BRYN MAWR, Pa., Aug 11, 2009 (BUSINESS WIRE) -- Aqua America, Inc. (NYSE:WTR) announced today that its Pennsylvania subsidiary, Aqua Pennsylvania, Inc. (Aqua), has completed the acquisition of the water and wastewater system assets of the Cove Village Association and Cove Village Community Trust, which each serve approximately 500 people in portions of North Union and East Union townships in Schuylkill County Pennsylvania.
The Cove Village community is immediately adjacent to Aqua's Eagle Rock and Oneida operations in Schuylkill and Luzerne counties and will be operated by Aqua's White Haven Division. The transactions represent the twelfth and thirteenth acquisitions for Aqua America companies this year.
"These acquisitions represent another opportunity for us to expand our presence in Schuylkill County where we currently serve residents in eight municipalities," said Aqua America Chairman Nicholas DeBenedictis. "The fact that we already serve adjacent areas furthers the efficiency of our operations, enabling us to control expenses and take advantage of economies of scale."
Aqua's plans for capital investment include the immediate retrofitting of properties with state-of-the-art radio frequency water meters and future improvements to the distribution system.
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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