Aqua America Completes Sale of Geneva Water System to The City; Company's Ohio Subsidiary Will Continue to Operate Water System.GENEVA, Ohio -- Aqua America, Inc. announced today that its Ohio subsidiary has completed the sale of the Geneva water system assets to the City of Geneva, Ohio for $4.9 million. The City and Aqua Ohio, Inc. have been in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. regarding procedural issues and the cost of the water system since 1999. This sale resolves the City's appropriation actions and establishes a new partnership between the Aqua Ohio and the City. The sale agreement provides for a smooth transition, including a two-year operating contract totaling $270,000 under which Aqua Ohio will continue to operate and maintain the system, while also performing and receiving extra compensation for routine and emergency operations and maintenance. "We are not in the business of selling water systems, as a matter of fact, we are a leader in acquiring small systems. However, in a situation such as Geneva where it is in Aqua America's best financial interest, and the best public policy interest of a municipality, we believe a sale represents a win-win situation," said Aqua Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Nicholas DeBenedictis. Aqua America, Inc. is the largest U.S.-based publicly-traded water utility, serving more than 2.5 million residents in Pennsylvania, Ohio, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and South Carolina. Aqua America is listed on the New York and Philadelphia Stock Exchanges under the ticker symbol WTR WTR Water WTR Writer WTR Wait To Restore WTR Wireless Technology Research WTR Walker, Texas Ranger (TV show) WTR Western Test Range WTR With-The-Rule Astigmatism WTR Working Time Regulation (UK) . |
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