Pacific Gas and Electric Company (PG&E) Selects ESCO's TWACS(R) System
ST. LOUIS, June 2 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. (NYSE: ESE) today announced that its Distribution Control Systems, Inc. (DCSI) subsidiary's TWACS(R) System was selected by PG&E as the single solution for all of PG&E's electric customers as a part of its proposed Advanced Metering Infrastructure (AMI) project.
The project plan which spans five years currently calls for DCSI to provide the AMI communications hardware and software for approximately five million electric endpoints. The meters, meter retrofit and installation services are expected to be contracted for directly with other selected vendors by PG&E. The project is subject to final contract negotiation as well as regulatory and Board approvals. The resulting contract is expected to include a comprehensive test program prior to the full deployment decision.
Vic Richey, Chairman and Chief Executive Officer, commented, "While this is clearly a positive development, given the potential dynamics of the project, I think it is inappropriate at this time to speculate about any specific financial implications. Clearly, we appreciate the opportunity to support PG&E in bringing its customers the many benefits available through AMI."
Statements in this press release regarding the proposed AMI project, a future contract award to DCSI and the final scope and timing of such contract 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. 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 inability to reach agreement on contract terms, failure to obtain required project or contract approvals, technical difficulties, delays, and changes in customer demands.
ESCO, headquartered in St. Louis, is a leading supplier of engineered filtration products to the process, health care and transportation markets worldwide. In addition, the Company markets proprietary, special purpose communications systems and is the industry leader in RF shielding and EMC test products.
SOURCE ESCO Technologies Inc.
CONTACT:
Patricia K. Moore
Director, Investor Relations
ESCO Technologies Inc.
314-213-7277
for media inquiries
David P. Garino
for ESCO
314-982-0551
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