Metretek Technologies Inc. Engages Korn/FerryInternational in PowerSpring CEO Search.

Business Editors

DENVER--(BUSINESS WIRE)--March 13, 2000

Metretek Technologies Inc. (Nasdaq:MTEK) today announced that it has engaged Korn/Ferry International (NYSE:KFY), the world's largest executive recruitment firm, to assist the company in finding a chief executive officer

As previously announced, Internet-based PowerSpring -- which is being developed in conjunction with Mercator Energy Corp. and Scient Inc. (Nasdaq:SCNT) -- will initially leverage the parent company's 20 years of experience in energy management technology to provide comprehensive energy consumption data and a broad array of additional information designed to facilitate the purchase and management of natural gas.

"The engagement of Korn/Ferry is an important step in our program to quickly establish PowerSpring as an entity that in virtually all respects is able to function independently of its parent," said W. Phillip Marcum, chairman and CEO of Metretek Technologies.

"In addition to building a management team and personnel infrastructure to implement the subsidiary's immediate strategic objectives," noted Marcum, "the new CEO's responsibilities will include ensuring that PowerSpring is soon positioned to successfully complete an IPO."

Metretek Technologies Inc., through its wholly owned subsidiaries -- Metretek Inc., Southern Flow Companies Inc. and PowerSpring Inc. -- is a diversified provider of energy measurement products, services and data management systems to industrial and commercial users and suppliers of natural gas and electricity.

Statements in this news release that look forward in time, including statements concerning the expected launch date of PowerSpring, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained, projected, or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, the company's ability to develop and market PowerSpring; the market acceptance of the eBusiness; PowerSpring's ability to deliver the anticipated benefits; and other factors, risks and uncertainties described from time to time in the company's reports with the Securities and Exchange Commission, including the company's most recent Form 10-KSB and Form 10-QSB. The company undertakes no responsibility to update any oral or written forward-looking statements made by the company.