Spokane, WA, Aug. 15, 2006 — Itron Inc. announced that it has entered into a letter of intent (LOI) to acquire all of the outstanding capital stock of Flow Metrix Inc. in a cash-for-stock merger. Upon successful completion of negotiations and due diligence, the parties intend to sign definitive agreements and complete the transaction in the fourth quarter of 2006. Financial terms for the transaction were not disclosed.
Flow Metrix is a developer and manufacturer of advanced leak detection systems for underground pipelines. Its MLOG(TM) leak detection system uses acoustic sensors to detect water loss from water distribution systems. A typical Flow Metrix installation ratio is one MLOG sensor for every ten water meters. Automatic meter reading (AMR) systems gather the data while reading water meters. MLOG software is used to analyze the data collected and provide the utility with intelligent analysis to pinpoint leaks.
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