Cadiz Announces Delay in Reverse Stock Split Trading Adjustment.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Dec. 16, 2003

As previously announced, on December 15, 2003, Cadiz Inc. (OTC:CLCI) ("Cadiz" or "the Company") effectuated a 1 for 25 reverse stock split with the filing in Delaware of an amendment to its Certificate of Incorporation. However the Company's stock is continuing to trade on a pre-split basis pending NASDAQ announcement of the date of effectiveness of the reverse split for trading purposes. The Company anticipates such an announcement later this week.

Founded in 1983, Cadiz Inc. is a publicly held water resource management firm. The Company owns significant landholdings with substantial water resources throughout California. Further information on the Company can be obtained by visiting its corporate web site at www.cadizinc.com.

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 its 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, and other factors and considerations detailed in the Company's Securities and Exchange Commission filings.