LOS ANGELES, April 04, 2017 (GLOBE NEWSWIRE) -- Today, Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”, the “Company”) CEO Scott Slater released the following statement in response to a press release from California Senator Dianne Feinstein about the Cadiz Water Project and recent action by the U.S. Bureau of Land Management:
“Senator Feinstein regrettably relies on outdated, 17-year old data inconsistent with presently known facts as foundation to oppose a project which will safely and sustainably create new water for 400,000 people, has broad bipartisan community support, will generate 5,900 new jobs, and will drive nearly $1 billion in economic growth. Two public agencies and twelve separate court opinions have expressly repudiated her arguments and sustained our project in accordance with CEQA, the highest environmental legal standard anywhere in America.
Her opposition has done a disservice to thousands of Californians who will benefit from this public-private partnership - a project which will deliver new, reliable water without any adverse environmental impacts and will also provide significant additional groundwater storage, allowing the region to retain surplus water in wet years like this one for use in future dry years.
At the request of a bipartisan group of Congressional Members, the Bureau of Land Management on March 29th withdrew a guidance policy of the previous administration that resulted in an egregious evaluation of the Cadiz Project. That evaluation reversed more than 100 years of precedent of smart co-location of infrastructure in existing railroad corridors. We are grateful for the bipartisan efforts to reverse this errant BLM policy.”
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 100,000 Southern California families 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 about Cadiz, visit http://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.