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03.12.2021 20:44

Cadiz Inc. Issues Statement in Response to News that California Water Districts Will Receive 0% of Supplies Contracted from the State

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LOS ANGELES, Dec. 3, 2021 /PRNewswire/ -- Today, Cadiz Inc. (NASDAQ: CDZI) ("Cadiz", the "Company") CEO Scott Slater released the following statement in response to the California Department of Water Resources' announcement that it will allocate zero water to its 29 contract water districts next year. 

Cadiz Inc Logo (PRNewsfoto/Cadiz Inc.)

"The State water outlook turned gloomier this week; if that's possible.  Following the already significant curtailments of 2021, the California Department of Water Resources confirmed Wednesday that the State will not be honoring contracts for the delivery of water to 25 million people and 750,000 acres of California farmland and is forecasting a zero allocation of water for the first time in history. Instead of meeting contractual allocations, DWR will apportion water among contract holders based upon its assessment of essential needs and will place DWR in the unenviable position of picking winners and losers.

"This historic drought in California and throughout the Southwest continues to take a devastating toll on the State's existing system, and on the tens of millions of families who continue to see mandatory cutbacks with no indication that conditions will improve. Conservation efforts are critical to addressing this crisis, but more action is needed.  

"As the State of California continues to address supply inequalities and infrastructure challenges that most significantly impact its disadvantaged communities, Cadiz is deeply committed to enhancing California's water transportation network to improve water access for all. 

"An immediate opportunity is manifest by the Cadiz Northern Pipeline, which spans 220 miles and crosses important state infrastructure.  It can help play a significant role in alleviating this crisis by enabling the conveyance of water to impacted communities, particularly in rural California, to help bring water from where it is, to where it is needed. Moreover, it could improve access to groundwater storage – a key tool to manage scarce resources.

"The Company also continues to offer potential beneficial water supply for 200,000 people through conservation of groundwater lost to salinity and evaporation, which is CEQA approved, regulated by local authorities, and continues to wind its way through the regulatory process.

"Our message is simple: Californians need water access. Cadiz can help. Let's work together to get water to the millions of people who desperately need it." 

About Cadiz Inc.

Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California business dedicated to sustainable water and agricultural projects.  We own 70 square miles of property with significant water resources in Southern California and are the largest agricultural operation in San Bernardino County, California, where we have sustainably farmed since the 1980s.  We are also partnering with public water agencies to implement the Cadiz Water Project, which was named a Top 10 Infrastructure Project that over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region.  Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects and practicing responsible stewardship of our land, water and agricultural resources.  For more information, please visit www.cadizinc.com.

Safe Harbor Statement

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates", "expect", "may", "plan", or "will". Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact, including statements regarding the Company's expectations regarding payments of dividends in the future. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements. These and other risks are identified in our filings with the Commission, including without limitation our Annual Report on Form 10-K for the year ended December 31, 2020, our Quarterly Reports on Form 10-Q for the three months ended March 31, 2021, and June 30, 2021, and in other filings subsequently made by the Company with the Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date.  We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

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SOURCE Cadiz Inc.

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