BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its Texas subsidiary
has purchased the water system assets of a subdivision called Dancing
Bear in Medina County, which is about 25 miles west of San Antonio. Aqua
paid $126,000 for the system.
"Aqua continues to strategically plan and execute our growth efforts in
states like Texas, where our operations already have critical mass and
which is one of the fastest-growing states in the nation," said Aqua
America Chairman Nicholas DeBenedictis. "The Dancing Bear subdivision
will expand our footprint in the San Antonio suburbs, helping us build
economies of scale. We look forward to serving our new customers."
The water system currently serves about 200 people, but build-out is
expected to reach a population of more than 2,000 people. The system is
within two miles of existing Aqua water systems.
In July, Aqua announced that it has reached an agreement to sell its
Maine operations to Connecticut Water Service, Inc. Aqua also announced
in July that it will sell its regulated operations in New York (50,520
customers) to American Water (NYSE: AWK) and purchase American Water's
operations in Ohio (57,280 customers). In June, Aqua America's Texas
subsidiary acquired 51 water and five wastewater systems from Texas
American including 4,200 water and 1,100 wastewater customers (16,000
people) for $6 million — the approximate book value of the assets. That
transaction was the final step in a property swap between the two
companies that began in May, when Aqua America sold the bulk of its
regulated Missouri operations (approximately 3,700 customers) to
American Water for $3.2 million.
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 and serves 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 company's continuation of its growth efforts, the
impact of the acquisition on the company and its economies of scale, and
the expected growth in the area of the acquired system. 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
Source: Aqua America, Inc.
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