29 May Press Release: Cadiz Inc. Reports Dismissal of Lawsuit Challenging Water Project Environmental Approval
LOS ANGELES, CA – Cadiz Inc. [NASDAQ:CDZI] (“Cadiz”, the “Company”) reported today that a lawsuit challenging the environmental approval of the Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”) has been dismissed with prejudice in Orange County, California Superior Court.
The lawsuit brought by interest group CROWN was filed in August 2012 against the Company, the Santa Margarita Water District, the County of San Bernardino and additional Project participating agencies to challenge the July 31, 2012 approval of the Project’s Final Environmental Impact Report under the California Environmental Quality Act.
This is the second case challenging Project approval to be dismissed. Lawsuits brought by three petitioners remain pending against the Project. These cases have been coordinated in Orange County Superior Court before one judge and are expected to move to trial later this year.
Founded in 1983, Cadiz Inc. is a publicly-held renewable resources company that owns 70 square miles of property with significant water resources in Southern California. The Company is engaged in organic farming and water supply and storage projects at its properties and abides by a wide-ranging “Green Compact” focused on environmental conservation and sustainable practices to manage its land, water and agricultural resources. For more information about Cadiz, visit www.cadizinc.com http://cadizinc.wpengine.com/.
FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company’s forward-looking statements include the Company’s ability to maximize value for Cadiz land and water resources, the Company’s ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company’s Securities and Exchange Commission filings.