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Sutron Corporation: Sutron Corporation Announces Letter of Intent to Acquire ILEX Engineering, Inc.

^{Published on 2008-12-04 16:08:12 - Market Wire}
 

STERLING, VA--(Marketwire - December 4, 2008) - Sutron Corporation (NASDAQ: [ STRN ]) announced that it has signed a Letter of Intent to acquire ILEX Engineering, Inc., a leading provider of DOMSAT systems, custom software and engineering services in the GOES Data Collection Services market. ILEX Engineering is located in Columbia, Maryland and its customers are primarily the same government agencies as Sutron's, including the US Army Corps of Engineers, US Geological Survey, National Oceanic and Atmospheric Administration (NOAA), National Weather Service and US Bureau of Reclamation. The acquisition remains subject to both the signing of a Definitive Agreement and to customary closing conditions. It is expected that the acquisition will be completed by the end of December 2008.

Sutron's President and CEO, Raul McQuivey, said, "Mike Maloney has done an outstanding job of managing and growing ILEX Engineering into the dominant provider of DOMSAT systems and related services. We are very pleased at the prospect of him joining Sutron. The acquisition of ILEX Engineering strengthens our position in the GOES DCS and the global satellite market. We will be able to expand our product offerings, software capabilities and services to our customers."

ILEX's President, Mike Maloney, said, "We look forward to joining Sutron, with its excellent worldwide reputation. ILEX's products will round out Sutron's offerings in the areas of data collection, transformation, storage, and web-services. Together we will provide complete solutions for environmental monitoring and decision support."

About Sutron Corporation

We design, manufacture and market our products and services to a diversified customer base consisting of federal, state, local and foreign governments, universities, irrigation users and engineering and hydropower companies. Our products and services enable our customers to monitor and collect hydrological, meteorological and oceanic data for the management of critical water resources, for early warning of potentially disastrous floods, storms or tsunamis, for the optimization of hydropower plants and for providing real-time weather conditions at airports.

Safe Harbor Statement

This release includes forward-looking statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "should" and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our filings with the SEC, including the disclosure under the heading "Business" and "Management's Discussion and Analysis" in the Company's Annual Report on Form 10-KSB filed on March 31, 2008. We are under no obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.