BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE: WTR) announced today that its Pennsylvania and
Virginia subsidiaries have acquired water and wastewater assets in two
separate transactions.
Aqua Pennsylvania, Inc. has acquired the water and wastewater system
assets of Total Environmental Solutions, Inc., (TESI), which serve
approximately 6,000 people in the Treasure Lake community of Sandy
Township, Clearfield County for $11.8 million. The water and wastewater
systems are the third and fourth systems Aqua Pennsylvania has purchased
from TESI, having purchased the company's Beech Mountain water and
wastewater systems in May 2012.
The acquisition expands Aqua Pennsylvania's service territory into
Clearfield County, bringing the number of counties served by the utility
to 31. The system will be operated by employees hired from TESI and
managed out of Aqua Pennsylvania's Shenango Division operations office
in neighboring Mercer County.
"The Treasure Lake systems are a great addition to our Pennsylvania
customer base," said Aqua America Chairman and CEO Nicholas
DeBenedictis. "Their proximity to our existing operations will allow us
to take advantage of economies of scale that will benefit our new
Treasure Lake customers as well as our existing customers."
DeBenedictis noted that an acquisition of a water system in Virginia
earlier this week offers similar benefits to both new and existing
customers. Aqua America's Virginia subsidiary purchased the British
Woods Water Company in Botetcourt County, Virginia. The system provides
water to about 150 people directly across the street from Aqua
Virginia's Appletree-Mountainview system.
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities and serves almost 3 million residents in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, 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. These
forward-looking statements are made based upon Aqua America's current
expectations and assumptions with respect to, among other things, its
ability to successfully continue its growth-through-acquisition
strategy. There are important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, including its ability to successfully
integrate the acquired properties into its existing operations and
rates, its ability to recover capital expenditures in rates, and other
key factors that we have indicated that could adversely affect our
business and financial performance and that are 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. For further
information regarding risks and uncertainties associated with Aqua
America's business, please refer to Aqua America's annual, quarterly and
other SEC filings. 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 Pennsylvania, Inc
Donna Alston
Manager, Communications
610-645-1095
484-368-4720
dpalston@aquaamerica.com
or
Gretchen
Toner
Manager, Strategic Communications
610-645-1175
484-368-4816
gmtoner@aquaamerica.com
Source: Aqua America, Inc.
News Provided by Acquire Media
