Aqua America, Inc. (NYSE: WTR) announced today that it has acquired a
wastewater treatment, disposal and re-use system in Lumpkin County,
Georgia. The acquisition will launch Aqua’s new operating subsidiary,
Aqua Georgia, Inc., in the midst of one of the nation’s highest-growth
corridors, within an hour’s drive north of Atlanta along Georgia’s Route
400.
Aqua purchased the interests of WRF Georgia, LLC, which owns and
operates the plant. The new venture represents Aqua’s entry into another
of the nation’s fast-growing southern states and another public-private
partnership for the company — Aqua will sell its wastewater treatment,
disposal and re-use services to the Lumpkin County Water and Sewerage
Authority, which in turn provides service to the public. Aqua also
obtained the exclusive right to provide wastewater service to an area
covering approximately 14,750 acres. Since 2006, when the system was
constructed, the availability of the plant’s services has helped the
county secure new economic growth such as a shopping center and other
businesses.
"We’re pleased to be able to bring Aqua’s services to Georgia, and we
believe our new partnership with Lumpkin County represents the beginning
of a long-term commitment to the state,” said Aqua Chairman and CEO
Nicholas DeBenedictis. "Aqua can offer quality water and wastewater
solutions to Georgia for generations to come.”
Lumpkin County lies along Georgia Route 400, a highway that has spurred
massive growth in neighboring Forsyth County. Forsyth is the country’s
sixth fastest-growing county according to the U.S. Census Bureau.
Similarly, Lumpkin County estimates that its population has grown by 44
percent in the past 10 years.
Last week, Vice President Joe Biden visited nearby Dawsonville, Georgia,
to announce Recovery Act broadband grant and loan program awards, which
officials expect to enhance economic development in rural areas and
underserved urban communities. The Administration awarded a grant to the
North Georgia Network Cooperative, Inc., to deploy a 260-mile regional
fiber-optic ring to improve broadband access through 12 North Georgia
counties, including Lumpkin County.
"We’re happy to welcome Aqua into our community, and we look forward to
working with them for years to come,” said Murl Jones, chairman of the
county’s Water and Sewerage Authority. "Aqua has a long track record of
improving and expanding local water and wastewater systems and
delivering quality service to its customers. That’s exactly the kind of
partner we need to continue the growth we started with WRF.”
Aqua’s new plant is designed and permitted to treat up to 50,000 gallons
per day with a state-of-the-art membrane bioreactor treatment system
that produces a much cleaner effluent than a traditional plant — and in
a smaller footprint.
According to the terms of the agreement, Aqua did not publicly disclose
the purchase price of the acquisition. Today’s announcement brings the
total number of Aqua’s acquisitions this year to 17.
Aqua America is a publicly traded water and wastewater utility holding
company with operating subsidiaries serving approximately three million
people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas,
Florida, New Jersey, Indiana, Virginia, Maine, Missouri, South Carolina
and Georgia. Aqua America is listed on the New York Stock Exchange 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, the effect of the acquisition of the described business
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: risk
associated with the acquired company’s business; 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.
WTRF
