Cadiz Inc. Issues Statement on Apparent Bias in Bureau of Land Management’s Review of the Cadiz Water Project
August 17 2016 - 5:41PM
Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) reported today
that the Wall Street Journal published an editorial on the content
of email exchanges, previously disclosed by the Company on August
8, 2016, between the U.S. Bureau of Land Management (“BLM”) and
third parties regarding BLM’s review of the Cadiz Water Project.
The Company received the emails following a request for information
from the BLM filed under the Freedom of Information Act.
The Company issued the following statement following the Wall
Street Journal editorial:
“We are extremely disappointed to learn of BLM’s apparent lack
of fundamental fairness in its evaluation of our project. In
2009 the Department of the Interior stated that our proposed use of
the ARZC right-of-way for a water conveyance pipeline was within
the right-of-way’s scope and since that time, the Project and the
pipeline have been reviewed, approved, and upheld under California
environmental laws - the toughest in the nation. We have
complied with all federal law and policy regarding the use of
railroad routes, and we believe without question the Project is
within the scope of the right-of-way under all currently applicable
laws.
There is now a palpable dark cloud that hovers over BLM’s
decision-making process and we call on BLM to immediately rescind
its October 2015 opinion and support Congress’ efforts to remove
the vagaries inherent in the existing process. The
widely-supported Project, which stands ready to deliver much-needed
water to 400,000 people in Southern California, should proceed
forthwith.” About CadizFounded in 1983, Cadiz Inc.
is a publicly-held renewable resources company that owns 70 square
miles of property with significant water resources in Southern
California. The Company is engaged in a combination of organic
farming and water supply and storage projects at its properties and
abides by a wide-ranging “Green Compact” focused on environmental
conservation and sustainable practices to manage its land, water
and agricultural resources. For more information about Cadiz, visit
http://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.
CONTACT:
Courtney Degener
213-271-1600
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