Aqua America Pennsylvania Subsidiary Acquires Water System in Honesdale, Wayne County Seat
BRYN MAWR, Pa., Sep 30, 2008 (BUSINESS WIRE) -- Aqua America, Inc. (Aqua) announced today that its Pennsylvania subsidiary has completed its merger of the Honesdale Consolidated Water Company (HCWC) which serves approximately 6,000 people within portions of Honesdale Borough and Texas Township, Wayne County in a transaction valued at $6.7 million.
"We are pleased to have expanded our footprint in Wayne County, Pennsylvania, and this acquisition represents another in our pipeline of growth opportunities that continue to produce meaningful acquisitions and expand our customer base in both the water and wastewater utility arenas," said Aqua America Chairman and CEO Nicholas DeBenedictis.
Aqua Pennsylvania will use HCWC's office in Honesdale Borough as the operations headquarters for its Northeast Pennsylvania Division, which services Aqua's community water and wastewater systems throughout Pike, Wayne, Monroe and Lackawanna counties.
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 both the New York and Philadelphia Stock Exchanges 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
SOURCE: Aqua America, Inc.
Aqua America, Inc. Donna Alston Director, Communications 610-645-1095 dpalston@aquaamerica.com or Brian Dingerdissen Director, Investor Relations 610-645-1191 bjdingerdissen@aquaamerica.com
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