BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its Illinois
subsidiary completed the successful purchase of the municipally owned
North Maine Utilities (NMU) water and wastewater system from the Village
of Glenview, Illinois for $22 million. The system serves more than
44,000 people through 4,700 metered water connections and nearly 2,500
wastewater connections.
Aqua Illinois' purchase of the system includes a commitment by Aqua to
freeze rates for NMU customers through June of 2020, excluding any
purchased-water increases from the current provider, which will be
passed through under a purchased-water surcharge approved by the
Illinois Commerce Commission. This agreement addresses the Village of
Glenview's concern of rate stability for NMU customers. Aqua Illinois
has also committed to invest $10 million to construct a needed
interconnection with Glenview to purchase Lake Michigan water from
Glenview at a significantly lower price than the projected rate of the
current provider.
"Aqua Illinois is excited to be able to serve the residents and
businesses of North Maine with quality water and wastewater services,
reasonable rates and excellent customer service," said Aqua America
Chairman and CEO Nicholas DeBenedictis. "With more than 125 years of
experience in the water industry, we have the operational capacity,
technical expertise and resources needed to meet the needs of NMU
customers. We look forward to being a community partner with the Village
of Glenview for many years to come."
Glenview Village President Jim Patterson pointed out that the Village of
Glenview had provided greatly needed repairs and improvements to North
Maine Utilities during its 17-year ownership, including proactively
replacing underground water and sanitary sewer pipes, performing system
maintenance and repainting a large water tank.
"We believe NMU customers can benefit from a new owner that has more
flexibility, especially to provide rate stability," Patterson said. "It
was important that the sale to Aqua include an agreement that NMU be
provided with less expensive water from Wilmette via Glenview in the
future."
Aqua America has completed 26 acquisitions in Illinois since 1999, and
more than 300 acquisitions company-wide since 1995. Last year, Aqua
America completed 16 water and wastewater acquisitions and grew its
customer base by 1.3 percent.
Aqua Illinois provides water and wastewater service to approximately
175,000 people in 13 counties throughout Illinois.
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, receive governmental
approval of the transition and close the acquisition. 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 receipt of
governmental approvals; the successful closing of the acquisition; the
successful integration of the customers and the facility; 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, Inc.
Donna Alston
Manager, Communications
O:
610-645-1095
M: 484-368-4720
DPAlston@AquaAmerica.com
or
Brian
Dingerdissen
Director, Investor Relations
610-645-1191
BJDingerdissen@AquaAmerica.com
Source: Aqua America, Inc.
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