RALEIGH, NC - September 13, 2004
Sensus Metering Systems today announced that is has sold the assets of its utility billing software company, IMSofTech, to Harris Computer Systems headquartered in Ottawa, Canada. Details of the transaction were not announced, but the divestiture is in line with Sensus’ core strategy to focus on providing intelligent, communicating, metering systems based solutions to the global utility markets. The IMSofTech billing software business did not support the core strategy focus.
“We are pleased that we were able to sell IMSofTech to an industry leading billing software company like Harris Computer Systems,” says Dan Harness, CEO and President of Sensus Metering Systems. “We not only looked at a company to acquire IMSofTech, but one that we would be able to partner with in the future We believe we have found that in Harris.”
As a result of the sale, Harris now owns all of the Utility Billing, Financial Management and related software that IMSofTech has developed over the last 20 years Harris will immediately be responsible for the support of the more than 390 customers who are currently using these solutions.
In addition, the majority of the customer service, development and sales team of IMSofTech will become employees of Harris and will continue to serve the customer base. Harris will continue to maintain the existing office in Tyler, Texas to manage customer support and ongoing development of the IMSofTech product suites.
Harris President and CEO Jeff Bender stated, “IMSofTech has built up a tremendous customer base and value creating a suite of products over the years. They have created a product offering that exceeds the expectations of their target markets while maintaining a strong return on investment for its customers. I am also very impressed with the strength of their customer relationships and their culture of working directly with the customers in a proactive process. Customer relationships are a key component of the Harris business model and we are excited about the opportunity we have to continue to build and strengthen these relationships. I believe that we will provide all of our new customers with outstanding service and support, a number of very good options for the future, and a lot of flexibility. We believe in working with our customers to address their specific needs and circumstances and do not believe in forcing our agenda on them.”
About Harris Computer Systems
Harris is a leading provider of Customer Information Systems (CIS), billing and financial management software solutions. Since 1976, Harris has focused on providing feature-rich and robust turnkey solutions to all levels of local government as well as public power and water markets throughout North America. Harris’ focus is on creating long-term relationships with our customers and ensuring that we meet the changing needs of our customers over time. For further information on Harris Computer Systems, please visit our website at http://www.harriscomputer.com, or call 888-847-7747.
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.