BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its Virginia
subsidiary, Aqua Virginia, Inc. (Aqua), has acquired the water system
assets of Fox Run Water Co., Inc. and Moseley-Nash Enterprises, Inc. for
approximately $400,000. The 26 water systems serve about 3,500 people
and businesses in several counties primarily surrounding Lake Gaston
near the North Carolina border. Aqua's Rockville, Virginia division will
manage the new systems. The acquisition is the latest for the company,
which has completed more than 200 acquisitions and growth ventures over
the last decade.
"We're happy to expand our footprint in Virginia, and we look forward to
providing the quality drinking water and excellent service that our new
customers expect and deserve," said Aqua America Chairman and CEO
Nicholas DeBenedictis. "Aqua has the necessary expertise to upgrade and
improve pipes, wells, and disinfection systems, and we have the
willingness and resources to provide the funds up front."
Aqua plans to spend approximately $1.4 million on environmental and
capital improvements over the next five years including disinfection and
treatment equipment for all water sources; filters to clear up
discoloration, such as iron, where needed; and new wells and pipes to
provide adequate water supply and pressure. Aqua also plans to install
new radio-frequency meters, which can be read remotely.
Aqua America also anticipates completing the acquisition of 12 Fox Run
water systems in North Carolina later this year.
DeBenedictis noted that Aqua America continues to focus its utility
operations in states that have a positive regulatory and business
climate that allows the company to continue 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 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 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, the ability of the company to complete planned
capital improvements, the ability of the company to complete the
acquisition of Fox Run systems in North Carolina, 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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