BRYN MAWR, Pa., Mar 31, 2009 (BUSINESS WIRE) -- Aqua America, Inc. (NYSE:WTR) announced today that its Pennsylvania subsidiary, Aqua Pennsylvania, Inc., acquired the assets of the W.P. Water Company, Inc. and W.P. Sanitary Company, Inc., which provides water and wastewater services to approximately 550 residents in the Washington Park Development in Wyoming County and the Sleepy Hollow Development in Luzerne County in a transaction valued at $185,000.
Aqua's acquisition of these troubled water and wastewater systems are a result of Aqua stepping up to aid state regulatory agencies and government officials to resolve ongoing service problems for customers of these systems. Aqua plans to invest approximately $1.2 million to replace and rehabilitate the wastewater treatment plant and $900,000 to upgrade the water treatment, supply and distribution facilities. Additional improvements will be made to the wastewater collection system once the performance of the new wastewater treatment facility improves and demonstrates that its impact on the environment has been mitigated. The company has applied for low interest loans through Pennsylvania's Infrastructure Investment Authority (PENNVEST), which is supported by Economic Stimulus Funds, to finance the required improvements.
"We are confident that the improvements we have planned will allow us to provide water and wastewater customers in Washington Park and Sleepy Hollow with the type of services they deserve," said Aqua America Chairman and CEO Nicholas DeBenedictis.
Aqua America is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately threemillion people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, New York, Florida, Indiana, Virginia, Maine, Missouri and South Carolina. Aqua America is listed on the New York Stock Exchange 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 projected investment in the acquired system, the effect of the acquisition of the described business, and possible benefits from the acquired operations. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: the risk that the acquired company's business will not be successfully integrated; the risk that the proposed improvements will not be made as projected or have the indicated benefits; the costs related to the transaction; the risk that anticipated benefits will not be obtained or will not be obtained within the time anticipated; 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.
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