Press Releases
-1
archive,paged,category,category-press-releases,category-34,paged-7,category-paged-7,bridge-core-3.0,qode-quick-links-1.0,qode-page-transition-enabled,ajax_fade,page_not_loaded,,qode-theme-ver-28.4,qode-theme-bridge,qode_header_in_grid,wpb-js-composer js-comp-ver-6.7.0,vc_responsive

Press Releases

Cadiz Southeastern Railway to operate one of the longest steam train routes in the U.S. as tourist attraction in California’s Mojave Desert CADIZ, CA – Today Cadiz Inc. [NASDAQ:CDZI] (“Cadiz”, the “Company”) is pleased to announce that it has entered into a new trackage rights agreement (“Agreement”) with the Arizona & California Railroad Company (“ARZC”) that will facilitate the development of regularly scheduled steam train excursions through the celebrated Mojave Desert between Cadiz, California and Parker, Arizona, which would be one of the longest steam train excursion routes in the United States.   The proposed new steam train operation, named the Cadiz Southeastern Railway (“CSER”), will be powered by water made available from the Cadiz Valley Water Conservation, Recovery & Storage Project (“Cadiz Water Project”) and, following the completion of additional permitting, will also feature a new museum and cultural center at the Cadiz Ranch property dedicated to the promotion of local desert and railroad history.

New report shows that purity of Cadiz water to save Southern California water users $395 million over life of the Cadiz Water Project

 LOS ANGELES, CA – Today Cadiz Inc. [NASDAQ:CDZI] (“Cadiz”, the “Company”) released a new report prepared by engineering consulting firm CH2M HILL detailing almost $8 million in annual cost savings to Southern California water users that can be realized through the introduction of high-quality Cadiz Valley Water Conservation, Recovery, and Supply Project (“Project”) water supplies into the region’s water transportation system.  By applying an existing salinity assessment model developed by the U.S.    Bureau of Reclamation (USBR) and the Metropolitan Water District of Southern California (Metropolitan), the analysis shows that introducing Cadiz water into the Colorado River Aqueduct (CRA), which is one of the main sources of water supply for Southern California, will realize nearly $400 million in savings to regional ratepayers over the 50-year life of the Project ($203 million in today’s dollars).  This same model was recently used to evaluate water quality benefits associated with the twin tunnel solution now being pursued through the Bay-Delta Conservation Plan process.

July 2, 2013 Contact – Cadiz Inc, Courtney Degener/Limoneira Company, John Mills  http://www.businesswire.com/news/home/20130702005249/en/Cadiz-Limoneira-Company-Announce-Agricultural-Development-Agreement Los Angeles, CA -- Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”) and Limoneira Company (NASDAQ: LMNR) (“Limoneira”) are pleased to announce today that they have entered into a long-term lease agreement (the “Agreement”) to develop new lemon orchards on Cadiz’s agricultural property in eastern San Bernardino County, California (the “Cadiz Ranch”).  Under the terms of the Agreement, Limoneira has secured the right to plant up to 1,280 acres of lemons over the next five years at the Cadiz Ranch operations in the Cadiz Valley.  The arrangement provides a new growing, packing, and marketing opportunity that is complimentary to Limoneira's existing production and furthers Cadiz’s commitment to the sustainable development of its Cadiz Valley property.

May 28, 2013 http://www.businesswire.com/news/home/20130528006064/en 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.

CADIZ INC. ANNOUNCES COMPREHENSIVE REFINANCING PACKAGE New Financial Structure Positions Balance Sheet for Water Project Construction Financing and Provides $17.5 Million in Working Capital to Fund Operations March 5, 2013 Los Angeles, CA -- Cadiz Inc. (NASDAQ: CDZI) ("Cadiz", "the Company") is pleased to announce that it has entered into an agreement with its senior lenders ("the Lenders") to refinance the Company's existing $66 million corporate term debt that is currently due June 29, 2013. The agreement establishes two separate debt instruments, a $30 million senior secured mortgage loan due in three years and a new $53.5 million convertible bond due in five years. No principal or interest payments are required under either instrument during the term until maturity. The new debt instruments will replace all existing term debt on the Company's balance sheet and provide $17.5 million in new working capital to fund the Company's current operations, including pre-construction activities related to the Cadiz Valley Water Conservation, Recovery and Storage Project (the "Water Project").

Los Angeles CA -- Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, “the Company”) announced today that it has appointed Company President Scott Slater to the additional role of Chief Executive Officer effective February 1, 2013.  Keith Brackpool, a co-founder of the Company who has served as CEO since 1991, will remain as Chairman of the Board of Directors.  Mr. Brackpool has been a member of the Company’s Board since 1986 and Chairman since 2001.

In exchange trade with Kinder Morgan Cadiz to receive key 96-mile pipeline route for nominal fee; Cadiz also to receive $10 million payment upon Kinder regulatory filing Transaction results in significant financial gain for Company Los Angeles CA (December 11, 2012) -- Today Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, “the Company”) announced it has entered into a new agreement with Kinder Morgan, Inc. (NYSE: KMI) (“Kinder Morgan”) securing the Company’s ownership of a 96-mile natural gas pipeline linking its holdings in the Cadiz Valley to the northern and central California water delivery network.  The exchange agreement divides 220 miles of pipeline currently under option to the Company, with the Company gaining ownership rights to the 96-mile eastern segment between Barstow and the Cadiz Valley and returning to Kinder Morgan rights to the 124-mile western segment.

Action Eliminates Federal Court Litigation involving the Company Los Angeles, CA (October 5, 2012) – Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”) reported today that a lawsuit filed in U.S. Federal Court jointly against the Company, the Santa Margarita Water District (“SMWD”), the County of San Bernardino (“County”), the U.S. Department of the Interior (“DOI”) and the U.S. Bureau of Land Management (“BLM”) has been dismissed. The Court determined that Petitioner RiverAHA was unlikely to succeed on the merits. The dismissal now ends the pending Federal Court litigation over the Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”). Legal proceedings challenging the recent Project approvals continue in California State Court.

Action by Board of Supervisors a New Milestone for Project Los Angeles CA (October 2, 2012) -- Cadiz Inc. [NASDAQ: CDZI] (“Cadiz”) reported today that the San Bernardino County Board of Supervisors voted to approve the  Groundwater Management, Monitoring, and Mitigation Plan (“GMMMP”) for the Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”). This represents another significant milestone for the Project, which will provide an annual reliable water supply to Southern California communities by capturing and conserving native groundwater currently being lost to evaporation from the aquifer system beneath the Company’s property in eastern San Bernardino County’s Cadiz Valley.  The County’s action authorizes the Project to withdraw an average of 50,000 acre-feet of water per year.