“The Inland Empire’s recovery depends on jumpstarting the construction and manufacturing sectors which are our primary economic engines,” said Bob Van Valer, President of Roscoe Moss Company. “The Project comes at a time when we need it most and presents a unique opportunity for the County to support local vendors and job creation.”“Our industry is currently suffering from three consecutive years of declining markets, and this Project represents nearly a full year of production for our employees and our local supply partners in the Adelanto/Victorville community,” said Gary Stokes, President, Water Transmission Group, Northwest Pipe Company. “Families in San Bernardino County have been hit hard by the weak economy, especially the lack of jobs in the construction industry, and we are excited by the opportunity to get people to work in good green jobs building this project,” said Richard Sierra, area Business Manager of the Laborers International Union. The Riverside-San Bernardino-Ontario metropolitan area has one of the highest unemployment rates in the nation according to the Bureau of Labor Statistics ( http://www.bls.gov/news.release/metro.nr0.htm). In April 2011, San Bernardino County’s unemployment rate was estimated at 13.3% ( http://www.edd.ca.gov/About_EDD/pdf/urate201105.pdf). Case-Shiller recently named the area one of the five worst housing markets in the nation. About the Project The Cadiz Valley Water Conservation, Recovery and Storage Project is designed to capture and conserve thousands of acre-feet of native groundwater currently being lost to evaporation through an aquifer system beneath Cadiz’s property in eastern San Bernardino County, California. By implementing established groundwater management practices, the Project proposes to create a sustainable annual water supply for Project participants. In addition, the Project offers storage capacity that can be used by participants to carry-over – or “bank” – annual supplies, without the high rates of evaporative loss suffered by local surface reservoirs. Project facilities will be built on Cadiz’s property and other privately-owned land in the area. A Groundwater Stewardship Committee comprised of leading hydrology, geology, and environmental experts has been assembled to oversee the Project’s operating and monitoring program, which will ensure the environmental sustainability of the Project and safeguard nearby federal lands and pristine desert.
The Project is currently in a CEQA environmental review and permitting phase led by Santa Margarita Water District (“SMWD”). A Notice of Preparation (“NOP”) of a Draft Environmental Impact Report (“DEIR”) formally commencing the public portion of the CEQA process was issued in February 2011 by SMWD, and a 30-day scoping period was initiated. Two public scoping meetings were held in March 2011. Preparation of the DEIR is ongoing and the document is expected to be released for public comment in the coming months.About Cadiz Inc. Founded in 1983, Cadiz Inc. 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 supply and storage, organic farming and solar energy projects. In 2009 Cadiz adopted a wide-ranging “Green Compact” to implement environmental conservation and sustainable management practices at its properties. For more information about Cadiz, visit 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.