LOS ANGELES--(BUSINESS WIRE)--Today Cadiz Inc. (NASDAQ: CDZI) ("Cadiz", the “Company”), principal of the Cadiz Valley Water Conservation, Recovery & Storage Project (“Cadiz Water Project”), is pleased to announce that it has executed a strategic development agreement (“Master Agreement”) with Semitropic Water Storage District, the manager of one of the largest groundwater banking operations in the world. The Master Agreement sets forth principals for collaboration towards strategic opportunities to operate each party’s respective groundwater storage programs for mutual benefit either though exchanges or transfers of water supplies. Through the strategic relationship, the parties will strive to identify opportunities to meet delivery or storage demands of each other’s members and participating partners. The initial term of the Master Agreement is three years.
Established in 1958, Semitropic Water Storage District is the largest water storage district in Kern County, California and delivers water to nearly 300 customers for the irrigation of approximately 140,000 acres for agricultural uses. Semitropic also supplies energy to a variety of users and provides groundwater banking and storage services through its Semitropic Groundwater Storage Bank. The Semitropic Bank is a proven, effective water storage system that began operation in the early 1990s and is now one of the largest, groundwater banking programs in the world. The Semitropic Bank currently has six banking partners who have delivered approximately 700,000 acre-feet of water for storage. The capacity of the Semitropic Bank is 1.65 million acre-feet. Currently, the Semitropic groundwater banking program contributes to meeting the drought-year needs of more than 20 million people at 15 to 20 gallons per day. To learn more, visit: http://www.semitropic.com/GroundwaterBanking.htm
Founded in 1983, Cadiz Inc. is a publicly-held renewable resources company that owns 70 square miles of property with significant water resources in Southern California. The Company operates an organic agricultural development in the Cadiz Valley of eastern San Bernardino County, California 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 100,000 Southern California families and make available up to 1 million acre-feet of new groundwater storage capacity. The Project is a public–private partnership between Cadiz Inc. and the Santa Margarita Water District and will be carried out by water providers that serve over 1 million customers across California. The Company abides by a wide-ranging “Green Compact” focused on environmental conservation and sustainable practices to manage its land, water and agricultural resources. For more information about Cadiz, visit http://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.