SAN JOSE, CA, Sep 03, 2008 (MARKET WIRE via COMTEX News Network) -- Today Hawaii Water Service Company, a subsidiary of California Water
Service Group (NYSE: CWT), completed its acquisition of Waikoloa
Resort Utilities, Inc., Waikoloa Water Company, Inc., and Waikoloa
Sanitary Sewer Company, Inc. (collectively known as West Hawaii
Utilities), which provide water and wastewater services to homes,
condominiums, hotels, golf courses, and shops at Waikoloa Beach
Resort and in Waikoloa Village, both on the Big Island of Hawaii.
The acquisition, which was announced by Cal Water earlier this year,
marks the company's second acquisition in Hawaii this year and
increases the regulated customer count in Hawaii from 1,500 to 3,770.
Acquired assets include six wells, three wastewater treatment plants,
and approximately 10 miles of water mains. Together the acquired
systems produce approximately 5 million gallons of water per day,
providing water utility services to 1,970 customer accounts. They
also provide wastewater services to 300 customer accounts, treating
more than 1 million gallons of wastewater per day.
The Hawaii Public Utilities Commission approved the purchase of the
stock of the West Hawaii Utilities on August 21, 2008.
"We look forward to serving these growing communities in Waikoloa and
believe that the systems will be a foundation for future growth on
the Big Island," said Hawaii Water Service Company General Manager
Terry S. Tamble.
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. Together these companies
provide regulated and non-regulated water service to nearly 2 million
people in California, Washington, New Mexico, and Hawaii. California
Water Service Group's common stock trades on the New York Stock
Exchange under the symbol "CWT." Additional information is available
at our Web site at www.calwatergroup.com.
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;
changes in regulatory commissions' policies and procedures; the
timeliness of regulatory commissions' actions concerning rate relief;
new legislation; 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, as well as the annual 10-K, Quarterly 10-Q, and other
reports filed from time-to-time with the Securities and Exchange
Commission (SEC). The Company assumes no obligation to provide
public updates of forward-looking statements.
Contact:
Marty Kropelnicki
(408) 367-8200 (analysts)
Shannon Dean
(310) 257-1435 (media)
California Water Service Group
1720 North First Street
San Jose, CA 95112-4598
SOURCE: California Water Service Group
