Pictet Water Opportunities Fund acquires convertible Note of E.S.I. Environmental Sensors Inc.



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR
    DISSEMINATION IN THE UNITED STATES/

    GENEVA, Switzerland, Feb. 2 /CNW Telbec/ - Pictet Water Opportunities
Fund ("PWOF") announces that it has acquired ownership of a $1,260,000
principal amount secured convertible note (the "Note") issued by E.S.I.
Environmental Sensors Inc. ("E.S.I."). The Note matures on July 1, 2011 and
the principal amount thereof as well as accrued interest are convertible into
fully paid and non-assessable common shares of E.S.I. ("Common Shares") at a
conversion price of $0.30 per share during the first 24 months of the term of
the Note and $0.35 per share thereafter.
    Assuming the conversion in full of the maximum principal amount of and
interest on the Note, PWOF would acquire ownership of a maximum of 5,268,480
Common Shares, representing approximately 21.9 % of the outstanding Common
Shares, calculated on a partially diluted basis assuming the full conversion
of the Note only.
    PWOF acquired the Note for investment purposes only and not with a view
to materially affecting control of E.S.I. PWOF has no present intention of
acquiring beneficial ownership or control over additional securities of E.S.I.




For further information:

For further information: Pictet Asset Management SA, +41 (0)58 323 2323

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PICTET WATER OPPORTUNITIES FUND

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