Southwest Water to Acquire Wastewater Utility; Transaction Expands Company's Presence in Alabama
20 9월 2005 - 10:00PM
Business Wire
Southwest Water Company (Nasdaq:SWWC) has reached an agreement to
purchase the Shelby County, Alabama wastewater system for $8.5
million. Both the Shelby County Commission and the Southwest Water
board of directors have approved the transaction, which is
scheduled to close within a month subject to customary closing
conditions. The wastewater utility serves approximately 4,400
residential and commercial customers in a high growth area located
south of Birmingham in northern Shelby County. Terms of the
agreement include annual customer rate increases of 8% for 11
years. Alabama-based Novus Utilities, Inc., a subsidiary of
Southwest Water, has been operating this wastewater treatment plant
and sewage collection system under contract since 1992 and will
continue to do so after the acquisition. Novus Utilities operates
and maintains public, private and industrial water and wastewater
systems and provides a variety of related services to customers
throughout central and northern Alabama and contiguous states.
Anton C. Garnier, Southwest Water chairman and CEO, said, "This
transaction marks an important expansion of our utility footprint,
a key element of our long-term strategy for profitable growth. We
look forward to providing the residents of Shelby County with
quality wastewater treatment services for many years to come."
Southwest Water Company provides a broad range of operation,
maintenance and management services, including water production,
treatment and distribution; wastewater collection and treatment;
customer service; and utility infrastructure construction
management. The company owns regulated public utilities and also
serves cities, utility districts and private companies under
contract. Approximately two million people from coast to coast
depend on Southwest Water for high-quality, reliable service.
Additional information may be found on the company's Web site:
www.swwc.com. This document contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements, including expectations relating to the
acquisition of the Shelby County wastewater treatment utility,
future revenues and income, the company's ability to gain new
business and control costs, involve risks and uncertainties, as
well as assumptions that, if they prove incorrect or never
materialize, could cause the results of the company to differ
materially from those expressed or implied by such forward-looking
statements. Actual results may differ materially from these
expectations due to changes in regulatory, political, weather,
economic, business, competitive, market, environmental and other
factors. For example, rainfall can affect the company's financial
performance to the extent that results for one quarter are not
necessarily indicative of other quarters. More detailed information
about these factors is contained in the company's filings with the
Securities and Exchange Commission, including the company's 2004
Annual Report on Form 10-K. The company assumes no obligation to
update these forward-looking statements to reflect any change in
future events.
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