|By Marketwired .||
|September 25, 2013 05:01 PM EDT||
PHOENIX, ARIZONA -- (Marketwired) -- 09/25/13 -- EPCOR Water (Arizona) Inc. (EPCOR AZ), a wholly owned subsidiary of EPCOR Water (USA) Inc. (EPCOR USA) and an indirect subsidiary of EPCOR Utilities Inc. (EPCOR or the Company), today announced an agreement with Global Water Resources, Inc. ("Global Water") to purchase and assume existing agreements and master-planning responsibilities to provide wastewater and recycled water services for a 7,000-acre area along the Loop 303 Corridor within the City of Glendale, Arizona.
Under the terms of the agreement, EPCOR AZ will purchase and assume Global Water's completed work product and Global Water's obligations, rights and interest in providing wastewater and recycled water services to the Loop 303 Corridor. The agreement also assigns to EPCOR AZ Global Water's agreement with the City of Glendale to provide wastewater and recycled water services for the western area of Glendale.
Under the terms of the agreement, Global Water will be paid a total of $4.1 million over several years by EPCOR AZ and private landowners party to the original agreement with Global Water.
"EPCOR currently provides treated water and wastewater services to a large portion of the West Valley. We are committed to the opportunity to expand our service to this growing area in the Greater Phoenix region and to work in partnership with the City of Glendale as it continues to look toward its future," said Joe Gysel, president of EPCOR USA. "We are committed to growing our business in the southwestern United States and to expanding our role as a regional water and wastewater services provider for the cities of the West Valley."
Today, EPCOR AZ is the largest, private regulated water utility in Arizona and its affiliate EPCOR Water (New Mexico) Inc. is the largest, private regulated water utility in New Mexico. As of December 31, 2012, the companies together provide water and wastewater service to approximately 193,000 customer connections across 14 municipalities and six counties.
"By working with the City of Glendale and the area landowners, we were able to develop a firm basis for a regional wastewater and recycled water solution to meet the future needs of this growing West Valley community," said Trevor Hill, Chairman and CEO of Global Water. "We feel confident that EPCOR, which is already the water provider for most of the area, will fulfill the obligations to the landowners and the City as it prepares for additional development and growth."
In addition to the Loop 303 Corridor project, EPCOR AZ reached an agreement to acquire North Mohave Valley Corporation in Bullhead City in April 2013. EPCOR USA acquired American Water's Arizona and New Mexico assets and operations in February 2013, following the acquisition of Chaparral City Water Company in 2011.
Certain information in this news release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target", and "expect" or similar words suggest future outcomes. The purpose of forward-looking information is to provide investors with management's assessment of future plans and possible outcomes and may not be appropriate for other purposes. Forward-looking information in this news release includes expectations regarding the timing of regulatory approval of the acquisition.
These statements are based on the assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements. Except as required by law, EPCOR disclaims any intention and assumes no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
About EPCOR Water (USA) Inc.
EPCOR USA is an indirect, wholly owned subsidiary of EPCOR Utilities Inc. Headquartered in Phoenix, Arizona, EPCOR USA's wholly owned subsidiaries build, own and operate water and wastewater treatment facilities and infrastructure in the southwestern United States.
About EPCOR Utilities Inc.
EPCOR's wholly owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. EPCOR, headquartered in Edmonton, Alberta, is an Alberta Top 60 employer. EPCOR's website is www.epcor.com.
About GWR Global Water Resources Corp ("GWRC")
GWRC was incorporated in British Columbia to acquire shares of U.S. based Global Water Resources, Inc. ("Global Water") and to actively participate in the management, business and operations of Global Water through its representation on the board of directors of Global Water and its shared management of Global Water. GWRC currently holds 48.1% of the outstanding shares of Global Water.
About Global Water
Global Water is a pure-play, high-growth water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area. Global Water's website is www.gwresources.com.