SJW Corp. (NYSE: SJW) today announced that SJWTX, Inc., a wholly owned subsidiary of SJW Corp., acquired four Bexar Metropolitan Water District (“BMWD”) water systems and related assets in Comal County and the City of Bulverde. As previously reported, SJWTX, Inc. entered into the purchase agreement with BMWD on November 17, 2009; however, the agreement was subsequently amended to provide for, among other things, an accelerated closing.
With the acquisition, SJWTX, Inc. will add more than 500 new connections and achieves an important milestone in the development of its integrated regional water system. SJWTX, Inc. now has a total of more than 10,000 service connections serving approximately 40,000 people in Comal County and the southern part of Blanco County.
The BMWD acquisition is a reflection of SJWTX, Inc.’s business model which seeks economies of scale through the development of an integrated regional water system serving as an effective platform for capital deployment and risk management. “The acquisition is an important step in building SJWTX, Inc.’s ability and capacity to continue to efficiently deliver high quality water service to our existing and new retail customers,” said Thomas Hodge, Vice President of SJWTX, Inc.
SJW Corp. is a publicly traded holding company headquartered in San Jose, California. SJW Corp. is the parent company of San Jose Water Company, SJWTX, Inc., Texas Water Alliance Limited, and SJW Land Company. Together, San Jose Water Company and SJWTX, Inc. provide regulated and non-tariffed water service to more than one million people in San Jose, California and nearby communities and in Canyon Lake, Texas and nearby communities. SJW Land Company owns and operates commercial real estate investments.This press release may contain certain forward-looking statements including but not limited to statements relating to SJW Corp.'s plans, strategies, objectives, expectations and intentions, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SJW Corp. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Other factors that may cause actual results, performance or achievements to materially differ are described in SJW Corp.'s most recent reports on Form 10-K, Form 10-Q and Form 8-K filed with the Securities and Exchange Commission. SJW Corp. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.