Noveda Technologies and Rimat Group Announce MOU to Explore Strategic Partnership in Water Resource Management

BRANCHBURG, New Jersey and HERTZELIYA PITUACH, Israel, April 14, 2011 /PRNewswire/ -- Noveda Technologies, the leader in web-based real-time energy monitoring systems, and Israel-based Rimat Group, have signed a memorandum of understanding (MOU) to explore synergies in technology development and seek market expansion opportunities.

Under the terms of the MOU, the two companies will jointly evaluate opportunities to develop real-time water monitoring and water leak detection solutions designed for commercial, industrial and residential markets worldwide.

"We are very pleased to partner with Rimat, especially as we look to expand globally," said Govi Rao, president and CEO of Noveda Technologies. He added, "While Noveda's expertise lies in real-time monitoring and advanced context development through visualization, Rimat's innovative team has developed proprietary technologies in active water-leak detection and monitoring that are world-class. With our combined capabilities, we will be better positioned to lay the foundation for the advancement of real-time water leak detection and monitoring solutions."

Rao further commented, "Studies have shown that nearly one third of all business downtime can be attributed to water damage situations, and a real-time water leak detection solution can help avoid water-related damage in the billions of dollars."

Launching the innovative product platform at the Big Green Show in Phoenix, AZ today, Shay Ravid, CEO of Aqua-Rimat, a Rimat Group company, said, "The alliance between Noveda and Rimat provides significant opportunities to leverage complementary vision, product platforms and market segments, and offers international cross-selling opportunities." He added, "We look forward to combining our complementary strengths and regional market positions to create a foundation for robust future growth opportunities."

About Noveda Technologies:

Noveda Technologies is an innovative leader in real-time, web-based energy and water monitoring. The company's hardware, software and consulting services optimize energy and water usage, lower costs and increase green footprint for customers across commercial/retail, industrial, government, education, renewable and utility sectors. For more information, visit http://www.noveda.com or call +1-908-534-8855.

About Aqua-Rimat:

Aqua-Rimat, a Rimat Group company, is a leader in developing innovative solutions for water treatment and water management. Aqua-Rimat's patented LEAK BUSTER products, based on a unique adaptive learning system, provide 24/7 water leak protection, and can be integrated with smart home and smart grid systems. For more information, visit http://www.aquarimat.com or call +972-9-7425172.