SAN JOSE, CA, Apr 05, 2011 (MARKETWIRE via COMTEX) --
California Water Service Group (NYSE: CWT) today announced that its
Board of Directors has approved a two-for-one stock split of its
common stock, to be effected in the form of a stock dividend, subject
to stockholder approval of a proposed amendment to the Group's
Certificate of Incorporation to increase the number of shares of
common stock that the Group is authorized to issue.
The Group is seeking stockholder approval of the amendment to its
Certificate of Incorporation to increase the number of authorized
shares of common stock at its annual meeting of stockholders to be
held on May 24, 2011. Subject to receiving such stockholder approval,
the record date for the stock dividend will be June 3, 2011 and the
distribution date will be June 10, 2011. On the distribution date, it
is expected that the transfer agent will mail certificates
representing (or otherwise record the ownership of) one additional
share of common stock for each share held on the record date. Should
stockholder approval of the amendment be obtained, the stock split
will increase the number of shares of common stock outstanding from
approximately 25 million to approximately 68 million shares. If no
such approval is obtained, no stock dividend will be issued.
California Water Service Group is the parent company of California
Water Service Company, Washington Water Service Company, New Mexico
Water Service Company, Hawaii Water Service Company, Inc., CWS
Utility Services, and HWS Utility Services, LLC. Together these
companies provide regulated and non-regulated water service to
approximately 2 million people in more than 100 California,
Washington, New Mexico and Hawaii communities. Group's common stock
trades on the New York Stock Exchange under the symbol "CWT."
This news release contains forward-looking statements within the
meaning established by the Private Securities Litigation Reform Act
of 1995 ("Act"). The forward-looking statements are intended to
qualify under provisions of the federal securities laws for "safe
harbor" treatment established by the Act. Forward-looking statements
are based on currently available information, expectations,
estimates, assumptions and projections, and management's judgment
about the Company, the water utility industry and general economic
conditions. Such words as expects, intends, plans, believes,
estimates, assumes, anticipates, projects, predicts, forecasts or
variations of such words or similar expressions are intended to
identify forward-looking statements. The forward-looking statements
are not guarantees of future performance. They are subject to
uncertainty and changes in circumstances. Actual results may vary
materially from what is contained in a forward-looking statement.
Factors that may cause a result different than expected or
anticipated include but are not limited to: governmental and
regulatory commissions' decisions, including decisions on proper
disposition of property; changes in regulatory commissions' policies
and procedures; the timeliness of regulatory commissions' actions
concerning rate relief; new legislation; changes in accounting
valuations and estimates; the ability to satisfy requirements related
to the Sarbanes-Oxley Act and other regulations on internal controls;
electric power interruptions; increases in suppliers' prices and the
availability of supplies including water and power; fluctuations in
interest rates; changes in environmental compliance and water quality
requirements; acquisitions and our ability to successfully integrate
acquired companies; the ability to successfully implement business
plans; changes in customer water use patterns; the impact of weather
on water sales and operating results; access to sufficient capital on
satisfactory terms; civil disturbances or terrorist threats or acts,
or apprehension about the possible future occurrences of acts of this
type; the involvement of the United States in war or other
hostilities; restrictive covenants in or changes to the credit
ratings on our current or future debt that could increase our
financing costs or affect our ability to borrow, make payments on
debt or pay dividends; and, other risks and unforeseen events. When
considering forward-looking statements, you should keep in mind the
cautionary statements included in this paragraph. The Company assumes
no obligation to provide public updates of forward-looking
statements.
In connection with the proposed amendment to the Group's Certificate
of Incorporation, the Group has filed a preliminary proxy statement
with the Securities and Exchange Commission (SEC). The Group expects
to file a definitive proxy statement with the SEC on or about April
15, 2011. Once the definitive proxy statement has been filed,
investors and other securityholders can obtain copies of the proxy
statement free of charge by directing a request to Corporate
Secretary, California Water Service Group, 1720 North First Street,
San Jose, California 95112-4598. You may also obtain free copies of
the proxy statement on the SEC's website at www.sec.gov or on our
website at www.calwatergroup.com.
1720 North First Street
San Jose, CA 95112-4598