Hawaii Water Service Receives Hawaii Public Utilities Commission Approval to Acquire Kapalua Water, Waste Treatment Companies
WAIKOLOA, Hawaii, March 11, 2021 (Globe NEWSWIRE) — Hawaii Drinking water Support (Hawaii Drinking water), a subsidiary of California H2o Company Team (Team) (NYSE: CWT), obtained approval from the Hawaii General public Utilities Commission (Commission) this 7 days to purchase the belongings of Kapalua Drinking water Enterprise and Kapalua Waste Therapy Enterprise from Maui Land and Pineapple Corporation (ML&P).
Pursuant to the arrangement with ML&P and upon closing of the acquisition, which is subject to the remaining closing circumstances in the settlement, Hawaii Drinking water will give h2o and wastewater assistance to somewhere around 1,000 service connections in the Kapalua, Maui, resort region. The utility devices provide households, inns, condominiums, golf courses, places to eat, and other resort features. Hawaii H2o will also serve the growth spots of Kapalua as they are made by ML&P.
“We appreciate the Hawaii Community Utilities Commission’s diligence in examining and approving this agreement, and glance ahead to functioning with Maui Land and Pineapple Enterprise to entire this transaction,” stated Martin A. Kropelnicki, Team President and CEO. “We also look forward to offering the exact quality, company, and benefit all of our Hawaii Drinking water consumers count on and are entitled to to ML&P’s Kapalua shoppers.”
Hawaii Drinking water at the moment delivers water, wastewater, and/or recycled water utility products and services to 5,000 customers, including a variety of substantial resorts and condominium complexes, in the communities of Ka‘anapali, Pukalani, Kapolei, Waikoloa, North Kona Coast, and Kohala Coast on Maui, Oahu, and the Large Island, respectively. Hawaii H2o has about 50 workers, who present expert services such as meter reading, water excellent tests, drinking water and wastewater procedure, drinking water program style and design, and purchaser support.
Hawaii Water is a wholly owned subsidiary of California H2o Company Group, which also contains California Water Service, Washington Water Provider, New Mexico Drinking water Provider, CWS Utility Companies, and HWS Utility Companies. Jointly, these companies present regulated and non-regulated utility company to extra than 2 million persons in over 100 California, Washington, New Mexico, and Hawaii communities. Group’s typical inventory trades on the New York Stock Exchange beneath the image “CWT.” Added information and facts is available on the web at www.calwatergroup.com.
This news release is made up of forward-on the lookout statements within the indicating founded by the Non-public Securities Litigation Reform Act of 1995 (“Act”). The ahead-searching statements are intended to qualify beneath provisions of the federal securities regulations for “secure harbor” treatment established by the Act. Ahead-searching statements are dependent on at this time obtainable data, anticipations, estimates, assumptions and projections, and management’s judgment about the Business, the drinking water utility industry and standard economic ailments. These kinds of text as would, expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variants of these types of text or identical expressions are meant to detect ahead-searching statements. The ahead-wanting statements are not assures of long run overall performance. They are topic to uncertainty and modifications in situation. Precise results may possibly change materially from what is contained in a ahead-searching statement. Aspects that may perhaps cause a result various than envisioned or anticipated consist of, but are not restricted to: skill to entire the acquisition and capacity to work the Kapalua drinking water and wastewater units in an accretive manner purely natural disasters, public overall health crises, pandemics, epidemics or outbreaks of a contagious illness, these kinds of as the new outbreak of coronavirus (or COVID‐19), governmental and regulatory commissions’ selections, together with choices on right disposition of residence effects of eminent domain steps relating to our drinking water devices changes in regulatory commissions’ policies and treatments the timeliness of regulatory commissions’ steps about level relief and other steps improvements in h2o top quality benchmarks modifications in environmental compliance and drinking water top quality specifications electric powered electrical power interruptions housing and consumer growth trends the effects of opposition to price improves our capability to recuperate expenditures availability of drinking water materials concerns with the implementation, upkeep or stability of our information technologies methods civil disturbances or terrorist threats or functions the adequacy of our attempts to mitigate bodily and cyber safety hazards and threats the capacity of our organization hazard management procedures to recognize or tackle threats sufficiently labor relations issues as we negotiate with unions changes in client water use patterns and the results of conservation the influence of weather, local climate, natural disasters, and diseases on water good quality, water availability, water income and functioning success, and the adequacy of our unexpected emergency preparedness and, other risks and unexpected activities. When contemplating forward-wanting statements, you ought to preserve in intellect the cautionary statements provided in this paragraph, as properly as the once-a-year 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the Securities and Exchange Fee (SEC). The Company assumes no obligation to provide community updates of ahead-searching statements.
Speak to:
Yvonne Kingman, 310-257-1434 (media)
Tom Smegal, 408-367-8200 (analysts)