Company’s Water Project Lead, Scott Slater, Joins the Board
February 16, 2012
LOS ANGELES, CA – Cadiz Inc. [NASDAQ: CDZI] announced today the appointment of Mr. Scott Slater to its Board of Directors. Mr. Slater, who is currently the Company’s President and General Counsel, has been added to the Board in recognition of his growing leadership role in the Company and his success in advancing the Company’s Cadiz Valley Water Conservation, Recovery and Storage Project (“Water Project”).
Leading water fund increases its stake in the Company to 8%
LOS ANGELES, CA - (December 15, 2011) – Cadiz Inc. [NASDAQ: CDZI] is pleased to announce today that it sold 500,000 shares of the Company’s common stock to Water Asset Management, L.L.C (“WAM”), an existing shareholder, increasing the fund’s position in the Company to approximately 8%. The investment by WAM of $4.5 million, when combined with the proceeds of the direct private placement completed with affiliates of Altima Partners L.L.P. last week, results in an additional $11 million of working capital for the Company. As the Company has no payment obligation on its credit facility before 2013, the proceeds will be used to fund the Company’s development activities at optimal levels.
LOS ANGELES, CA - (December 6, 2011) – Cadiz Inc. [NASDAQ: CDZI] is pleased to announce two new developments related to the Company’s Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”), including the issuance of the Project’s Draft Environmental Impact Report (“EIR”) and the addition of California Water Service Company, the third largest water utility in the U.S., as a Project Participant. The Project proposes to provide a new, reliable water supply to Southern California communities by capturing and conserving thousands of acre-feet of native groundwater that will otherwise be lost to evaporation from the aquifer system beneath the Company’s property in California’s Mojave Desert.
Project Lead Agency releases findings of multidisciplinary panel of groundwater experts in support of the Project
LOS ANGELES, CA – (October 20, 2011) - Today Cadiz Inc. [NASDAQ: CDZI] ("the Company") is pleased to announce that a multi-disciplinary panel of groundwater experts has found the Cadiz Valley Water Project can be operated on an environmentally sustainable basis to offer Southern Californians a significant water supply and storage option. The Groundwater Stewardship Committee’s findings were announced today by the Santa Margarita Water District, lead agency in the California Environmental Quality Act (CEQA) review of the Project. SMWD’s press release detailing the panel’s findings is available at www.smwd.com/gsc.
LOS ANGELES, CA, July 12, 2011 – Today Cadiz Inc. [NASDAQ: CDZI] ("the Company") posted on its website a new video about the Cadiz Valley Water Conservation, Recovery and Storage Project, which the Company is developing in partnership with five Southern California water providers. Featuring Project participants and technical experts, the video provides an introduction to the Project and an overview of its current status. The video can be viewed at the following links: http://cadizinc.wpengine.com/water-project-video and http://www.youtube.com/watch?v=IeBmDBTAFnU .
Last year, following the release of new scientific findings about the water resources at the Project area, the Company produced a video describing the extent of the area’s water resources and the science behind the Project. This video can be viewed at the following link: http://cadizinc.wpengine.com/pureproof.
Economic Impact Report finds creation of green jobs in High Desert generates more than $878 million in San Bernardino County economic activity
LOS ANGELES, CA (May 24, 2011) – Today Cadiz Inc. [NASDAQ: CDZI] (“Cadiz”) announced the release of a report by prominent economist John E. Husing, Ph.D. which found that the Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”) would create and support over 5,900 jobs, generate more than $878 million in economic activity over its two phases, and infuse tens of millions in tax revenue to local governments. The Project is designed to provide renewable local groundwater to Southern California communities by building a wellfield and pipeline on privately owned land to deliver water to the Colorado River Aqueduct. A second phase of the Project would provide approximately one million acre-feet of underground storage for imported water.
Jurupa Community Services District signs agreements to participate in next phase of the Project
LOS ANGELES, CA (May 6, 2011) – Today Cadiz Inc. [NASDAQ: CDZI] (“Cadiz”) announced that it has entered into an Option Agreement with Southern California water provider Jurupa Community Services District (“JCSD”) for conserved water and carry-over storage capacity from its Cadiz Valley Water Conservation, Recovery and Storage Project (“the Project”). JCSD, which serves customers in parts of western Riverside County, is the fifth water provider to agree to participate in the Project, joining Santa Margarita Water District, Three Valleys Municipal Water District, Golden State Water Company and Suburban Water Systems. With the addition of JCSD, over 70% of the water to be conserved annually by the Project is now under option.
Cadiz Also Updates Progress in Project’s Environmental Review Phase
LOS ANGELES (October 4, 2010) – Today Cadiz Inc. [NASDAQ: CDZI] is pleased to announce the addition of water-utility Suburban Water Systems (“Suburban”) to its Water Conservation & Storage Project (“Project”). Suburban is a wholly-owned subsidiary of SouthWest Water Company (“SouthWest Water”), a provider of water, wastewater and municipal utilities services to a population of over one million people from across the southern tier of the U.S.A. By entering today into an Option Agreement with Cadiz for conserved water and related storage capacity in the Project, Suburban joins Santa Margarita Water District (“Santa Margarita”), Three Valleys Municipal Water District (“Three Valleys”), and Golden State Water Company (“Golden State) as a Project participant. With the addition of Suburban, 60% of the water to be conserved annually by the Project is now under option. The Company is in continuing discussions with additional potential participants.
Financing to Provide Funds for Cadiz Water Conservation Project Permitting Phase
LOS ANGELES (September 30, 2010) – Cadiz Inc. [NASDAQ: CDZI] is pleased to announce that it has reached agreement with LC Capital Master Fund, Ltd., the Company’s existing lender, (“Lender”) for an additional $10 million working capital facility. This facility, together with existing cash resources, has been designed to see the Company through completion of its Water Conservation & Storage Project’s (“Project”) environmental review and permitting process.
Press Release from the American States Water Company
June 28, 2010
SAN DIMAS, Calif.--(BUSINESS WIRE <http://www.businesswire.com/> )--American States Water Company (NYSE:AWR) announced today that it had signed, through its subsidiary, Golden State Water Company (“GSWC”), an agreement to proceed with the Cadiz Water Conservation & Storage Project (“Cadiz Project”) and participate in the Cadiz Project’s environmental review. The agreement grants GSWC the right to acquire a firm annual supply of water once the environmental review is complete. GSWC will also commit funds to the environmental review and has committed to the goal of a general “environmental benefit” for the operation of the project.