Prenova Closes on New Round of Equity Funding From Existing Company Shareholders; Increased Funding from Frontenac, River Cities Capital Funds and Austin Ventures Demonstrates Continued Confidence in Prenova's Strategy and Solutions

Business Wire, May 3, 2005

ATLANTA -- Prenova, Inc. announced today that it closed a new round of financing from existing investors Frontenac, River Cities Capital Funds and Austin Ventures. The new equity funding from all original key backers represents a continuation of confidence and brings the total funds raised by Prenova to over $17.5 million since 2003.

"Frontenac has a portfolio of well-managed process and value delivery businesses that create powerful solutions for their customers," said Frontenac Managing Director Patrick Blandford. "Prenova is delivering a compelling technology solution, which is the basis of any strong business model. From an investor's standpoint, we think Prenova is well-positioned to take advantage of a great market opportunity in energy process management."

Prenova, which provides energy process management solutions, will use the financing to accelerate its sales growth. The company will also use the new funds to deliver enhanced energy management solutions and technologies to help customers reduce their total energy spend.

"With our new funding, Prenova is well-positioned to focus on solutions for a range of commercial markets," said Prenova President and CEO Ed Smith. "Rising energy costs are forcing most companies to become more energy efficient. Every day, we see increased interest for energy-related solutions and technologies that will help these organizations quickly and positively impact their bottom line."

About Prenova

Founded in 1997 and headquartered in Marietta, GA, Prenova, Inc. delivers visibility, manageability and predictability (VMP(sm)) over customers' energy usage, price, energy-related asset performance and maintenance costs. The company works both sides of the energy bill, combining its market outlook process with customers' business strategies to manage ongoing price risk and secure the best energy prices. Prenova also provides tools and processes to manage energy-related assets and maintenance costs to reduce overall energy usage and inefficient spend. Prenova manages billions in annual energy expenditures across tens of thousands of customer locations nationwide. Some organizations that rely on Prenova include JCPenney, Dollar Tree, Owens Corning, Tweeter/Hi Fi Buys, Eddie Bauer, Toys R Us, Spiegel, Friendly's Restaurants, 24 Hour Fitness and Citizens Financial Group. For more information, please visit www.prenova.com.

About Frontenac

Frontenac Company is a Chicago-based private equity investment firm with more than $1 billion under active management. Through its CEO1st investment approach, Frontenac teams with proven executives to acquire and grow companies providing services and value-added products to customers. Its principal investment areas include healthcare, financial, human resources, education and training, industrial, marketing, media, and technology services markets. Frontenac investors include institutions, pension funds and individuals in the United States and Europe. For more information on Frontenac, please visit www.frontenac.com.

About River Cities Capital Funds

River Cities Capital Funds invests in high-growth companies throughout the Midwest and Southeast. River Cities manages $300 million of venture capital with offices in Cincinnati, Ohio, and Raleigh, North Carolina. River Cities invests in early to middle-stage businesses in healthcare services and devices, business services, information technology, and high-tech manufacturing industries. River Cities develops three-way partnerships among its portfolio companies, its investors, and, investment managers that create new wealth, challenging career opportunities, and great personal fulfillment. For more information, please go to www.rccf.com.

About Austin Ventures

Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $2.4 billion under management, Austin Ventures is the most active venture capital firm in Texas, and one of the most established in the nation. The firm's primary areas of investment focus are enterprise software, computer and communications hardware, and business services. Austin Ventures invests at all stages of company development, from $100,000 "planned experiments" to $50 million investments in management buyouts. More than two-thirds of Austin Ventures; investment activity is centered in Texas, where they believe they have an unparalleled network of entrepreneurs and operating executives to assist our portfolio companies. They invest the remainder of their capital nationally, in companies which have exceptional leadership and compete in markets the firm knows especially well.