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LOS ANGELES, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, the “Company”) is pleased to announce that the Cadiz Water Project, the Company’s public-private partnership with California water providers to make available new, sustainable water supplies and groundwater storage for Southern California, was recognized today by Blueprint 2025 as a Top 10 Private Investment in Infrastructure Project at the North American Infrastructure Forum held in Washington D.C. Blueprint 2025 is a bi-partisan coalition of infrastructure leaders dedicated to transforming the domestic infrastructure market by injecting private investment into key, strategic projects. Today’s awards were granted to projects that will improve and expand North American infrastructure, but require little or no public investment to be built. The Cadiz Water Project was the sole California project to be recognized at today’s ceremony presided over by General David H. Petraeus, a member of Blueprint 2025’s National Infrastructure Performance Council.
“Private investment in U.S. infrastructure would transform our economy, without adding to the national debt - these projects are key harbingers of that transformation,” said Norman Anderson Chairman and CEO of CG/LA Infrastructure, host of the Forum.
Courtney Degener, Cadiz Vice President of Communications and Investor Relations who accepted the award for the Company, stated: “Due to a variety of factors, including climate change, growth and regulatory uncertainty, California has faced significant challenges in securing a safe, reliable water supply for all communities. A lack of reliable water often translates to a lack of housing, transportation, jobs and economic opportunity.”
“We must move beyond a boom and bust cycle and invest in innovative infrastructure solutions that can help ensure safe, reliable water is there for all communities every day, every year,” Degener continued. “We intend to be part of the solution to California’s persistent water supply problem and are grateful to be recognized today for our efforts to contribute as a private partner in the infrastructure space.”
The Cadiz Water Project is an innovative public-private partnership between Cadiz Inc. and Southern California water agencies that will use existing infrastructure, existing transportation corridors, private property and private capital to create a new water supply for up to 400,000 people a year by reducing a recurrent loss of groundwater to evaporation in California’s Mojave Desert. In a second phase, the Project will also offer groundwater storage for imported surplus supplies allowing these supplies to be banked for future dry years. The Project also offers tremendous benefits to the Southern California region by creating $1 Billion in local economic investment, 5,900 new jobs during construction, and $6M per year in new revenues to local government over the long-term.
The Project has successfully completed a robust review by state and local public agencies in accordance with the California Environmental Quality Act (CEQA), the most stringent environmental protection law in the nation, and will be governed by a Court-approved groundwater management plan overseen locally by San Bernardino County. Prior to construction, the Project must complete final arrangements and permits to convey water within excess capacity in Southern California’s public water conveyance system.
About Cadiz Inc.
Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a natural resources leader that owns 70 square miles of property with significant water resources in Southern California. The Company is the largest agricultural operation in San Bernardino, California, where it has sustainably farmed since the 1980s and is now actively pursuing a joint venture to cultivate organic hemp on up to 9,600 acres. The Company also continues to partner with public water agencies to implement the Cadiz Water Project, which over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects and practicing responsible stewardship of our land, water and agricultural resources. 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.