BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its North Carolina
subsidiary has acquired the water utility system assets of Ideal
Developing Corporation, which serves approximately 135 residents in the
Rock Creek subdivision in Catawba County. Aqua paid $250 for the system.
The Rock Creek water system is classified as a "distressed" system by
North Carolina regulators. Distressed systems need significant capital
improvements and operational and managerial expertise to ensure an
adequate supply of drinking water for their customers.
"This acquisition fits efficiently into Aqua's western North Carolina
operations, which are based in the same area and already serve nearby
customers," said Aqua America Chairman and CEO Nicholas DeBenedictis.
"We're taking advantage of economies of scale to fill out our footprint,
and we'll provide these customers with the water quality and service
they need and deserve."
Aqua North Carolina's Denver office in neighboring Lincoln County will
manage operations.
"Today's announcement is part of an ongoing effort by Aqua to acquire
distressed water and wastewater systems and invest in improvements that
will enhance service to our new customers," said Aqua North Carolina
President Tom Roberts. "This is a real-life example of how the public
and private sectors can work cooperatively to bring about solutions for
North Carolina residents."
Having recently exited or signed agreements to exit South Carolina,
Missouri, New York and Maine, Aqua America will have concentrated its
regulated operations in nine states (Pennsylvania, Ohio, North Carolina,
Illinois, Texas, New Jersey, Florida, Indiana and Virginia). The company
maintains a non-regulated wastewater operation in Georgia.
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,
Maine, New York 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 that address, among
other things: the impact of the acquisition on the company and possible
economies of scale, the company's efforts to acquire distressed systems
and invest in improvements to enhance service, and the company's
concentration of its regulated operations in nine states. There are
important factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements
including: the risk that the acquired company's business will not be
successfully integrated; and other key factors that we have indicated
could adversely affect our business and financial performance discussed
in our Annual Report on Form 10-K for the fiscal year ended December 31,
2010, which is on file 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
Aqua America, Inc.
Donna Alston
Manager, Communications
610-645-1095
dpalston@aquaamerica.com
or
Brian
Dingerdissen
Director, Investor Relations
610-645-1191
bjdingerdissen@aquaamerica.com
Source: Aqua America, Inc.
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