Avista Ventures Makes Purchase

Thu., April 6, 2000

From Staff

Avista Ventures has made its first investment.

The new Avista Corp. subsidiary has purchased a minority stake in Metering Technology Corp., a California maker of digital gas and electric meters that feature smart-card payment systems and two-way networking capabilities.

Avista Ventures President Michael Cahill said Metering Technology sets a pattern for future investments, which will focus on young companies with high growth potential in the information, technology and communications businesses.

“The investments will primarily be in companies where we add value through strategic or technology alliances,” he added in a statement.

Spokeswoman Anne Marie Axworthy said Metering Technology products do not compete with those of Itron Corp., the Spokane maker of automated meter-reading gear.

Itron was held by Avista subsidiary Pentzer Corp. before going public in 1993.

Avista Ventures has also invested in the Woodside Fund IV, a Silicon Valley venture capital firm.

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Avista Ventures Makes Purchase

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