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 and organic farming projects. Cadiz abides by a wide-ranging “Green Compact” focused on environmental conservation and sustainable management practices at its properties. For more information about Cadiz, visit www.cadizinc.com. FORWARD LOOKING STATEMENT: 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, the receipt of additional permits for the water project and other factors and considerations detailed in the Company’s Securities and Exchange Commission filings.
Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, “the Company”) announced today that it has appointed Company President Scott Slater to the additional role of Chief Executive Officer effective February 1, 2013. Keith Brackpool, a co-founder of the Company who has served as CEO since 1991, will remain as Chairman of the Board of Directors. Mr. Brackpool has been a member of the Company’s Board since 1986 and Chairman since 2001. Mr. Slater, one of the nation’s foremost experts in water policy and groundwater law, joined the Company as General Counsel in 2008 to oversee land and water resource management activities, including development of the Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”). Since that time Slater has led the Project through many significant milestones, including last year’s Project approval and certification of the California Environmental Quality Act (“CEQA”) documents by the Santa Margarita Water District. Mr. Slater is now leading the Project’s economic and pre-construction phase and, as CEO, will also oversee the long-term development and holistic management of the Company’s various resource assets. “Scott Slater is a proven leader who can bring our Project over the finish line,” said Keith Brackpool. “We have made tremendous progress since Scott joined the Company and we could not have a more qualified person to steer Cadiz through its next phase.” Mr. Slater, who is also on the Company’s Board of Directors, is a veteran water rights attorney with over 25 years of experience in the water industry. In addition to his positions at the Company, Mr. Slater is also a shareholder in Brownstein Hyatt Farber Schreck, L.L.P. (“Brownstein”), the nation’s leading water practice firm. He has served as lead negotiator on a number of important water transactions, including the negotiation of the largest conservation-based water transfer in U.S. history on behalf of the San Diego County Water Authority. Mr. Slater is also the author of California Water Law and Policy, a two-volume treatise on the subject, and has taught law and graduate courses at Pepperdine University, the University of California, Santa Barbara and the University of West Australia. “I am proud to take on this important role at such an exciting time,” Mr. Slater commented. “We’ve envisioned a multi-faceted business including water conservation and storage, organic agriculture, desert land conservation, and tourist investments to sustainably manage our vast resources in the desert and provide long-term benefits. I look forward to implementing these worthy programs and achieving our objectives.”