BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America (NYSE: WTR) announced today that its Virginia subsidiary
has purchased the water system assets of the Caroline Water Company in
Caroline County. The system serves about 3,000 people in the Lake
Caroline community in Ruther Glen, Virginia.
The Caroline Water Company is Aqua's ninth regulated utility acquisition
so far this year.
Aqua paid $1.1 million for the water system and plans to spend
approximately $1.9 million over the next 5 years for capital
improvements to the system including major investments in the water
treatment plant. Lake Caroline is Aqua's second surface water plant in
Virginia. The plant has been offline since April 2009, and Aqua will
install a new water treatment plant and a bulk water storage tank to
bring the system into compliance. Currently, water is purchased through
an interconnection with the county water system.
Lake Caroline is about one mile south of Aqua's Lake Land'Or water and
wastewater systems and provides a cost-effective tuck-in opportunity.
"Aqua's purchase of the assets of the Caroline Water Company builds on
our strong growth in Virginia this year," said Chairman and CEO Nicholas
DeBenedictis. "We're positioned well to fund capital improvements that
our new customers need, such as a new water treatment plant for Lake
Caroline, and we look forward to continuing to expand our footprint in
Virginia."
Aqua has invested more than $70 million to improve and rebuild water and
wastewater systems' pipes, plants, wells and other infrastructure
throughout Virginia since becoming established in the state in 2003.
Aqua America is one of the largest U.S.-based, publicly traded water
utilities and serves nearly 3 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua
America is listed on the New York Stock Exchange under the ticker symbol
WTR. Visit AquaAmerica.com
for more information.
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the company's ability to invest capital and to continue to
acquire water and wastewater systems. There are important factors that
could cause actual results to differ materially from those expressed or
implied by such forward-looking statements including: general economic
business conditions; the ability to secure low-cost financing; the
ability to receive approval from all regulatory bodies; the ability to
successfully complete the capital improvements; the ability to
successfully and timely disconnect from the county's water system; and
other factors discussed in our Annual Report on Form 10-K, which is on
file with the Securities and Exchange Commission. For more information
regarding risks and uncertainties associated with Aqua America's
business, please refer to Aqua America's annual, quarterly and other SEC
filings. 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
Aqua America
Brian Dingerdissen, 610-645-1191
BJDingerdissen@AquaAmerica.com
or
Gretchen
Toner, 610-645-1175
M: 484-368-4816
GMToner@AquaAmerica.com
Source: Aqua America
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