Cadiz, Inc. | 2013 October
archive,date,qode-quick-links-1.0,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-16.8,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-5.5.5,vc_responsive

October 2013

(October 31, 2013) Los Angeles, CA -- Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, “the Company”) is pleased to announce today that it has entered into an agreement (“Credit Agreement”) with its new majority senior lender, MSD Credit Opportunity Master Fund, L.P. (“MSD Credit”), to increase the Company’s existing $30 million senior secured mortgage loan by $10 million to fund additional working capital.  MSD Credit previously acquired the majority interest of the $30 million portion of the debt in a private transaction.  The new $10 million, together with our existing cash resources, places the Company in a strong position to complete the defense of existing permits for the Cadiz Valley Water Conservation, Recovery and Storage Project (the “Water Project”) and move toward project construction.

Dismissal by Laborers International Union Follows Completion of New Independent Hydrology Report (Los Angeles, CA) -- Cadiz Inc. [NASDAQ:CDZI] (“Cadiz”, the “Company”) reported today that a lawsuit filed in 2012 challenging the environmental approvals of the Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”)  has been dismissed with prejudice in Orange County, California Superior Court.  The lawsuit, filed against the Company, the Santa Margarita Water District (“SMWD”) and the County of San Bernardino (“County”), is the third case challenging Project approval to be dismissed. Only two challengers now remain. This latest dismissal follows the completion of a new independent peer review of the Project’s hydrology, which responds to previous hydrologic criticisms of the Project and confirms that the Project can safely deliver a reliable water supply to Southern California.

The term minimalism is also used to describe a trend in design and architecture where in the subject is reduced to its necessary elements. Minimalist design has been highly influenced by Japanese traditional design and architecture. In addition, the work of De Stijl artists is...