BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its North Carolina
subsidiary, Aqua North Carolina, Inc. (Aqua), has acquired the water
system assets of Fox Run Water Co., Inc. and Moseley-Nash Enterprises,
Inc. for approximately $175,000. The 12 water systems serve about 1,500
residents in Warren and Northampton counties. At full build-out, these
water systems could serve approximately 2,100 residents. The
acquisition is the latest for Aqua America, which has completed more
than 200 acquisitions and growth ventures over the last decade.
Earlier this month, Aqua America's Virginia subsidiary acquired 26 water
systems from Fox Run Water Co., Inc. and Moseley-Nash Enterprises, Inc.
"The closeness of our systems in neighboring counties makes the Fox Run
acquisition a natural and efficient expansion of Aqua's service in North
Carolina," said Aqua America Chairman and CEO Nicholas DeBenedictis. "We
look forward to making the necessary improvements to pipes, plants,
wells, and water treatment to ensure that we provide our new customers
with quality water and reliable service."
Aqua plans to spend approximately $1.2 million on environmental and
capital improvements over the next year. Aqua's Cary, North Carolina
division will manage the new systems.
DeBenedictis said that Aqua America continues to focus its utility
operations in states that have a positive regulatory and business
climate that enables the company to make the capital investments
necessary to deliver quality water and reliable service to customers,
while providing the opportunity to earn an adequate return on that
investment for shareholders.
Aqua North Carolina serves more than 250,000 residents in 53 counties
throughout the state. Today's acquisition marks Aqua's initial expansion
into Warren and Northampton counties.
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. Visit www.aquaamerica.com
for more information.
This release contains forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995 that address, among
other things: the planned improvements to the acquired systems. 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, the ability of the company to complete
planned capital improvements, the ability to earn an adequate return of
the capital investments, 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,
2011, 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.
Gretchen Toner
Manager, Strategic
Communications
610-645-1175
gmtoner@aquaamerica.com
Source: Aqua America, Inc.
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