Aqua America, Inc. (NYSE:WTR) announced today that its operating
subsidiaries in Texas and Indiana have collectively acquired three water
and wastewater systems for $260,000.
Aqua Texas, Inc. purchased the assets of the Spring Hill Water Company
and Holiday Estates water system in two separate transactions totaling
$125,000. The Spring Hill Water Company, which Aqua has operated since
1998, serves nearly 500 residents in the Krum and Ponder areas of Denton
County, Texas, located in the midst of a high-growth area known as the
Alliance Corridor. Aqua also recently acquired the Holiday Estates water
system, which serves more than 200 residents on Lake Tawakoni in Hunt
County in eastern Texas. In the near term, Aqua plans to install new
radio-frequency water meters for customers in both systems. Aqua Texas
provides water and wastewater service to more than 175,000 people
throughout the state.
Aqua Indiana, Inc. acquired Heir Industries, Inc., a wastewater utility
providing service to approximately 300 residents near the Town of Borden
in Clark County, Indiana for $135,000. The system was first developed in
1972 to serve the Southern Hills Subdivision, and a new 40,000 gallon
per day treatment facility was constructed in 1996, which has capacity
to serve nearby planned residential developments. Aqua Indiana provides
water and wastewater service to 110,000 people throughout the state.
"Aqua looks forward to serving our new Holiday Estates and Heir
Industries customers, and continuing to serve our Spring Hill
customers,” said Aqua America Chairman and CEO Nicholas DeBenedictis.
"Our business model is simple and effective: We grow our company through
acquisition, building economies of scale that benefit current and new
customers alike while making prudent investments to provide quality
water and reliable water and wastewater service to our customers.”
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 and South
Carolina. 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 projected investment in the acquired system, 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: the risk that the
acquired company’s business will not be successfully integrated; 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.
WTRF
