02 May Press Release: Cadiz Inc. Announces Ruling In California Environmental Quality Act Litigation Against Water Project
Court Upholds Environmental Impact Report Supporting Project Approvals
May 2, 2014 – LOS ANGELES, CA – Today Cadiz Inc. [NASDAQ:CDZI] (“Cadiz”, the “Company”) announced the issuance of the trial court decision to uphold the environmental approvals of the Cadiz Valley Water Conservation, Recovery and Storage Project (“Cadiz Project”). The Orange County Superior Court ruling denied all 6 petitions challenging the Project’s environmental review and upheld the actions of the Santa Margarita Water District and the County of San Bernardino in approving the Project, the environmental impact report and groundwater management plan. The ruling comes after exhaustive briefing and lengthy hearings that spanned over 3 months. “Cadiz is grateful for the thorough and deliberate review by the trial court and the Court’s validation of the environmental review conducted for the Water Project,” said Cadiz CEO Scott Slater. “We will provide further updates shortly.”
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 a combination of 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 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.