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News Release

Benton PUD Awards Smart Grid Contract to Sensus

Sensus Metering Systems and Officials of the Public Utility District No. 1 of Benton County (Benton PUD) in Kennewick, Washington today announced a 15-year definitive agreement between the parties for mass deployment and operation of the Sensus FlexNet AMI solution.

Benton officials will deploy the FlexNet advanced two-way RF-based AMI system to approximately 45,000 residential and commercial electric customers between 2008 and 2011.

“We evaluated a host of potential vendors during our rigorous RFP selection process and we are convinced that Sensus is the vendor best suited to meet our AMI needs,” said Jim Sanders General Manager for Benton PUD. “Field visits to Sensus FlexNet installations confirmed Sensus already delivers the reliable technology solution we require for urban and rural coverage, with the power and flexibility for future advanced applications.”

The Sensus FlexNet AMI solution provides Benton with two-way communications to Sensus iCon electric meters enabling on demand reads, remote connect/disconnect services, outage verification and remote firmware upgrades, among a host of other features. FlexNet also establishes the platform for additional customer service and systems-related Smart Grid benefits in the future.

“Benton PUD is an important partner to Sensus and we share their interest in building the smart grid that will ensure customer satisfaction and reliability now and into the future.” said Doug Neely, Vice President of Sales for Sensus.

About FlexNet

FlexNet provides the utility industry’s most reliable and flexible two-way AMI fixed network. Utility customers benefit from the dependable, mission-critical performance of a dedicated, primary-use, FCC licensed and protected communications network combined with ANSI compliant metering, IP-based wide area communications, open standards home area networking, advanced smart grid products, and IP-based information systems. Sensus delivers timely and accurate AMI communications through crystal-clear and massively redundant RF data paths with double the RF power of competing systems. This empowers utilities to communicate with a complete range of endpoint devices including smart water, gas and electric meters, intelligent home devices, and distribution automation equipment in any mix of rural and urban terrain. Forward-thinking utilities confidently choose FlexNet to provide a single-technology solution that reduces cost, mitigates technology risk, enables pricing flexibility and demand response, and improves operational efficiency through reliable performance, industry standards, cross-vendor compatibility, system scalability and future-proof operation.

About Sensus Metering Systems

The Sensus Metering Systems companies are leading world-class providers of water, gas, heat and electric meters including comprehensive metering communications system solutions that comprise both automatic meter reading (“AMR”) and advanced metering infrastructure (“AMI”) systems. Additional linked businesses include Smith-Blair, Inc. a leading provider of pipe clamp & coupling products for the water, gas, and industrial markets; and Sensus Precision Die Casting a producer of complex, high quality die castings.

About Benton

PUD Benton PUD was organized by a local vote of the people in 1934. On September 12, 1946 it became an operating utility and assumed operation of the electrical distribution system from Pacific Power and Light serving 3,754 customers. Benton PUD now serves over 45,000 customers in Kennewick, Finley, Benton City, and Prosser, Washington and outlying areas.

Issued 9/25/2008

All statements in this release, other than historical facts, are made in reliance on the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and are subject to change at any time. These statements reflect the Company’s current expectations regarding its financial position, revenues, cash flow and other operating results, business strategy, financing plans, forecasted trends related to the markets in which the Company operates, legal proceedings and similar matters. The Company’s expectations expressed or implied in these forward-looking statements may turn out to be incorrect. The Company’s actual results could be materially different from its expectations because of various risks. These risks, some of which are discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K (SEC File No. 333-113658) for the fiscal year ended March 31, 2007 as filed with the Securities and Exchange Commission on May 16, 2007, include its dependence on new product development and intellectual property, and its dependence on independent distributors and third-party contract manufacturers, automotive vehicle production levels and schedules, its substantial financial leverage, debt service and other cash requirements, liquidity constraints and risks related to future growth and expansion. Other important risks that could cause actual events or results to differ from those contained or implied in the forward-looking statements include, without limitation, the Company’s ability to integrate acquired companies, general economic and business conditions, competition, adverse changes in the regulatory or legislative environment in which the Company operates, and other factors beyond the Company’s control.

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