Itron Completes Acquisition of Flow Metrix, Inc.

Nov. 27, 2006

Itron, Inc. has signed an agreement to acquire all of the outstanding capital stock of Flow Metrix, Inc. in a cash-for-stock merger.

Flow Metrix develops and manufactures advanced leak detection systems for underground pipelines, which allow customers to reduce their “unaccounted for” water and improve efficiency.

The newest product from Flow Metrix is the MLOG leak detection system, a network of intelligent leak detecting sensors that use acoustics to monitor the entire water distribution system. A typical Flow Metrix installation includes a ratio of one MLOG sensor for approximately every ten water meters and uses Automated Meter Reading (AMR) systems to transmit leak information from underground pipes to the utility. MLOG software is used to analyze the data collected and provide the utility with intelligent analysis to pinpoint leaks.

“Water conservation and leak detection are top of mind to many water utilities,” said Malcolm Unsworth, senior vice president of Itron Hardware Solutions. “We are excited to combine Flow Metrix’s proven leak detection solutions with our leading edge water fixed network to enhance the value of both solutions for our customers.”

The initial purchase price will be paid in cash, subject to certain escrow provisions. Additional payments may be made if certain technological and integration milestones are achieved within the first 36 months. Additionally, the agreement provides Itron an option to purchase additional technology targeted at energy pipeline integrity.

Source: Itron

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