Consolidated Water Sees Return of Tourism in the Cayman Islands as COVID-19 Travel Restrictions Ease
February 28 2022 - 8:31AM
Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a
leading developer and operator of advanced water supply and
treatment plants, has noted a recent increase in water demand in
the Cayman Islands as the country’s Phase 5 reopening
plan continues.
The company operates seven seawater desalination
plants that produce all the piped drinking water on Grand Cayman,
which is home to about 95% of the nation’s population.
“The easing of COVID-19 restrictions and the return
of tourism to the Cayman Islands is very encouraging to see after
many months of lockdowns and travel bans,” stated Rick McTaggart,
CEO of Consolidated Water. “The removal of certain restrictions
sets the stage for our retail water sales to return to normal
levels in the coming months as hotels, restaurants and other
tourism-based businesses begin servicing vacationers. In
particular, we were very happy to see that the government raised
the limits on gatherings which facilitates the return of
conferences and conventions to the Islands.”
On February 18, the Cayman Islands government
dropped all on-island COVID testing for vaccinated travelers,
citing a decline in local infection cases. The Islands also no
longer require post-arrival COVID-19 tests for fully vaccinated
travelers, and has reduced the quarantine period for partially
vaccinated and unvaccinated individuals from 10 to seven days.
Major airlines, including American Airlines and
United Airlines, resumed their flight routes to Cayman earlier this
month. Tourism minister, Kenneth Bryan, said that next month Delta
and Southwest will also resume their flights, and Cayman Airways
will resume its service to Denver, Colorado.
Marc Langevin, president of the Cayman Islands
Tourism Association, reported in a recent interview that many of
the major hotels on Grand Cayman, including The Ritz-Carlton,
Kimpton Seafire Resort, Marriott and Westin, are already more than
50% booked for the upcoming winter holiday season.
Langevin predicts that by this summer, Cayman
hotels will reach 80% of pre-pandemic occupancy levels and every
hotel will be full come December.
About Grand CaymanLocated 480
miles south of Miami, Florida, Grand Cayman is one of the largest
financial centers in the world with over $1.8 trillion on deposit
in more than 250 banks. A British Overseas Territory, the Cayman
Islands are comprised of three islands: Grand Cayman, the country’s
capital and commercial center with approximately 56,000 residents,
and the more sparsely populated sister islands of Cayman Brac and
Little Cayman, located 80 miles to the northeast. The other major
economic engine of the islands is tourism, which attracted more
than 2.3 million visitors in 2019 to Cayman’s beautiful beaches,
botanical gardens and wildlife.
About Consolidated Water Co.
Ltd.Consolidated Water Co. Ltd. develops and operates
advanced water supply and treatment plants and water distribution
systems. The company operates water production facilities in the
Cayman Islands, The Bahamas and the British Virgin Islands and
operates water treatment facilities in the United States. The
company also manufactures and services a wide range of products and
provides design, engineering, management, operating and other
services applicable to commercial and municipal water production,
supply and treatment, and industrial water and wastewater
treatment. For more information, visit www.cwco.com.
Cautionary Note Regarding Forward-Looking
StatementsThis press release includes statements that may
constitute "forward-looking" statements, usually containing the
words "believe", "estimate", "project", "intend", "expect",
"should", "will" or similar expressions. These statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
inherently involve risks and uncertainties that could cause actual
results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include,
but are not limited to (i) continued acceptance of the company's
products and services in the marketplace; (ii) changes in its
relationships with the governments of the jurisdictions in which it
operates; (iii) the outcome of its negotiations with the Cayman
government regarding a new retail license agreement; (iv) the
collection of its delinquent accounts receivable in the Bahamas;
(v) the possible adverse impact of the COVID-19 virus on the
company’s business; and (vi) various other risks, as detailed in
the company's periodic report filings with the Securities and
Exchange Commission (“SEC”). For more information about risks and
uncertainties associated with the company’s business, please refer
to the “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and “Risk Factors” sections of the
company’s SEC filings, including, but not limited to, its annual
report on Form 10-K and quarterly reports on Form 10-Q, copies of
which may be obtained by contacting the company’s Secretary at the
company’s executive offices or at the “Investors – SEC Filings”
page of the company’s website at http://ir.cwco.com/docs. Except as
otherwise required by law, the company undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or
otherwise.Company Contact:David W.
SasnettExecutive Vice President and CFOTel (954)
509-8200dsasnett@cwco.com
Investor Relations ContactRon Both
or Justin LumleyCMATel (949) 432-7566Email Contact
Media Contact:Tim RandallCMATel
(949) 432-7572Email Contact
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