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ESCO Announces $68.3 Million New York Water AMI Contract
Wednesday, July 23, 2008
ST. LOUIS, July 23 /PRNewswire-FirstCall/ -- ESCO Technologies Inc.
(NYSE: ESE) today announced that the City of New York's Department of
Environmental Protection (DEP) has selected and formally contracted with
ESCO's Aclara RF Systems Inc. to provide its "Citywide Advanced Metering
Infrastructure Program" (AMI) solution for the city's entire water service
territory.
The total value of purchase orders anticipated to be issued under this
contract is approximately $68.3 million and the system is expected to be
deployed over a three-year period with the initial orders expected later this
month.
This contract will allow the City of New York to automate its meter
reading capabilities and to improve customer service for its approximately
875,000 metered endpoints serving nearly eight million customers, representing
the largest municipal water utility in North America.
The City of New York is purchasing the industry's most advanced fixed
network water meter modules, utilizing Aclara's STAR(R) Network system to
collect interval data for current billing needs and to support other programs
that are designed to allow the city and its customers to better manage water
consumption, identify leaks and equipment problems, and effectively control
other related operating costs. The STAR Network AMI system also will provide
New York City's water customers with enhanced account information and accurate
usage data.
The STAR Network system will operate within a 307-square-mile area
encompassing the City's five boroughs and will work on the New York City
Wireless Network (NYCWiN), a secure, 2.5-Ghz wireless system being installed
by the city's Department of Environmental Protection. The city developed
NYCWiN as part of a comprehensive upgrade of its communications infrastructure
to meet its growing operational and security requirements.
Gary Moore, President of Aclara RF Systems, commented, "Aclara appreciates
the opportunity to work with the City of New York and implement a seamless
solution that provides additional benefits to the City with the STAR Network
AMI system."
Vic Richey, ESCO's Chairman and Chief Executive Officer, commented, "I am
very proud that we have been selected by the City of New York for this
significant contract with such a valued customer. The technology piloting
process and the performance criteria established by New York were very
rigorous and well planned. I'm happy to say that our industry leading STAR
Network system performed exceptionally well and successfully met the high
standards of read reliability in a very challenging environment."
Mr. Richey continued, "Winning this large AMI water contract, on top of
our earlier announcement regarding our power-line AMI win and in addition to
our recent announcement of our RF electric AMI pilot, has further validated my
conclusion that our Aclara product offering is one of the most capable AMI
industry solutions available in the market today, with the ability to satisfy
all customer requirements across the full breadth of utilities, electric, gas
and water."
Forward-Looking Statements
Statements in this press release regarding the value and timing of
anticipated purchase orders issued by the City of New York, the location and
timing of deployments and any other written or oral statements which are not
strictly historical are "forward-looking" statements within the meaning of the
safe harbor provisions of the federal securities laws. Investors are cautioned
that such statements are only predictions and speak only as of the date of
this release, and the Company undertakes no duty to update. The Company's
actual results in the future may differ materially from those projected in the
forward-looking statements due to risks and uncertainties that exist in the
Company's operations and business environment including, but not limited to:
the risk factors described in Item 1A of the Company's Annual Report on Form
10-K for the fiscal year ended September 30, 2007, and in Part II, Item 1A of
the Company's Quarterly Report on Form 10-Q for the three months ended March
31, 2008; the timing and content of purchase order releases under the New York
contract; the Company's successful performance of the New York contract;
weakening of economic conditions in served markets; changes in customer
demands or customer insolvencies; competition; intellectual property rights;
technical difficulties; delivery delays or defaults by customers; termination
for convenience of customer contracts; performance issues with key customers,
suppliers and subcontractors; and changes in laws and regulations.
About Aclara
The Aclara brand represents the industry's leading fixed-network AMI/AMR
technologies and MDM software serving water, gas, and electric utilities
worldwide. While Aclara is the singular brand and identity, the Company
retains the known technology brands of DCSI (TWACS(R)), Hexagram, Inc.
(STAR(R) Network), and Nexus Energy Software (Energy Vision and ENERGYprism).
These three companies operate as Aclara Power-Line Systems Inc., Aclara RF
Systems Inc., and Aclara Software Inc., respectively. Further information
regarding Aclara is available on the Company's web site at
http://www.AclaraTech.com.
About ESCO
ESCO, headquartered in St. Louis, is a proven supplier of special purpose
utility solutions for electric, gas, and water utilities, including hardware
and software to support advanced metering applications and fully automated
intelligent instrumentation. In addition, the Company provides engineered
filtration products to the aviation, space and process markets worldwide and
is the industry leader in RF shielding and EMC test products. Further
information regarding ESCO and its subsidiaries is available on the Company's
web site at http://www.escotechnologies.com.
SOURCE ESCO Technologies Inc.
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