their biggest contract to date is with the ENEL, the world's largest investor-owned utility which is installing Lonworks is some 30,000,000 locations in Italy. My understanding is that Enel was an Italian government-protected, utility monopoly which is now going through the process of selling off parts of itself while the Italian utility industry is being opened up to competition. There are numerous articles regarding this process if one does a search under "News" under the symbol "EN". Here is an example: biz.yahoo.com "It is estimated that, as a result of the ongoing liberalization process, approximately two-thirds of the overall Italian market will be open to competition in the year 2004." It appears to me that the potential market for Elon products via Enel is shrinking. Enel is also undergoing a complete management shakeup as it tries to transition to competition in the real world. Best, Huey