GEORGE TOWN, Grand Cayman,
Cayman Islands, June 16, 2016 /PRNewswire/ -- Consolidated Water
Co. Ltd. (NASDAQ Global Select Market: "CWCO") ("Consolidated
Water" or "the Company"), which develops and operates seawater
desalination plants and water distribution systems in areas of the
world where naturally occurring supplies of potable water are
scarce or nonexistent, today announced that on June 15, 2016 the State
of Baja California, Mexico (the "State") designated the
consortium comprised of N.S.C. Agua, S.A. de C.V. (the Company's
subsidiary), NuWater S.A.P.I. de C.V. and Degremont S.A. de C.V.
(the "Consortium") as the winner of the Government of Baja California, Mexico bidding process No.
SIDUE-CEA-APP-2015-002 (the "Bidding Process") for the financing,
construction and operation of a seawater desalination plant in
Playas de Rosarito, Baja California,
Mexico.
The Consortium expects to finalize a definitive public-private
partnership agreement with the State within the next 60 days, which
is the time period allotted by the State. After execution of
this definitive agreement, the Consortium will finance, design,
construct, operate and maintain the desalination plant and an
accompanying pipeline to deliver drinking water from the
desalination plant to the Mexican potable water system in two
phases. In the first phase, which is expected to be
operational by the end of 2019, the desalination plant will have a
production capacity of 50 million gallons of drinking water per
day. In the second phase of the project, the Company and its
partners will double the desalination plant's production capacity
to 100 million gallons per day by 2024 and extend the drinking
water delivery pipeline. At the end of the 37 year operating
period, both phases of the plant and pipeline will be handed over
to the State.
"The Company has been developing the Rosarito, Mexico desalination plant project
for more than six years and we are extremely pleased with the
outcome of this public bidding process," said Rick McTaggart, President and Chief Executive
Office of Consolidated Water. "It was gratifying to learn
that our consortium received top points for both its technical and
financial proposals, and we look forward to working closely with
the State to ensure the success of this extremely important
infrastructure project", concluded McTaggart.
CWCO-G
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates seawater
desalination plants and water distribution systems in areas of the
world where naturally occurring supplies of potable water are
scarce or nonexistent. The Company operates water production and
distribution facilities and provides water-related products and
services to customers in the Cayman
Islands, Belize, the
British Virgin Islands,
The Commonwealth of The Bahamas,
Indonesia and the United States.
Consolidated Water Co. Ltd. is headquartered in George Town, Grand Cayman, in the Cayman Islands. The Company's ordinary
(common) stock is traded on the NASDAQ Global Select Market under
the symbol "CWCO". Additional information on the Company is
available on its website at http://www.cwco.com.
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "intend", "expect", "should" or
similar expressions. These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently
involve risks and uncertainties that could cause actual results to
differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include,
but are not limited to, continued acceptance of the Company's
products and services in the marketplace, changes in its
relationship with the government of the State, the outcome of its
negotiations with the State for a definitive public-private
partnership agreement, its ability to finance, construct and
operate the Rosarito project
profitably, and its ability to manage growth and other risks
detailed in the Company's periodic report filings with the
Securities and Exchange Commission ("SEC").
By making these forward-looking statements, the Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release.
For further information, please contact:
Frederick W.
McTaggart, President and CEO, at (345) 945-4277 or
David W. Sasnett, Executive Vice
President and CFO, at (954) 509-8200 or via e-mail at
info@cwco.com
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SOURCE Consolidated Water Co. Ltd.