LOS ANGELES, Sept. 01, 2017 (GLOBE NEWSWIRE) -- Today, Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) announced that the California State Senate set aside AB 1000 following a hearing of its Appropriations subcommittee. The Company issued the following statement:
“Designed to block the Cadiz Water Project, AB 1000 (Friedman, D- Glendale) would have set a dangerous precedent undercutting the California Environmental Quality Act – the strictest environmental protection law in the nation; usurped local control; and threatened jobs, water and economic growth for Southern California.
The bill was widely opposed by more than 70 local, state and national organizations, including labor unions, local government groups, chambers, cities, and water agencies, because it was bad policy that would have created new uncertainty for any infrastructure improvement in California, jeopardizing affordable, reliable services for all communities.
The Cadiz Water Project will safely and sustainably conserve groundwater presently lost to evaporation and add a new, reliable water supply in Southern California - something that is particularly important given the region's ongoing water challenges. The Project went through a multi-year public, independent California environmental review process, was approved by California public agencies and upheld by California's Courts, which confirmed the Project will protect the desert environment.
We are grateful the State Senate has taken this action and look forward to delivering reliable water, nearly 6,000 good-paying jobs and almost $1 billion in economic growth to Southern California through this environmentally responsible project as soon as possible.”
About Cadiz
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 maintains an organic agricultural development in the Cadiz Valley of eastern San Bernardino County, California and is partnering with public water agencies to implement the Cadiz Water Project, which over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Cadiz 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, please visit 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.