BRYN MAWR, Pa., Oct 08, 2007 (BUSINESS WIRE) -- Aqua America, Inc. (NYSE:WTR) announced today that its operating subsidiaries completed two more acquisitions during the third quarter in North Carolina and Pennsylvania. The combined purchase price for the two newly acquired systems is approximately $130,000.
Aqua North Carolina, Inc. expanded its regional network by purchasing North Chatham Water and Sewer Company, LLC in Chatham County near Chapel Hill. Both the water and wastewater systems serve a population of approximately 375 people and include residential and commercial accounts.
"In addition to our asset purchases, in North Carolina we are continuing to partner with residential developers to purchase water systems in new subdivisions," explained Aqua America Chairman and CEO Nicholas DeBenedictis. Between January and September 2007, the company closed on 43 new developer systems, which are projected to eventually serve more than 4,000 connections or approximately 12,000 people. Aqua North Carolina currently provides water and wastewater service to about 250,000 people in 46 counties across the Tar Heel State.
In addition, Aqua Pennsylvania, Inc. acquired the wastewater system serving the Newlin Greene residential development, which is home to nearly 150 people in Newlin Township, Chester County. The system will be operated by Little Washington Wastewater Company, a subsidiary of Aqua Pennsylvania.
Aqua America is a publicly traded water and wastewater utility holding company, with operating subsidiaries serving approximately 2.8 million people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina. Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR.
This release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that address, among other things, the company's opportunities for additional acquisitions and additional customer growth on acquired systems. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: factors impeding the acquisition of additional water and wastewater systems and customer growth; and other key factors that we have indicated could adversely affect our business and financial performance contained in our past and future filings and reports, including those filed with the Securities and Exchange Commission. Aqua America is not under any obligation--and expressly disclaims any such obligation--to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
SOURCE: Aqua America, Inc.
Aqua America, Inc. Donna Alston Director, Communications 610-645-1095 firstname.lastname@example.org or Terry Maenza Senior Communications Specialist 610-645-1175 email@example.com
Copyright Business Wire 2007
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