Company will invest $1.3 million to improve infrastructure
KANKAKEE, Ill.--(BUSINESS WIRE)--
Aqua America announced today that its Illinois subsidiary has purchased
the assets of the McHenry Shores Water Company in the City of McHenry,
Illinois, for $427,000. The McHenry Shores system serves approximately
1,600 people and will be operated out of Aqua Illinois' Northern
Division office, which operates out of Wauconda. Aqua serves 175,000
people in 13 counties throughout Illinois. It is the seventh acquisition
this year by an Aqua America subsidiary.
"Our acquisition of the assets of McHenry Shores Water Company continues
Aqua's trend of strong growth in northern Illinois," Aqua America
Chairman and CEO Nicholas DeBenedictis said. "We look forward to working
closely with the City of McHenry and McHenry Shores residents on capital
improvements that will result in better water quality, increased
reliability, and enhanced fire protection."
Aqua plans to make about $1.3 million of upgrades within the first five
years including the replacement of water mains, valves, service lines
and fire hydrants; refurbishing the 100,000-gallon elevated storage
tank; constructing an iron removal plant to improve water quality;
buying an on-site emergency power generator to ensure reliable service;
the installation of supervisory control and data acquisition system to
enable remote monitoring to identify any system failures in a timely
manner; water meter upgrades and improving security.
Aqua America is one of the largest U.S.-based, publicly traded water
utilities and serves nearly 3 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua
America is listed on the New York Stock Exchange under the ticker symbol
WTR. Visit AquaAmerica.com
for more information.
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the company's ability to invest capital. There are important
factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements including:
general economic business conditions; housing and customer growth
trends; the success of growth initiatives; the ability to recover
capital expenditures in rates; and other factors discussed in our Annual
Report on Form 10-K, which is on file with the Securities and Exchange
Commission. For more 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 America
Justin Pizzi
Director of Marketing &
Communications
O: 610-520-6308
M: 484-868-5032
JCPizzi@AquaAmerica.com
or
Brian
Dingerdissen
Director, Investor Relations
610-645-1191
BJDingerdissen@AquaAmerica.com
Source: Aqua America
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