Salton Sea Authority Also Approves Contract
for 5,000 Acre-feet of Cadiz Water Supply
LOS
ANGELES, April 6, 2023 /PRNewswire/ -- Today,
Cadiz, Inc. (NASDAQ: CDZI/CDZIP) ("Cadiz", the
"Company"), a clean water solutions company, announced that it
completed construction of three new groundwater wells at the Cadiz
Ranch increasing the wellfield to 12 production wells
with an annual capacity of 36,000 acre-feet of water per year
(AFY). With the new wells online, the Cadiz Ranch wellfield
will have sufficient capacity to deliver the full volume of the
Company's Northern Pipeline, or 25,000 AFY, and also continue to
support current agricultural operations at the Cadiz Ranch.
"Our mission is to deliver clean, reliable and affordable water
to people," said Susan Kennedy,
Executive Chair of Cadiz. "Our wellfield and infrastructure will
provide both reliable new supply during extreme drought periods and
underground storage during extreme wet periods."
The Cadiz wellfield at the Ranch captures groundwater that would
otherwise be lost to evaporation from the base of a significant
Mojave Desert watershed for agricultural irrigation. The Cadiz
Ranch farming operation follows a sustainable groundwater
management plan that has been administered by the County of
San Bernardino since 1993. In
2012, the County also approved permits for the Cadiz Water
Conservation and Storage Project that authorizes conservation of
50,000 acre-feet per year for beneficial supply uses in communities
in Southern California. The
project also offers one million acre-feet of storage capacity for
imported surplus water in wet years.
In late March, the Salton Sea Authority Board of Directors voted
to approve a four-party contract with Cadiz, the Coachella Valley
Water District ("CVWD") and the Torres Martinez Desert Cahuilla
Indians securing 5,000 acre-feet per year of water supply from
Cadiz to support restoration of the Salton Sea and health,
safety, and economic development on Tribal lands and in
disadvantaged communities in eastern Coachella Valley, once the
Project pipelines are operational. In February, CVWD also
approved the contract.
"Despite recent rains, the Colorado River system remains under
pressure with long-term projections of shortage that will alter
reliable deliveries to all of Southern
California" said Scott
Slater, Cadiz CEO. "We are happy to be able to contribute to
solutions for communities affected by these systemic changes."
About Cadiz, Inc.
Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California water solutions company dedicated
to providing access to clean, reliable and affordable water for
people through a variety of innovative water supply, storage,
conveyance and treatment projects. For more information, please
visit www.cadizinc.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.
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SOURCE Cadiz, Inc.