Company to Continue Supplying Irrigation Water for Golf Courses on Island
GEORGE TOWN, Grand Cayman, Cayman Islands, Jan. 9 /PRNewswire-FirstCall/ -
- Consolidated Water Co. Ltd. (Nasdaq: CWCO), which develops and operates
seawater conversion plants and water distribution systems in areas where
natural supplies of water are scarce, today announced that its wholly-owned
subsidiary, DesalCo. (Barbados) Ltd. ("DesalCo"), has renewed its agreement
with Sandy Lane Properties Limited ("Sandy Lane"), and extended such contract
through January 19, 2007.
Under the terms of the agreement, DesalCo will continue to operate a
seawater desalination plant that provides irrigation water for three golf
courses on the Sandy Lane Resort in St. James, Barbados. The plant and
property are owned by Sandy Lane, and DesalCo has operated the plant since
January 2001. DesalCo also designed and constructed the seawater reverse
osmosis desalination plant, which produces up to 1.3 million US gallons per
day of irrigation water from seawater.
"We are pleased to announce an extension of our contract with Sandy Lane
for another year, on essentially the same terms as the previous agreement,"
commented Rick McTaggart, Chief Executive Officer of Consolidated Water Co.
Ltd. "As is the case with many Caribbean nations, water has become an
increasingly scarce resource in Barbados, and a substantial increase in
tourism in recent years has increased the demand for golf course irrigation
water on the island. While we supply potable (i.e., drinking) water to
residential and commercial customers in most of our other markets, our
experience in producing non-potable water for irrigation in Barbados and the
Cayman Islands allows us to seek similar opportunities on other islands where
natural supplies of water are scarce."
In October 2005, Consolidated entered into a relationship with Newwater
Incorporated, another Barbados entity, whereby the two companies will work
together to develop business opportunities involving potable water and
wastewater projects in new and existing markets. Newwater Incorporated is
partly owned by Zenon Environmental (Toronto: ZEN), a world leader in
wastewater treatment that is headquartered in Ontario, Canada. Zenon is a
leading developer, manufacturer and marketer of advanced membrane
technologies. "We believe that our relationships with Sandy Lane and Newwater
have allowed us to establish a strong foothold in Barbados and the southern
Caribbean, and we intend to seek additional contracts to serve the potable,
non-potable and wastewater processing needs of other countries in the region,"
concluded McTaggart.
Consolidated Water Co. Ltd. is engaged in the development and operation of
seawater conversion plants and/or water distribution systems in areas of the
world where naturally occurring supplies of potable water are scarce or
nonexistent. Consolidated currently operates water production and/or
distribution facilities in the Cayman Islands, the British Virgin Islands,
Barbados, Belize and the Commonwealth of The Bahamas.
The common stock of Consolidated Water Co. Ltd. is traded on the NASDAQ
National Market under the symbol "CWCO". Additional information on the
Company is available on its website at http://www.cwco.com.
This press release includes statements that may constitute "forward-
looking" statements, usually containing the words "believe", "estimate",
"project", "intend", "expect" or similar expressions. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or contribute
to such differences include, but are not limited to, continued acceptance of
the Company's products and services in the marketplace, changes in its
relationship with the Governments of the jurisdictions in which it operates,
the ability to successfully secure contracts for water projects in other
countries, the ability to develop and operate such projects profitably, the
Company's ability to manage growth and other risks detailed in the Company's
periodic report filings with the Securities and Exchange Commission. By
making these forward-looking statements, the Company undertakes no obligation
to update these statements for revisions or changes after the date of this
release.
For further information, please contact:
Frederick W. McTaggart, President and CEO at (345) 945-4277 or via e-mail at
info@cwco.com
http://www.cwco.com
or
RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or
via e-mail at info@rjfalkner.com
SOURCE Consolidated Water Co. Ltd.
back to top
