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Artesian Water Company, Inc. Enters Into Agreement to purchase water assets of the Fort DuPont Redevelopment and Preservation Corporation

NEWARK, Del., Feb. 28, 2017 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (NASDAQ:ARTNA), a leading provider of water, wastewater services and related services on the Delmarva Peninsula, today announced that it has entered into an agreement with the Fort DuPont Redevelopment and Preservation Corporation, or FDRPC, for the purchase of existing water assets and for the provision of potable water and fire suppression services.

The Fort DuPont National Historic District, or Fort DuPont, consists of 325 acres and lies between the Delaware River on the east, the Chesapeake and Delaware Canal on the south and the Delaware City Branch Canal. The purchase includes a water treatment plant, a storage tank, mains, and other equipment used to provide potable water and fire suppression services to portions of Fort DuPont and surrounding properties. Artesian and Fort DuPont intend to design, build and operate a state of the art, cost effective, safe and reliable water system that will include both new water assets as well as improvements and upgrades to the existing water assets. The water system can be expanded to meet the needs of the planned 600 unit residential community as well as retail development, in addition to water service currently provided to the Governor Bacon Health Center and National Guard facilities.

“Artesian looks forward to partnering with the Fort DuPont Redevelopment and Preservation Corporation as it redevelops the historic area located on the Delaware River between the Chesapeake and Delaware Canal and Delaware City,” said Dian C. Taylor, Chair, President & CEO of Artesian Water Company, Inc. “It is the cooperative efforts of the State of Delaware, Delaware City, the Fort DuPont Redevelopment and Preservation Corporation and Artesian that will create a vibrant community at this historic site,” she said.

About Artesian Resources

Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water, wastewater services and related services on the Delmarva Peninsula. Artesian Water Company, Inc., the principal subsidiary, is the oldest and largest investor owned water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian supplies 7.6 billion gallons of water per year through 1,260 miles of water main to approximately 301,000 people.

Contact: Nicki Taylor Investor Relations (302) 453-6900 ntaylor@artesianwater.com

Source:Artesian Resources Corporation