Cadiz Inc. Issues Statement in Response to Remarks by California Senator Dianne Feinstein on the Cadiz Water Project
April 04 2017 - 8:30PM
Today, Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) CEO Scott
Slater released the following statement in response to a press
release from California Senator Dianne Feinstein about the Cadiz
Water Project and recent action by the U.S. Bureau of Land
Management:
“Senator Feinstein regrettably relies on outdated, 17-year old
data inconsistent with presently known facts as foundation to
oppose a project which will safely and sustainably create new water
for 400,000 people, has broad bipartisan community support, will
generate 5,900 new jobs, and will drive nearly $1 billion in
economic growth. Two public agencies and twelve separate
court opinions have expressly repudiated her arguments and
sustained our project in accordance with CEQA, the highest
environmental legal standard anywhere in America.
Her opposition has done a disservice to thousands of
Californians who will benefit from this public-private partnership
- a project which will deliver new, reliable water without any
adverse environmental impacts and will also provide significant
additional groundwater storage, allowing the region to retain
surplus water in wet years like this one for use in future dry
years.
At the request of a bipartisan group of Congressional Members,
the Bureau of Land Management on March 29th withdrew a guidance
policy of the previous administration that resulted in an egregious
evaluation of the Cadiz Project. That evaluation reversed more than
100 years of precedent of smart co-location of infrastructure in
existing railroad corridors. We are grateful for the bipartisan
efforts to reverse this errant BLM policy.”
About Cadiz
Founded 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
maintains an organic agricultural development in the Cadiz Valley
of eastern San Bernardino County, California and is partnering with
public water agencies to implement the Cadiz Water Project, which
over two phases will create a new water supply for approximately
100,000 Southern California families and make available up to 1
million acre-feet of new groundwater storage capacity for the
region. Cadiz 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
213.271.1603
cdegener@cadizinc.com
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