Aarhus, 2010-12-1

Miitors, a metering technology company, today announced that it has secured an investment of 500.000 USD from Novi Innovation A/S and Vallenus AS.

The investment will boost the development of a new water meter platform, W-Miitor, based on patent pending ultrasound technology. Meters based on the platform will deliver twice the performance at half the current consumption compared to other electronic water meters on the market at a lower cost. The platform will be offered to metering manufacture companies in 2012.

Thor Jespersen from Novi Innovation as well as Svein Anders Tunheim, Vallenus joins the board of directors.

Thor Jespersen, Novi said: ”I am excited about the potential of this company, as the timing is just right for this type of technology. Clean water is becoming more and more scarce all over the world, and an essential part of taking care of this valuable resource is accurate metering. With W-Miitor, meter manufacturers will be able to implement, produce and market an ultramodern, low cost water meter with very little effort”

Svein Anders Tunheim, Vallenus said: “I have followed the company from the very beginning, and I am confident that its leading edge technology will help metering companies worldwide reaching new levels of customer satisfaction.”

Jens Drachmann, Founder and General Manager of Miitors ApS said: “In the business of water metering, manufacturers have been producing more or less the same type of products in more than 100 years. Most of them will not be able to compete in a few years, when low cost, highly accurate and communicating electronic meters with no moving parts are going to flood the market. By offering the leading edge W-Miitor platform to such companies, Miitors enables them to stay in business, while utilizing their existing knowledge, manufacturing capabilities, and customer relations. I am proud and honored to welcome Novi Innovation and Vallenus as external investors and members of the board, and I am certain that they will add essential experience and network to the ongoing development of the company”