Aqua America Subsidiary Acquires Ohio Water System
BRYN MAWR, Pa., Aug 20, 2007 (BUSINESS WIRE) --
Aqua America, Inc. (NYSE:WTR) today announced that its Aqua Ohio, Inc. (Aqua) subsidiary acquired the Auburn Lakes water system, which serves approximately 1,200 people in Geauga County for $400,000.
Aqua acquired the system from the Auburn Lakes Limited Partnership, which represents owners of the three condominium associations served by the water system.
"We are pleased to have expanded our footprint into Geauga County and are excited about the potential opportunity to further expand our service area," said Aqua America Chairman and CEO Nicholas DeBenedictis.
"Our growth-through-acquisition strategy continues to work as we keep expanding our operations with tuck-in acquisitions, such as Auburn Lakes, as well as the acquisition of larger properties like the Aquarion Water Company of Sea Cliff in Long Island that closed in April," said DeBenedictis. Auburn Lakes is the 14th system acquired by Aqua America so far this year.
Aqua Ohio is the state's largest investor-owned water utility and serves nearly 280,000 people in 54 communities, including more than 100,000 people in Lake and Ashtabula counties. Aqua America is a publicly traded water and wastewater utility holding company, with operating subsidiaries serving approximately 2.8 million people in Pennsylvania, Texas, New York, Ohio, North Carolina, Illinois, 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, including, among others, opportunities this acquisition presents for additional acquisitions and expansion. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: 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 Terry Maenza Senior Communications Specialist 610-645-1175 tmmaenza@aquaamerica.com
Copyright Business Wire 2007
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