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News Release

PowerStream reaffirms AMI partnership with Sensus

Sensus Metering System’s FlexNet AMI system has been tapped to be the system-of-choice for another 157,000 endpoints in the York Region of Ontario by its electrical distribution company, PowerStream.

PowerStream first selected FlexNet for its Phase I project of 80,000 customers in 2006 and now expands the tower-based AMI solution product to the remaining customer base in this 640-square-kilometer service territory. Total deployment for the project is 237,000 endpoints.

“Our commitment to Sensus is reciprocal,” says Rick Lapp, Manager of Metering for PowerStream. “Throughout the piloting and Phase I deployments leading up to our Phase II decision, FlexNet has consistently proven itself as the right AMI technology choice.”

Lapp described FlexNet as PowerStream’s “AMI system-of-choice” in meeting both the operational requirements of the electrical distribution company and the province’s AMI mandate.

PowerStream, as one of the largest local electricity distribution companies in Ontario, is a member of the Coalition of Large Distributors (CLD). The CLD completed a thorough technical and economic evaluation of today’s AMI solutions in order to select ‘Vendors of Record,’ which Ontario utilities engaged to commence deployment of Smart Meters in their respective franchise areas.

PowerStream selected the Sensus FlexNet AMI system from the CLD’s ‘Vendor of Record’ shortlist consisting of five AMI solutions and initially used FlexNet to meet first stage requirements of the Ontario Government’s Smart Metering Initiative.

“PowerStream took the approach that experiential data is the critical factor in selecting an AMI system,” says Ed Chatten, PowerStream Vice-President. “We are confident that our selection of FlexNet is grounded on performance-based results achieved through our phased deployment process.”

Officials also favored FlexNet because of its ability to provide the communication technology that enables the system’s Smart Grid to function with features such as Cooper Power fault circuit indicators, transformer monitoring, and other devices on the Smart Grid that will allow the utility to effectively manage its territory.

“We believe a key FlexNet feature that will especially assist PowerStream is the ability to install meters regardless of terrain or density, which is important for a deployment such as this that has a combination of dense urban and rural endpoints,” adds Doug Neely, Vice President of Sales, North America at Sensus.

Because of the likelihood of sparse meter deployment in some areas, FlexNet’s Primary-Use license, which allows for uninterrupted transmission with up to two watts of power, is a major benefit to PowerStream. The Primary-Use license eliminates any interference from other radio frequency transmissions. As a result, signals can be collected several miles away from a tower.

PowerStream officials also anticipate realizing more benefits via FlexNet’s tower-based, minimal infrastructure requirements. PowerStream will be able to cost-effectively leverage its existing substation assets to quickly provide coverage to the entire service territory. About 40,000 of the 157,000 Sensus iCon smart meters are slated for installation in 2008, with the remaining equipment to be installed within the next two years.

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 About PowerStream Inc.

PowerStream, the third largest local electricity distribution company in Ontario, delivers power to more than 240,000 residential and business customers in the municipalities of Aurora, Markham, Richmond Hill and Vaughan. The company, jointly owned by the City of Vaughan and the Town of Markham, is committed to providing its customers with safe, reliable and efficient service. This goal is achieved by focusing on operational efficiencies and procedures in order to minimize overhead costs and maximize the use of company assets. PowerStream strives to be efficient and provide optimum service to keep their system safe and reliable.

Issued 8/29/2008

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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