BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its Pennsylvania
water and wastewater subsidiaries have purchased utility systems in
Luzerne and Chester counties. The acquisitions are among the latest for
the company, which has completed more than 200 acquisitions and growth
ventures over the last decade.
Aqua Pennsylvania, Inc. (Aqua) acquired the water system assets that
serve the newly constructed Yalick Farms development in Dallas Township,
Luzerne County for $124,000. Complete build-out will include 283
residential properties and 42 commercial properties. Sixty-two
residential properties have already been constructed and occupied.
In a separate transaction, Little Washington Wastewater Company, Aqua's
wastewater subsidiary d/b/a Aqua Pennsylvania, purchased the Sage Hill
wastewater system assets that serve approximately 20 homes in Thornbury
Township, Chester County for $1. Aqua has operated the wastewater system
under an O&M agreement since 2006 and has provided water service to the
community via a main extension under a separate agreement to the current
water system owner.
Both acquisitions, completed yesterday and effective today, come on the
heels of the company's recent $11.3 million purchase of the wastewater
system assets of Kidder Township, Carbon County, which serves
approximately 3,000 people.
"We are continuing to pursue acquisitions in our backyard, where we can
maximize our economies of scale," said Aqua America Chairman and CEO
Nicholas DeBenedictis. "The Yalick Farms acquisition is consistent with
this strategy, as we already serve customers in Dallas Township and
serve thousands more throughout Luzerne County. The Sage Hill system is
within a mile of our Penn Oaks wastewater system in Chester County,
where we serve tens of thousands of people."
Aqua America is one of the largest U.S.-based publicly-traded water
utilities serving almost 3 million residents in Pennsylvania, Ohio,
Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina,
and Georgia. Aqua America is listed on the New York Stock Exchange under
the ticker symbol WTR.
This release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made based upon Aqua America's current
expectations and assumptions with respect to, among other things, its
ability acquire water and wastewater systems and to successfully
continue its growth through acquisition strategy. There are important
factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including
opposition to transactions by local agencies or others, and other key
factors that we have indicated that could adversely affect our business
and financial performance and that are discussed in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2011, which is on file
with the Securities and Exchange Commission. For further 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
610-645-1095
dpalston@aquaamerica.com
or
Gretchen
Toner
Manager, Strategic Communications
610-645-1175
gmtoner@aquaamerica.com
Source: Aqua America, Inc.
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