CADIZ, Ca., Nov. 2, 2023
/PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced today
that the Company entered into a binding agreement with San Bernardino County, Santa Margarita Water
District ("SMWD") and Fenner Gap Mutual Water Company to provide
priority rights to water supply from the Cadiz Water Conservation
and Storage Project ("Cadiz Project") to public water systems
serving San Bernardino County
communities.
The new agreement, approved first by the San Bernardino County Board of Supervisors on
October 24, 2023, amends the 2012
Memorandum of Understanding ("MOU") between Cadiz, the County and
SMWD governing groundwater management for the Cadiz Project in the
eastern Mojave Desert. The amendment requires Cadiz to offer
binding agreements for water supply from the Cadiz Project to
public water systems serving San
Bernardino County residents prior to exporting water for
beneficial use outside of San Bernardino
County.
Additionally, the amendment dedicates 25,000 acre-feet of water
supply from the Cadiz Project to disadvantaged communities in the
Mojave River region or any other County community expressing a need
for new, long-term water supply. As of this date, the Company
is aware of five public water systems serving cities in
San Bernardino County that have
expressed intent to receive water supply from the Cadiz
Project.
The amendment, which was approved by all parties to the MOU as
of November 1, 2023, will have no
effect on existing binding agreements for water supply from the
Cadiz Project.
About Cadiz, Inc.
Founded in 1983, Cadiz, Inc.
(NASDAQ: CDZI) is a California
water solutions company dedicated to providing access to clean,
reliable and affordable water for people through a unique
combination of water supply, storage, pipeline and treatment
solutions. With 45,000 acres of land in California, 2.5 million acre-feet of water
supply, 220 miles of pipeline assets and the most cost-effective
water treatment technology in the industry, Cadiz offers a full
suite of solutions to address the impacts of climate change on
clean water access.
For more information, please visit www.cadizinc.com.
FORWARD LOOKING STATEMENT: This release contains
forward-looking statements that are subject to significant risks
and uncertainties, including statements related to the future
operating and financial performance of the Company and the
financing activities of the Company. Although the Company
believes that the expectations reflected in our forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Factors that could
cause actual results or events to differ materially from those
reflected in the Company's forward-looking statements include the
Company's ability to maximize value for Cadiz land and water
resources, the Company's ability to obtain new financing as needed,
the receipt of additional permits for the water project and other
factors and considerations detailed in the Company's Securities and
Exchange Commission filings.
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SOURCE Cadiz, Inc.