“We are pleased that Golden State has joined Santa Margarita and Three Valleys and will participate in the next phase of the Project,” said Scott Slater Cadiz General Counsel. “The conserved water supply provided by Cadiz will help diversify their Southern California water supply portfolio. They’ve made a concerted effort to perfect their water rights over the past twenty years and their pursuit of this project is consistent with their track record of emphasizing supply reliability for their customers. We will continue to bring parties to the table with an interest in regional solutions and in redressing the chronic water shortages in an environmentally responsible manner. Golden State’s leadership in this area is a welcome addition to the Project.”Cadiz remains in discussions with additional public water providers that are interested in acquiring rights to the remaining annual supply conserved by the Project while exploring operations strategies with third parties for the storage aspect of the Project. About the Project Cadiz owns approximately 35,000 acres of land in the Cadiz and Fenner valleys of San Bernardino County, California. This landholding is underlain by an extensive aquifer system offering storage capacity and natural recharge. One of the largest water conservation efforts of its kind, the Cadiz Project will capture and utilize billions of gallons of renewable native groundwater that is currently being lost to evaporation through the aquifer system and yield a sustainable annual supply for subscribers. In addition, the Project offers approximately one million acre feet of storage capacity that can be used to conserve – or “bank” – imported water, virtually eliminating the high rates of evaporative loss suffered by local surface reservoirs. Earlier this year, environmental firm CH2M Hill unveiled the findings of a comprehensive study confirming the scale and recharge rate of the of the Project’s aquifer system. The study, which was peer reviewed and validated by leading groundwater experts, estimates total groundwater in storage in the aquifer system between 17 and 34 million acre-feet, a quantity on par with Lake Mead, the nation’s largest surface reservoir. The study also confirmed a renewable annual supply of native groundwater in the aquifer system currently being lost to evaporation.
About Golden StateServing Californians for more than 80 years, Golden State is an investor-owned public utility and a wholly-owned subsidiary of American States Water [NYSE: AWR]. Golden State is engaged in the distribution and sale of water to over 800,000 customers in 45 cities across California. In Southern California, Golden State serves customers in cities throughout San Bernardino, Riverside, Los Angeles, Orange and Ventura counties. About Cadiz Founded in 1983, Cadiz is a publicly-held renewable resources company that owns 70 square miles of property with significant water resources and clean energy potential in eastern San Bernardino County, California. The Company is engaged in a combination of water storage and supply, solar energy and organic farming projects. Last year, Cadiz signed a wide-ranging “Green Compact” to promote environmental conservation and sustainable management practices. Further information can be obtained by visiting www.cadizinc.com. This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company’s forward-looking statements include the Company’s ability to maximize value for Cadiz land and water resources, the Company’s ability to obtain new financing as needed, and other factors and considerations detailed in the Company’s Securities and Exchange Commission filings.