LOS ANGELES, Sept. 21, 2016 (GLOBE NEWSWIRE) -- Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) is pleased to announce that the Cadiz Water Conservation, Recovery & Storage Project (“Cadiz Water Project”) has earned the support of the California Chamber of Commerce (“CalChamber”), the state’s largest business advocacy group. The Cadiz Water Project is a public-private partnership with local water providers to deliver a new, reliable water supply across Southern California.
In a recent letter of support the CalChamber stated, “The Cadiz Project fits within the policy principals of the CalChamber to support a comprehensive solution to California’s chronic water shortage. The increase in water supplies and the economic benefits are compelling. Southern California needs projects like this one to diversify its long term water supply while at the same time reducing reliance on imported water and providing for more local groundwater storage.”
"The express support of the Cadiz Project by the CalChamber, as well as the strong embrace of our economic benefits and ability to grow water supplies in the middle of an extended drought, provides powerful momentum to our effort to complete our remaining milestones,” said Scott Slater, Cadiz President and CEO. “The backing of California's largest and most powerful broad-based business advocate to government is a golden affirmation of our mission to deliver reliable water to 400,000 people and we are grateful for the support."
The Cadiz Water Project is designed to conserve groundwater presently lost to evaporation and high-salinity in the Mojave Desert’s Cadiz Valley and deliver it to Southern California communities. Over the 50-year term of the Project, an average of 50,000 acre-feet of water per year, enough for 400,000 people, will be delivered across the region in compliance with a comprehensive, state-of-the-art groundwater management program that will be enforced by San Bernardino County. In a second phase, the Project would store up to 1 million acre-feet of imported water for use in future dry years. The Company developed the Cadiz Water Project in partnership with the Santa Margarita Water District (“SMWD”), Orange County’s second largest water agency, as well as water providers that serve seven Southern California counties.
The Project was exhaustively reviewed and then approved in 2012 in accordance with the California Environmental Quality Act (“CEQA”). Earlier this summer, the CEQA approvals were sustained by the California Court of Appeal in six sweeping opinions in favor of the Project. With legal review of the Project under CEQA exhausted, the Company and its supporters are working to finalize arrangements to convey water from Cadiz via a pipeline to the Colorado River Aqueduct and then into the service areas of Project participants.
About the CalChamber
The California Chamber of Commerce is the largest broad-based business advocate to government in California. Membership represents one-quarter of the private sector jobs in California and includes firms of all sizes and companies from every industry within the state. Leveraging our front-line knowledge of laws and regulations, we provide products and services to help businesses comply with both federal and state law. CalChamber, a not-for-profit organization with roots dating to 1890, promotes international trade and investment in order to stimulate California’s economy and create jobs. To learn more visit http://www.calchamber.com.
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