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responds to weekend media report

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    Response to Weekend Media Report

    Document date: Wed 11 Jun 2003 Published: Wed 11 Jun 2003 10:26:01
    Document No: 205163 Document part: A
    Market Flag: N
    Classification: Other

    HOMEX - Melbourne

    Intermoco Limited (ASX:INT) - which has developed and commercialised
    advanced, remote automated meter reading technology for electricity,
    gas and water utilities - wishes to respond to a weekend media report
    suggesting that, amongst other things, the company may be in a weak
    financial position following its failure to complete the acquisition
    of the Email Metering business last Friday.

    The directors are currently addressing the company's working capital
    position and are delighted to advise shareholders that the forecast
    revenues from existing contracts for the second half of calendar year
    2003 should see the company generating positive net cashflows for the
    first time.

    Mr Martin Yii, the managing director of Intermoco, said today that
    this expected improvement in the company's operating cashflows will
    be the direct result of Intermoco completing further commercial
    automated meter reading (AMR) contracts during this six-month period.

    "This year the company has successfully sold its innovative remote
    AMR technology to Victorian utility CitiPower, as well as a number of
    other commercial businesses, with the express purpose of providing
    improved monitoring of energy consumption, with the benefits of
    demand management and load shedding," Mr Yii said.

    "The company refutes the claim made in the recent media report that
    it is still 'commercialising its technology', as the products
    developed by Intermoco have already been successfully deployed in a
    number of commercially-contracted projects both here in Australia and
    in the publicised installation for Malaysian national electricity
    company, Tenaga Nasional Berhad (TNB).

    "Like any new product, Intermoco continues to develop innovative
    features, primarily delivered through the Utiligy website itself, so
    that the product presents new and improved features and benefits to
    all existing and future customers."

    The company is extremely pleased with the increasingly successful
    commercialisation of its AMR solution, with sales now recorded in
    several states to both utility and business customers alike and
    recurring revenues now being generated for the first time. Further
    sales are expected in the near future both in domestic and
    international markets and details will be provided to investors and
    shareholders as soon as possible.

    In the meantime, Intermoco directors confirm that the company will
    continue to operate under the existing guidelines described in the
    comprehensive Collaboration Agreement executed with Email Metering in
    August 2002. This agreement details a collaborative approach to both
    sales and marketing and importantly product development. Under the
    agreement, the directors note that every metering point attached to
    an Intermoco AMR solution will result in the sale of an Email
    Metering smart interval meter, which will provide great benefits to
    both companies. (ENDS)

    For further information contact:

    Mr Martin Yii
    Phone: (03) 8080-8788

    Mr Michael Stephens
    Sales & Marketing
    Phone: (03) 8080-8788
    Mobile: 0418 11 44 55

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