2013-12-31 18:47:01 -
PHOENIX, ARIZONA -- (Marketwired) -- 12/31/13 -- EPCOR Water (USA) Inc. (EPCOR USA), a wholly owned subsidiary of EPCOR Utilities Inc. (EPCOR), today announced that it has completed the previously announced acquisitions of North Mohave Valley Corporation and Thunder Mountain Water Company.
"As we close the year, we are very pleased to announce the completion of these two acquisitions and the expansion of our service in Arizona and New Mexico," said EPCOR Water (USA) Inc. President Joe Gysel. "EPCOR is committed to growing our business in the southwestern United States. These additions bring incremental value, important water resources in northwestern Arizona and are a natural extension of EPCOR's water operations in communities where we already provide service."
Through its Arizona subsidiary EPCOR Water Arizona Inc. (EPCOR Arizona), EPCOR USA acquired substantially all of the assets of North Mohave Valley Corporation for approximately US$2.5 million. Through its New Mexico subsidiary EPCOR Water New Mexico Inc. (EPCOR New Mexico), EPCOR USA acquired substantially all of the assets of Thunder Mountain Water Company for approximately US$950,000.
Regulatory approvals for each purchase were received from the Arizona Corporation Commission and the New Mexico Public Regulation Commission, respectively.
EPCOR Arizona's new North Mohave water district - previously North Mohave Valley Corporation - provides water service to approximately 2,000 customer connections in the Bullhead City area, a service territory that is contiguous to and surrounds a portion of EPCOR Arizona's existing Mohave district. With the addition of North Mohave, EPCOR Arizona now provides water and wastewater services to approximately 21,000 customer connections in northwestern Arizona.
EPCOR New Mexico's new Thunder Mountain water district, previously known as Thunder Mountain Water Company, provides water service to approximately 750 customer connections in the Edgewood area, a service territory adjacent to EPCOR New Mexico's approximately 1,900-customer connections in the Edgewood district. The two systems are already interconnected - water provided to Thunder Mountain customers is purchased from EPCOR Water New Mexico Inc. through a wholesale purchasing agreement.
EPCOR USA is the largest, private regulated water utility in Arizona and New Mexico. With the completion of these two acquisitions, EPCOR USA now provides water and wastewater services to approximately 195,000 customer connections across 22 communities and seven counties.
Certain information in this news release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated financial performance, events or strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target", and "expect" or similar words suggest future outcomes. The purpose of forward-looking information is to provide investors with management's assessment of future plans and possible outcomes and may not be appropriate for other purposes. Forward-looking information in this news release includes expectations regarding the timing of regulatory approval of the acquisition.
These statements are based on the assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements. Except as required by law, EPCOR disclaims any intention and assumes no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
About EPCOR Water (USA) Inc.
About EPCOR Water (USA) Inc. (EPCOR USA) EPCOR USA is an indirect, wholly owned subsidiary of EPCOR Utilities Inc. Headquartered in Phoenix, Arizona, EPCOR USA's wholly owned subsidiaries build, own and operate water and wastewater treatment facilities and infrastructure in the southwestern United States.
About EPCOR Utilities Inc.
EPCOR's wholly-owned subsidiaries build, own and operate electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. The company's subsidiaries also provide electricity and water services and products to residential and commercial customers. EPCOR, headquartered in Edmonton, Alberta, is an Alberta Top 60 employer.
EPCOR Water (USA) Inc.
Director, Public & Government Affairs
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