California Water Service Group Announces Selection of Deloitte & Touche LLP as Independent Registered Public Accountants
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California Water Service Group (NYSE:CWT) today announced the selection
of Deloitte & Touche LLP (Deloitte) as the Company’s
independent registered public accounting firm, subject to their
customary client acceptance procedures.
In February of this year, the Company’s audit
committee decided, in accordance with good corporate governance
practices, to undertake a thorough assessment of audit firms that serve
regulated companies. After conducting an extensive evaluation process,
the audit committee selected Deloitte based on the firm’s
audit approach, reputation in the utility space, and local market
presence.
The selection of Deloitte was not the result of any disagreements
between the company and the current independent registered public
accounting firm, KPMG L.L.P., on any matters of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedures.
"California Water Service Group has had a very
long and satisfying audit relationship with KPMG and we want to thank
the firm for its service,” said Chief
Financial Officer Martin Kropelnicki.
"We look forward to working with the staff
from Deloitte over the next few months as they transition into their new
role with us,” he said.
California Water Service Group is the parent company of California Water
Service Company, Washington Water Service Company, New Mexico Water
Service Company, Hawaii Water Service Company, Inc., CWS Utility
Services, and HWS Utility Services, LLC. Together these companies
provide regulated and non-regulated water service to approximately 2
million people in more than 100 California, Washington, New Mexico and
Hawaii communities. Group’s common stock
trades on the New York Stock Exchange under the symbol "CWT.” This news release contains forward-looking statements within the
meaning established by the Private Securities Litigation Reform Act of
1995 ("Act"). The forward-looking statements are
intended to qualify under provisions of the federal securities laws for
"safe harbor" treatment established by the Act. Forward-looking
statements are based on currently available information, expectations,
estimates, assumptions and projections, and management's judgment about
the Company, the water utility industry and general economic conditions. Such words as expects, intends, plans, believes, estimates, assumes,
anticipates, projects, predicts, forecasts or variations of such words
or similar expressions are intended to identify forward-looking
statements. The forward-looking statements are not guarantees of
future performance. They are subject to uncertainty and changes
in circumstances. Actual results may vary materially from what is
contained in a forward-looking statement. Factors that may cause
a result different than expected or anticipated include but are not
limited to: governmental and regulatory commissions' decisions,
including decisions on proper disposition of property; changes in
regulatory commissions' policies and procedures; the timeliness of
regulatory commissions' actions concerning rate relief; new legislation;
changes in accounting valuations and estimates; the ability to satisfy
requirements related to the Sarbanes-Oxley Act and other regulations on
internal controls; electric power interruptions; increases in suppliers'
prices and the availability of supplies including water and power;
fluctuations in interest rates; changes in environmental compliance and
water quality requirements; acquisitions and our ability to successfully
integrate acquired companies; the ability to successfully
implement business plans; changes in customer water use patterns; the
impact of weather on water sales and operating results; access to
sufficient capital on satisfactory terms; civil disturbances or
terrorist threats or acts, or apprehension about the possible future
occurrences of acts of this type; the involvement of the United States
in war or other hostilities; restrictive covenants in or changes to the
credit ratings on our current or future debt that could increase our
financing costs or affect our ability to borrow, make payments on debt
or pay dividends; and, other risks and unforeseen events. When
considering forward-looking statements, you should keep in mind the
cautionary statements included in this paragraph. The Company
assumes no obligation to provide public updates of forward-looking
statements.
Additional information is available online at www.calwatergroup.com.