4.7.2007: Meldung: Aqua America Announces New Acquisition
"With this acquisition, Aqua now operates systems in 50 counties across Texas and further expands our regional network in the fast-growing San Antonio-Kerrville area. Furthermore, we will efficiently integrate these systems into our existing operations to take advantage of economies of scale," said Aqua America Chairman and Chief Executive Officer Nicholas DeBenedictis.
The newly acquired systems are located close to Aqua"s existing operations near Kerrville and Fredericksburg. Aqua owns more than 375 water and wastewater systems in Texas serving approximately 155,000 people.
Over the next several years, Aqua plans to make nearly $400,000 in water infrastructure improvements to the system, including upgrading storage tanks, modernizing electrical and treatment systems and rehabilitating existing water wells. In addition, the company will install a state-of-the-art radio frequency (RF) meter reading system for all Harper customers.
"Aqua is an experienced, professionally managed company that shares our commitment to deliver quality, reliable service and brings significant resources to make the necessary capital improvements to ensure that the drinking water meets all environmental standards," said Morris and Kathryn Harper, owners of Harper Water Company.
Aqua Texas is a subsidiary of Aqua America, a publicly traded water and wastewater utility holding company, with operating subsidiaries serving approximately 2.8 million people in Pennsylvania, Texas, New York, Ohio, North Carolina, Illinois, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina. Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR.
This release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that address, among other things, potential additional growth opportunities, the projected investment in and improvements to the acquired systems, the expected timing and extent of improvements to systems, the efficiency with which we can integrate acquisitions, and possible benefits from the acquired operations. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: the risk that the proposed improvements will not be made as projected or have the indicated benefits; the costs related to the transaction; the risk that anticipated benefits will not be obtained or will not be obtained within the time anticipated; and other key factors that we have indicated could adversely affect our business and financial performance contained in our past and future filings and reports, including those filed with the Securities and Exchange Commission. Aqua America is not under any obligation--and expressly disclaims any such obligation--to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
Aqua America, Inc.
Senior Communications Specialist