Cadiz Inc. Issues Statement on Status of California’s Assembly Bill 1000
September 01 2017 - 7:29PM
Today, Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”)
announced that the California State Senate set aside AB 1000
following a hearing of its Appropriations subcommittee. The Company
issued the following statement:
“Designed to block the Cadiz Water Project, AB 1000
(Friedman, D- Glendale) would have set a dangerous precedent
undercutting the California Environmental Quality Act – the
strictest environmental protection law in the nation; usurped local
control; and threatened jobs, water and economic growth for
Southern California.
The bill was widely opposed by more than 70 local,
state and national organizations, including labor unions, local
government groups, chambers, cities, and water agencies, because it
was bad policy that would have created new uncertainty for any
infrastructure improvement in California, jeopardizing affordable,
reliable services for all communities.
The Cadiz Water Project will safely and sustainably
conserve groundwater presently lost to evaporation and add a new,
reliable water supply in Southern California - something that is
particularly important given the region's ongoing water challenges.
The Project went through a multi-year public, independent
California environmental review process, was approved by California
public agencies and upheld by California's Courts, which confirmed
the Project will protect the desert environment.
We are grateful the State Senate has taken this
action and look forward to delivering reliable water, nearly 6,000
good-paying jobs and almost $1 billion in economic growth to
Southern California through this environmentally responsible
project as soon as possible.”
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 400,000 people 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,
please 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.
Contact:
Courtney Degener
213.271.1603
cdegener@cadizinc.com
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