LOS ANGELES, Aug. 17, 2016 (GLOBE NEWSWIRE) -- Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) reported today that the Wall Street Journal published an editorial on the content of email exchanges, previously disclosed by the Company on August 8, 2016, between the U.S. Bureau of Land Management (“BLM”) and third parties regarding BLM’s review of the Cadiz Water Project. The Company received the emails following a request for information from the BLM filed under the Freedom of Information Act.
The Company issued the following statement following the Wall Street Journal editorial:
“We are extremely disappointed to learn of BLM’s apparent lack of fundamental fairness in its evaluation of our project. In 2009 the Department of the Interior stated that our proposed use of the ARZC right-of-way for a water conveyance pipeline was within the right-of-way’s scope and since that time, the Project and the pipeline have been reviewed, approved, and upheld under California environmental laws - the toughest in the nation. We have complied with all federal law and policy regarding the use of railroad routes, and we believe without question the Project is within the scope of the right-of-way under all currently applicable laws.
There is now a palpable dark cloud that hovers over BLM’s decision-making process and we call on BLM to immediately rescind its October 2015 opinion and support Congress’ efforts to remove the vagaries inherent in the existing process. The widely-supported Project, which stands ready to deliver much-needed water to 400,000 people in Southern California, should proceed forthwith.”
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 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