CLINTON, Conn., Sept. 23, 2009 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc., (Nasdaq:CTWS) today announced that its principal operating subsidiary, The Connecticut Water Company, has completed the previously announced sale of a conservation easement on 198 acres of land to the Town of Windsor Locks, Connecticut. The land had once been used as a water supply source, but is no longer needed for that purpose. The transaction will protect the largest parcel of undeveloped land in Windsor Locks from future development.
Under Connecticut state laws enacted to encourage the protection of open space lands, 100% of the proceeds from the sale of the conservation easement will benefit the Company's shareholders because the transaction provides for at least 90% of the land to go to permanently protected open space. Connecticut Water sold the conservation easement for $2 million and anticipates that it will generate about $1 million in net income in 2009.
This news release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and long-term strategy. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties discussed in our filings with the Securities and Exchange Commission, which could cause the Company's actual results to differ materially from expected results. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
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