ATLANTA, GA – January 29, 2007 Cellnet Technology, Inc. (Cellnet®) announced today that Bayard Group has completed its acquisition of Cellnet and associated subsidiaries. Cellnet will continue to operate out of its Atlanta-area headquarters and nationwide regional offices as an independent company within the Bayard Group portfolio.

The close of the Bayard acquisition follows completion of a record 2006 for Cellnet that was highlighted by a number of important achievements:

• Cellnet executed agreements valued at nearly $220 Million with several new and existing utility clients for over 1.3 million new advanced metering end-customers. Cellnet increased its long-term contract backlog during the year to over $2.22 billion.
• Cellnet rapidly expanded its UtiliNet® line of two-way solutions with the release of a record number of new endpoints and partner-driven solutions.
• Cellnet and its utility customers installed over 1 million new on-demand, advanced metering customer endpoints bringing the active total under network to over 11 million.
• Cellnet grew annualized revenue by 17 percent and made important infrastructure investments while adding 21 percent more staff in anticipation of continued rapid growth.
• Cellnet and its customers continued to lead the market, a demonstration of the proven value of advanced metering and, as a result, received awards and recognition from organizations including Frost & Sullivan, Platts, and Chartwell.

“We are pleased to announce the rapid close of this acquisition,” said Mr. Cameron O’Reilly, managing director Bayard Group. “The acquisition of Cellnet complements the group’s existing services and products and furthers Bayard’s long-term plan to become the industry’s leading provider of energy measurement and efficiency technologies.”

“This is Bayard’s largest acquisition to date, and we are fully committed to the long-term growth of Cellnet, to its heritage of innovation and value creation and to the continued relationships with our longstanding technology partners. With its substantial portfolio of technologies and services and its strong financial resource, Bayard is uniquely positioned to maximize benefits for all current and future customers.”

Following Cellnet’s acquisition by Bayard, Mike Zito has decided to pursue other interests and has stepped down from his position of CEO. However, Mr. Zito has agreed to be a special advisor to Cellnet and Bayard. Mr. O’Reilly will be acting as CEO while Bayard conducts a targeted search for a new permanent CEO. Cellnet will continue to operate as an independent entity led by the existing management team and reporting to an independent board, which Mr. O’Reilly will chair.

“I would like to pay tribute to Mike Zito’s contribution and success with Cellnet, as that success has led to our acquisition of a truly remarkable company,” said Mr. O’Reilly.

About Cellnet Technology, Inc.

Cellnet provides intelligent communication and automation solutions to energy and water businesses worldwide. The company’s offerings include advanced metering infrastructure, in-premise networks, automated meter reading, SCADA and distribution automation. Cellnet’s proven record of delivering customer value is demonstrated by over 14 million endpoints under contract and contracted revenue of over $2.2 billion over the next 15 years. For more information visit www.cellnet.com.

About Bayard Group:

Since its establishment in 2002, Bayard has committed over US$1.2 billion to the energy measurement and efficiency sector. Bayard’s combined investments have an annual revenue base of approximately US $1.2 billion with operations in 30 countries, and include Landis+Gyr, the world’s largest electricity metering company, Hunt Technologies, the US-based AMR company, and Cellnet, a leading provider of utility advanced metering and communications solutions.

Bayard is dedicated to investing in smart metering and related energy efficiency businesses that can contribute to better environmental outcomes. Bayard’s shareholders represent some of the world’s largest and most respected institutional and private investors. For more information on Bayard Group, visit www.bayard.com.au.

Contact

For Cellnet Technology

Paige Besson
paige.besson@cellnet.com
678.258.1500