Aqua America Subsidiary Purchases New Jersey Water and Wastewater System; Bear Brook Marks the Company's First Venture in Sussex County
Aqua America Subsidiary Purchases New Jersey Water and Wastewater System; Bear Brook Marks the Company's First Venture in Sussex County
January 31, 2005
Aqua America Subsidiary Purchases New Jersey Water and Wastewater System; Bear Brook Marks the Company's First Venture in Sussex County BRYN MAWR, Pa., Jan 31, 2005 (BUSINESS WIRE) -- Aqua America Inc. (NYSE:WTR) announced today that its New Jersey subsidiary, Aqua New Jersey, Inc., has purchased the water and wastewater system assets of Bear Brook Village for approximately $175,000.
Bear Brook currently serves more than 130 water and wastewater residents, plus a golf course, in Fredon Township, Sussex County. The system has the potential to serve 120 more residents upon the development's completion.
"We're excited to announce Bear Brook, as it marks Aqua New Jersey's first acquisition in Sussex County," said Aqua New Jersey President Sharon Schulman. "Growth ventures such as these are key to Aqua America's growth strategy."
"New Jersey is one of our fastest growing states as the Philadelphia and New York employment centers expand," added Aqua America Chairman and Chief Executive Officer Nicholas DeBenedictis. Bear Brook will be operated by Aqua New Jersey's North Division in Phillisburg.
Aqua New Jersey will make immediate infrastructure improvements with the installation of radio frequency (RF) meters throughout Bear Brook. With RF meters, meter readers do not have to come onto the customers' property to get the reading. In fact, the meter is read as a meter reader drives or walks by the property.
Aqua America is the largest U.S.-based publicly-traded water utility serving more than 2.5 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, Maine, Missouri, New York and South Carolina. Aqua America is listed on the New York and Philadelphia Stock Exchanges under the ticker symbol WTR. The company has been dedicated to the preservation and improvement of the environment throughout its history which spans more than 100 years.
SOURCE: Aqua America Inc.
Aqua America Inc.
Joanna Oszeyczik, 610-645-4213
jaoszeyczik@aquaamerica.com
Bear Brook currently serves more than 130 water and wastewater residents, plus a golf course, in Fredon Township, Sussex County. The system has the potential to serve 120 more residents upon the development's completion.
"We're excited to announce Bear Brook, as it marks Aqua New Jersey's first acquisition in Sussex County," said Aqua New Jersey President Sharon Schulman. "Growth ventures such as these are key to Aqua America's growth strategy."
"New Jersey is one of our fastest growing states as the Philadelphia and New York employment centers expand," added Aqua America Chairman and Chief Executive Officer Nicholas DeBenedictis. Bear Brook will be operated by Aqua New Jersey's North Division in Phillisburg.
Aqua New Jersey will make immediate infrastructure improvements with the installation of radio frequency (RF) meters throughout Bear Brook. With RF meters, meter readers do not have to come onto the customers' property to get the reading. In fact, the meter is read as a meter reader drives or walks by the property.
Aqua America is the largest U.S.-based publicly-traded water utility serving more than 2.5 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, Maine, Missouri, New York and South Carolina. Aqua America is listed on the New York and Philadelphia Stock Exchanges under the ticker symbol WTR. The company has been dedicated to the preservation and improvement of the environment throughout its history which spans more than 100 years.
SOURCE: Aqua America Inc.
Aqua America Inc.
Joanna Oszeyczik, 610-645-4213
jaoszeyczik@aquaamerica.com