RALEIGH, NC - June 8, 2004
In a strategic move to expand its automated meter reading (AMR) product portfolio to include fixed base solutions, Sensus Metering Systems has purchased certain assets of NexusData Inc.
“We are excited about acquiring the NexusData fixed network AMR system technology,” says Dan Harness, CEO and President of Sensus Metering Systems. “The spread spectrum RF technology of the NexusData system is an excellent synergistic fit with our current RadioRead spread spectrum AMR system. The combination of our mobile RadioRead system and NexusData’s fixed network AMR system will enable Sensus to offer the most robust, migratory RF AMR solution to the water, gas, and electric utility markets.”
This acquisition will provide Sensus with full ownership of a fixed network AMR system for the water, gas and electric utility markets. The acquisition includes plans to employ people from the Nexus Data team to ensure Sensus has continuity with the technology and with customer relationships. Sensus already had an exclusive distribution agreement with NexusData, which was signed in 2001, for the water utility market. This arrangement has already resulted in some successful water utility installations of the NexusData AMR fixed network. The NexusData fixed network AMR system will complement Sensus’ currently popular RadioRead mobile AMR system that has a strong market position in the water utility market. The NexusData product line will also provide Sensus with an AMR solution for the gas utility market with the NexusData gas transponder. Future development will include an electric meter transponder.
“This is a good day for NexusData,” commented Gary MacDowell, President and CEO of NexusData. “The acquisition by Sensus Metering Systems will put the NexusData AMR technology under the direction of a strong business that has long history and deep experience in the AMR and utility metering markets.”
Details of the agreement are not being released. The sale closed on June 8, 2004 and is being financed by the cash flow of Sensus Metering Systems.
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.