By implementing established groundwater management practices, the Project will create a new, sustainable annual water supply for Project participants, which includes SMWD, Three Valleys Municipal Water District, Suburban Water Systems, Golden State Water Company and Jurupa Community Services District. In addition, the Project offers approximately one million acre-feet of 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. Safeguarding the preservation of nearby wilderness areas and undisturbed federal lands, Project facilities will be built on privately-owned land.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.
Today Cadiz Inc. (NASDAQ:CDZI) ("the Company") is pleased to announce that a multi-disciplinary panel of groundwater experts has found the Cadiz Valley Water Project can be operated on an environmentally sustainable basis to offer Southern Californians a significant water supply and storage option. The Groundwater Stewardship Committee’s findings were announced today by the Santa Margarita Water District, lead agency in the California Environmental Quality Act (CEQA) review of the Project. SMWD’s press release detailing the panel’s findings is available at www.smwd.com/gsc. “We are grateful for the GSC’s time and efforts to analyze the new science and are excited about their report, which affirms that the science supports the operation of this Project in a safe and sustainable manner. We look forward to working with the Santa Margarita Water District in the implementation of this top panel’s recommendations,” said Cadiz President Scott Slater. The 12-member Groundwater Stewardship Committee reached its conclusions following an extensive review of the technical studies conducted as part of the ongoing CEQA process. Its findings will be incorporated into a Draft Environmental Impact Report scheduled to be released for public comment in November. 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 private property owned by Cadiz Inc. in eastern San Bernardino County, California. SMWD is serving as the lead agency of the CEQA review for the Project. The Project will maximize the beneficial use of groundwater currently lost to evaporation by 1) capturing the natural recharge of rain and snow that filters through the ground from the nearby mountains and 2) recovering groundwater that would otherwise continue on its down slope path and be lost to salt contamination and evaporation.