PHOENIX, May 07, 2024 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, has entered into an agreement to acquire seven water systems from the City of Tucson’s water utility.
The systems are located in and around Pima County where they serve approximately 2,200 customers. Following their acquisition, they would be integrated with existing Global Water utilities in the area.
The addition of the new systems will bring the total number of Global Water customers in Pima County to approximately 7,200, of which 5,000 were added from seven acquisitions completed in Pima County over the past four years. These utilities in Pima County comprise Global Water’s second largest service area after the City of Maricopa in terms of customer connections.
The acquisition is anticipated to be completed early next year, subject to approval by the Arizona Corporation Commission.
“This acquisition aligns well with our growth and development strategy for Pima County,” stated Global Water COO, Chris Krygier, “and it is a perfect geographic fit to our current service areas. We look forward to serving these communities and being a great community partner.”
“We plan to integrate these systems using the same proven approach to consolidation and effective water management implemented for our other recent acquisitions in Pima County,” continued Krygier. “We first resolve any outstanding compliance requirements, and then deploy our industry leading best practices around technology, customer service, and operations. We then seek the appropriate rate structure, resulting in both conservation incentives and a fair return on our investments. Our first rate case in the area finished its hearing last month and we are planning to file the Farmers Water rate case this summer.”
Global Water plans to modernize the systems with the installation of an advanced metering infrastructure (AMI). This will include upgrading customer connections with smart meters that enable wireless usage metering, similar to the technology Global Water has deployed at more than 95% of its existing water connections.
The AMI deployment will be a key part of the company’s planned capital improvements for these areas. The improvements will support higher quality water services and potential customer savings, and further the company’s mission of utility consolidation, automation and water resource management for the benefit of Arizona communities.
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 31 systems which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles over 1 billion gallons of water annually with a total of 16.3 billion gallons recycled since 2004.
The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.
Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ 2022 Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
To learn more, visit www.gwresources.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release include certain forward-looking statements which reflect the company’s expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about the planned integration of the acquired utilities with existing company utilities in the area; the company’s plans to modernize the systems with the installation of advanced metering infrastructure (AMI) and upgrading customer connections with smart meters; the company’s expectation that the foregoing improvements will support higher quality water services and potential customer savings; the anticipation that the acquisition of the seven water systems currently owned by Tucson Water will be completed early next year, subject to approval by the Arizona Corporation Commission; the timing of the filing of the Farmers Water rate case, and other statements that are not historical facts, as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on the parties’ current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond their control, such as the receipt of Arizona Corporation Commission approval. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Additional factors that may also affect future results for Global Water are disclosed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in its filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. This includes, but is not limited to, Global Water’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC. Accordingly, readers are cautioned not to place undue reliance on any forward-looking statements, which reflect the parties’ views as of the date hereof. The parties undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Company Contact:
Michael J. Liebman
CFO and SVP
Tel (480) 999-5104
Email Contact
Investor Relations Contact:
Ron Both or Grant Stude
CMA
Tel (949) 432-7566
Email contact
Media Contact:
Tim Randall
CMA
Tel (949) 432-7572
Email Contact
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4268a8e7-b452-471e-a1ab-1dc102a8b492
