Cadiz Inc. Expands Management Team to Support Burgeoning Operations
May 21 2020 - 12:54PM
Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, the “Company”) announced today
that it has expanded its management team, adding a Director of
Development role to support the active development of the Company’s
Cadiz Valley properties for agriculture and complementary water
projects. The Company’s current CFO Timothy Shaheen will
immediately assume this new position. Mr. Stan Speer, who has been
a financial consultant to the Company for five years, will take
over as Chief Financial Officer.
Over the last 12 months, the Company has made significant
investments in its land and water assets, including the expansion
of its sustainable agriculture, water infrastructure and irrigation
capacity to support a variety of uses. Mr. Shaheen has been
instrumental in this effort, building on decades of prior
experience in agriculture, including as CEO of Sun World
International, which during his tenure from 1996 to 2005 owned and
operated 20,000 acres of various growing, packing and shipping
operations throughout California. As the new Director of
Development, Shaheen will provide focused leadership and oversight
as the Company executes on its plans to continue its successful
expansion of agricultural operations and water infrastructure at
the Cadiz Ranch.
In the CFO position, Mr. Speer will assume the Company’s
financial management and reporting responsibilities and maintain
oversight of operational budgets. Speer brings decades of financial
management experience to this position, including previous tenure
as Cadiz CFO from 1997-2003, and roles as a Managing Director with
global professional services firm Alvarez & Marsal, and as a
partner with Coopers & Lybrand (now PricewaterhouseCoopers),
where he spent 14 years specializing in business
reorganizations.
Scott Slater, Cadiz’s President & CEO, commented: “The
enthusiasm around our agricultural prospects and the supporting
water infrastructure has led to exciting growth that requires the
focus of a leader like Tim to ensure the continued success of these
developments. Tim’s deep experience with the Company and our land
holdings will serve him well in this exciting new role. We also
welcome Stan, who has a wealth of financial management experience
and personal knowledge of the Company, to round out the team as
CFO.”
Cadiz is the largest private landowner in eastern San Bernardino
County with over 45,000 acres of landholdings, including 9,600
acres permitted for agricultural development. The Company currently
maintains lease arrangements with agricultural partners, including
Limoneira Company (NASDAQ: LMNR) and Glass House Group, covering
approximately 2,500 acres of active farming. This year the Company
installed new water infrastructure, including three new wells with
12,500 acre-feet per year in capacity, to support its active
agriculture and plans to further develop the water infrastructure
at the Cadiz Ranch to support its complementary water and
agricultural projects.
More information about Mr. Speer and Mr. Shaheen is available on
the Company’s website, https://www.cadizinc.com/management/.
About Cadiz Inc.
Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California
business dedicated to sustainable water and agricultural projects.
We own 70 square miles of property with significant water resources
in Southern California and are the largest agricultural operation
in San Bernardino, California, where we have sustainably farmed
since the 1980s. We are also partnering with public water agencies
to implement the Cadiz Water Project, which was named a Top 10
Infrastructure Project that 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. Guided by a holistic land management plan, we are dedicated
to pursuing sustainable projects and practicing responsible
stewardship of our land, water and agricultural resources. For more
information, please visit www.cadizinc.com.
Contact:
Courtney Degener 213-271-1603 cdegener@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.
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