Press Releases

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...

31 Oct Press Release: Cadiz Inc. Announces Agreement with Senior Lender for $10 Million in New Working Capital

(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.

21 Oct Press Release: Third Lawsuit Challenging Cadiz Water Project Dismissed

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.

19 Sep Press Release: Cadiz Inc. Announces Agreement to Operate Steam Powered Excusion Train on the Arizona & California Railroad

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.

21 Aug Press Release: Cadiz Project To Provide $8 Million In Annual Savings To Southern California Water Users

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.

03 Jul Press Release: Cadiz Inc. And Limoneira Company Announce New Agriculture Development Agreement

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.

29 May Press Release: Cadiz Inc. Reports Dismissal of Lawsuit Challenging Water Project Environmental Approval

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.

15 Apr Press Release : Cadiz Inc. Appoints New Member to Board of Directors

April 15, 2013 LOS ANGELES, CA – Cadiz Inc. [NASDAQ: CDZI] (“Cadiz”, “the Company”) announced today the appointment of Mr. Bryant Riley to its Board of Directors.  Mr. Riley joins the Company’s Board with significant corporate management expertise and over 20 years of experience in the investment banking industry.

05 Mar Press Release: Cadiz Inc. Announces Comprehensive Refinancing Package

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").

10 Jan Press Release: Cadiz Names Scott Slater Chief Executive Officer

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.