PITTSBURGH, PA - August 8, 2006
Cooper Power Systems today announced that it has signed an exclusive license agreement with Sensus Metering Systems. Under the terms of the agreement, Cooper Power Systems plans to integrate Sensus Metering Systems’ FlexNet® advanced communications technology into its products to help electric utilities improve productivity, enhance reliability and reduce the cost of delivering power. The multi-year license provides Cooper Power Systems with capabilities to use, market and sell the FlexNet Advanced Metering Infrastructure (AMI) radio communications technologies for transmission and distribution applications.
To better manage operations, utilities are looking to remotely access an increasing variety of equipment on the power system. FlexNet AMI offers a number of advantages for large-scale remote data access, including lower communications costs from its existing nationwide infrastructure, high reliability through its redundant communications channels and the ability to directly feed collected information back to the utility’s IT system.
“FlexNet enhances our best-in-class products with customer-focused technology, and enables new product and solution development that will help electric utilities maximize performance,” said Michael A. Stoessl, Group President, Cooper Power Systems. “Integrated with our equipment, FlexNet AMI provides control, integration and automation features that are ideally suited to the growing needs of the electric utility market. Our agreement with Sensus is the first in a series of technology investments we plan to make that will broaden the range of capabilities we provide our customers.”
Sensus’ FlexNet AMI is a unique, nationwide, redundant wide-area network designed for interference-free, two-way interval data communication that is ideal for metering infrastructure, load control and other distributed electric power system applications. FlexNet AMI operates on 900 MHz FCC-licensed exclusive-use frequencies, providing customers with exceptionally long ranges of 5 to 15 miles.
“We designed the FlexNet AMI system with the flexibility to monitor and control all aspects of an electrical distribution system,” said Sensus Chief Executive Officer and President Dan Harness. “By integrating FlexNet AMI into its products, Cooper Power Systems can take advantage of radio technology to deliver the enhanced monitoring and control solutions that are important to its electric utility customers.”
About Cooper Power Systems
Cooper Power Systems, Inc. is a subsidiary of Cooper Industries, Ltd. (NYSE: CBE), a diversified worldwide manufacturer of products for the electrical, commercial and industrial markets. Cooper Power Systems manufactures distribution transformers, distribution switchgear, reclosers, capacitors, protective relays, voltage regulators, automated switches, cable accessories, surge arrestors, transformer components and dielectric fluids, fuses and tools and it provides engineering services for the electrical and industrial markets. For more information, go to www.cooperpower.com or call 1-877-CPS-INFO.
About Cooper Industries
Cooper Industries, Ltd. is a global manufacturer of electrical products and tools, with 2005 revenues of $4.7 billion, approximately 30 percent of which are international sales. Incorporated in Bermuda with administrative headquarters in Houston, Cooper employs approximately 29,000 people and operates eight divisions: Cooper B-Line, Cooper Bussmann, Cooper Crouse-Hinds, Cooper Lighting, Cooper Menvier, Cooper Power Systems, Cooper Wiring Devices and Cooper Tools Group. Cooper Connection provides a common marketing and selling platform for Cooper’s sales to electrical distributors. For more information, visit the website at www.cooperindustries.com.
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.
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.