RALEIGH, NC - November 24, 2008
Sensus Metering Systems, a leading provider of high-value metering system solutions to utilities worldwide, has created the Conservation Solutions business unit, renaming its AMI/Electric business unit.
“We changed the name to Conservation Solutions to reflect our commitment to providing electric, water and gas utilities with the technologies and tools to enable them and consumers to proactively monitor and manage our natural resources,” said Peter Mainz, Chief Executive Officer and President of Sensus. “We believe we are uniquely positioned to lead our industry in these efforts. In addition, the new name acknowledges the broad and rapidly expanding scope of this business.”
The Conservation Solutions business unit is led by Bill Yeates, Executive Vice President, and includes all Advanced Metering Infrastructure (AMI) and Advanced Meter Reading (AMR) technology solutions for electricity, water and gas, and the electricity meter.
“Sensus will continue to support its customers and the industry through development and deployment of technologies including AMI, smart meters and other smart grid solutions,” said Yeates. “These technologies will enable natural resource conservation efforts, carbon footprint reduction and extend the useful lives of utility capital equipment.”
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.