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LOS ANGELES, July 31, 2019 (GLOBE NEWSWIRE) -- Today, Cadiz Inc. (the “Company”) (NASDAQ: CDZI) announced that California Governor Gavin Newsom signed Senate Bill 307 (“SB 307”), a measure designed to require additional review of the Cadiz Water Project by state agencies. The legislation, available here, will go into effect on January 1, 2020. Governor Newsom included a signing message that calls for the additional review to be “public and transparent” and focused on determining if the Project will “unreasonably affect the environment and water dependent ecosystem in the surrounding watersheds.”
Cadiz CEO Scott Slater made the following statement following Governor Newsom’s action:
“While we believe SB 307 is a troubling precedent for infrastructure development, it will not stop the Cadiz Water Project, a sustainable project designed to safely make available new water for 400,000 people in California. We stand ready to comply with SB 307, just as we have complied with all of California’s stringent environmental laws.
“We look forward to working closely with the Governor's office, the State Lands Commission and other State Agencies as we complete this public, and transparent procedural step and we are confident that we will continue to demonstrate that the Project is environmentally sound and a worthy part of the solution to California’s persistent water supply challenges.
“California is home to over a million people who lack access to safe, clean, reliable drinking water. Over the long-term we face a statewide supply-demand imbalance that requires a successful water resiliency strategy, especially if we seek to achieve the State's objectives of providing water and housing for all. We believe a fact-based evaluation of the Project conducted under the Governor’s watchful eye will undoubtedly conclude we can sustainably contribute to this effort.”
“Importantly, SB 307, which regulates the transfer of groundwater from Cadiz into urban Southern California, does not affect our ongoing efforts to conserve and efficiently use groundwater in our substantial agricultural ventures. SB 307 also does not limit the direct delivery of water or the storage of imported water at Cadiz as evaluated in the Project’s court-approved permits. We will continue to pursue these opportunities concurrently with compliance with SB 307 and the remaining permitting milestones for the Water Project.”
To learn more about the Cadiz Water Project, visit www.cadizwaterproject.com
Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a publicly held natural resources company 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 partnering 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. Cadiz abides by a holistic land management plan focused on environmental conservation and sustainable practices to manage its 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.