Aqua America CEO Announces Two-Year Operation And Management Agreement With City Of Chicago Heights, Illinois
BRYN MAWR, PA.--(BUSINESS WIRE)--
Today, Aqua America, Inc. (NYSE: WTR) Chairman and CEO Nicholas DeBenedictis announced that its unregulated subsidiary, Aqua Resources, has entered into a two-year management agreement with the City of Chicago Heights in Cook County, Ill., to manage its public water and wastewater systems. The announcement was made during the Emerald Asset Management, Inc. Groundhog Day Investment Forum in Philadelphia.
Under the terms of the two-year agreement, Chicago Heights will retain ownership of its water and wastewater systems, which Aqua Resources will manage. Over the next two years, Aqua Resources will review, make recommendations and implement improvements across all functional areas of the system, including operation audits, capital improvements, leak detection programs, customer service programs, billing, supplies and supply contracts, and personnel and staffing levels.
“We look forward to this new partnership with the City of Chicago Heights,” said DeBenedictis. “Our non-regulated subsidiary can offer entities like the City of Chicago Heights the same extensive operations, engineering and technical expertise as our regulated operations bring to entities that prefer to sell their assets. We are glad to be in the position to offer solutions that involve a public-private partnership as well as an outright transfer of assets. Aqua Resources has the experience and technical capacity to assess and implement important improvements across the Chicago Heights water and wastewater system.”
The systems serve about 30,000 people in Cook County. Aqua’s regulated utility in Illinois already provides water and wastewater service to more than 191,000 people across the state in Boone, Champaign, Cook, Dekalb, Kane, Kankakee, Knox, Lake, Vermilion, Will and Winnebago counties.
Earlier this week, Aqua Resources began providing operations and maintenance services to the Borough of Wyalusing water and wastewater systems in Bradford County, Pennsylvania, which serve approximately 1,000 people, as part of a new operations and maintenance agreement.
About Emerald Asset Management, Inc. Groundhog Day Investment Forum
Over the past 20 years, the Emerald Annual Groundhog Day Investment Forum has become the largest and most successful investment event in Philadelphia. The focus of the Emerald Groundhog Day Investment Forum is to provide companies the opportunity to speak publicly about their accomplishments and continued plans for growth.
About Aqua America
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information, or follow Aqua on Facebook at facebook.com/MyAquaAmerica and on Twitter at @MyAquaAmerica.
This release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based upon Aqua America’s current expectations and assumptions with respect to, among other things, its ability to successfully continue its growth-through-acquisition strategy and other growth initiatives. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including its ability to successfully integrate the system into its existing operations, its ability to effectively manage the agreement, its access to capital funds, and other key factors that we have indicated that could adversely affect our business and financial performance and that are discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Aqua America’s business, please refer to Aqua America’s annual, quarterly and other SEC filings. Aqua America is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
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