Cadiz Water Project Receives Support of the California Chamber of Commerce
September 21 2016 - 9:30AM
Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) is pleased to
announce that the Cadiz Water Conservation, Recovery & Storage
Project (“Cadiz Water Project”) has earned the support of the
California Chamber of Commerce (“CalChamber”), the state’s largest
business advocacy group. The Cadiz Water Project is a
public-private partnership with local water providers to deliver a
new, reliable water supply across Southern California.
In a recent letter of support the CalChamber stated, “The Cadiz
Project fits within the policy principals of the CalChamber to
support a comprehensive solution to California’s chronic water
shortage. The increase in water supplies and the economic benefits
are compelling. Southern California needs projects like this
one to diversify its long term water supply while at the same time
reducing reliance on imported water and providing for more local
groundwater storage.”
"The express support of the Cadiz Project by the CalChamber, as
well as the strong embrace of our economic benefits and ability to
grow water supplies in the middle of an extended drought, provides
powerful momentum to our effort to complete our remaining
milestones,” said Scott Slater, Cadiz President and CEO. “The
backing of California's largest and most powerful broad-based
business advocate to government is a golden affirmation of our
mission to deliver reliable water to 400,000 people and we are
grateful for the support."
The Cadiz Water Project is designed to conserve groundwater
presently lost to evaporation and high-salinity in the Mojave
Desert’s Cadiz Valley and deliver it to Southern California
communities. Over the 50-year term of the Project, an average of
50,000 acre-feet of water per year, enough for 400,000 people, will
be delivered across the region in compliance with a comprehensive,
state-of-the-art groundwater management program that will be
enforced by San Bernardino County. In a second phase, the Project
would store up to 1 million acre-feet of imported water for use in
future dry years. The Company developed the Cadiz Water Project in
partnership with the Santa Margarita Water District (“SMWD”),
Orange County’s second largest water agency, as well as water
providers that serve seven Southern California counties.
The Project was exhaustively reviewed and then
approved in 2012 in accordance with the California Environmental
Quality Act (“CEQA”). Earlier this summer, the CEQA approvals were
sustained by the California Court of Appeal in six sweeping
opinions in favor of the Project. With legal review of the
Project under CEQA exhausted, the Company and its supporters are
working to finalize arrangements to convey water from Cadiz via a
pipeline to the Colorado River Aqueduct and then into the service
areas of Project participants.
About the CalChamberThe California Chamber of
Commerce is the largest broad-based business advocate to government
in California. Membership represents one-quarter of the
private sector jobs in California and includes firms of all sizes
and companies from every industry within the state.
Leveraging our front-line knowledge of laws and regulations, we
provide products and services to help businesses comply with both
federal and state law. CalChamber, a not-for-profit
organization with roots dating to 1890, promotes international
trade and investment in order to stimulate California’s economy and
create jobs. To learn more
visit http://www.calchamber.com. 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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