An air operated pump 10 uses a magnet 14 mounted in the valve cup 16 of the air motor 18 and two reed sensors 20 mounted in the valve cover 22 to monitor the speed and position of the valve 16. A solenoid 24 is mounted on the valve cover 22 and can be commanded to extend a plunger 26 into the valve cup 16 to stop valve movement and therefore the pump from running away. A magnetoresistive sensor 34is located in the center of the air motor 18 to precisely monitor the piston 36 position and with air valve sensors 20 provides the input necessary for precise control and diagnostics of the pump 10and makes it suitable for metering and plural component application.