RALEIGH, NC - November 20, 2008
Officials at Sensus announced today that the unprecedented demand for energy conservation technology has resulted in shipment of over two million FlexNet endpoints (SmartPoints) in less than two years. These shipments include 650,000 iCon smart meters that support demand response by sending time-of-use messages to in-home devices.
This record growth is expected to continue, according to Bill Yeates, Executive Vice President of Conservation Solutions at Sensus, who said that in September and October alone, Sensus shipped 340,000 water, gas and electric AMI devices and demand response endpoints.
With this most recent surge in business, Sensus now has 8.8 million water, gas and electric AMI endpoints under contract. These contracts include more than 100 FlexNet installations throughout North America with 1.4 million units already in operation, collecting hourly data and supplying reliable data to utility billing systems.
“We are preparing our customers for the future with SmartPoints and secure communications open to the technologies of today and tomorrow,” says Yeates. “We are helping utilities to improve consumer experience, to reduce their carbon footprint and to conserve capital investment and protect that investment into the future.”
“Success in this large growing AMI market comes from satisfying the customer by delivering new ideas and solutions and by consistent execution,” said Peter Mainz, Sensus CEO and President. “Building on the solid foundation Sensus established in 2007 in AMI production, project management, systems engineering and quality, we are now delivering on our technology promise. Sensus customers and the consumers they serve are reaping the benefits.”
FlexNet is the utility industry’s most powerful AMI solution that provides customers with the technology to achieve unmatched results in range, redundancy, resiliency, recovery and reliability. Only FlexNet has primary-use, FCC licensed spectrum, supplying uncluttered transmissions for water, gas and electric utilities in both rural and urban areas, regardless of terrain. FlexNet fits seamlessly into a utility’s operational and customer service strategic plan, enabling communication with a complete range of endpoint devices. FlexNet technology reduces cost, mitigates technology risk, enables pricing flexibility and demand response, and improves operation and maintenance efficiency for forward-thinking utilities. The Sensus FlexNet solution helps utilities improve their customers experience, reduce their carbon footprint and protect their capital investment.
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.