BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its Virginia
subsidiary has purchased four water systems and a wastewater system in
three separate acquisitions.
Aqua acquired the water and wastewater system assets of Presidential
Service Company. These systems serve about 1,000 people in the
Presidential Lakes subdivision in King George, Virginia, and the
acquisition marks Aqua's entry into King George County. Aqua paid
$150,000 for the water system and plans to spend about $200,000 in
capital improvements over the next couple of years. Aqua paid $1 for the
wastewater system, which is under a state consent order because it
doesn't meet environmental regulations. Aqua plans to invest nearly $1.4
million to build a new wastewater treatment plant to improve service and
bring the system into environmental compliance.
Aqua also acquired the water system assets of the Stagecoach Hills
public water system. This system serves about 80 people in the
Stagecoach Hills subdivision in Fluvanna County. Aqua paid $25,000 for
the system and plans to invest another $15,000 to upgrade the system.
Aqua also recently acquired the assets of two water systems from the
Botetourt Forest Water Corporation for $82,500. These systems serve
about 400 people in Blue Ridge, Botetourt County.
"Aqua's latest acquisition activity in Virginia demonstrates the success
of our national growth-through-acquisition strategy," said Chairman and
CEO Nicholas DeBenedictis. "Since Aqua's initial entry into the
Commonwealth of Virginia in 2003, we have acquired 63 additional water
and wastewater systems as a result of multiple acquisitions and growth
ventures. We continue to focus our efforts on areas where we can grow
and invest in the water and wastewater infrastructure our customers need
and deserve."
DeBenedictis said that 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. 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; housing and customer growth
trends; the success of growth initiatives; 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.
Brian Dingerdissen
610-645-1191
BJDingerdissen@AquaAmerica.com
or
Gretchen
Toner
610-645-1175
484-368-4816
GMToner@AquaAmerica.com
Source: Aqua America, Inc.
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