Cadiz Reports Agreement to Extend Senior Loan Facilities.

Business Editors

SANTA MONICA, Calif.--(BUSINESS WIRE)

Cadiz Inc., (Nasdaq:CLCI), announced that its primary secured lender has executed a binding agreement for an extension of the maturity date of the Company's outstanding senior revolving credit and senior term loan facilities totaling approximately $25.3 million until January 31, 2002. The Company and the lender have historically structured their financing arrangements with a view toward effective implementation of the Cadiz Groundwater Storage and Dry-Year Supply Program. The loan facilities are to be repaid at the sooner of receipt of payments on account of the Program or January 31, 2002. In connection with obtaining the extensions, the Company repriced certain warrants previously issued.

Founded in 1983, Cadiz Inc. is a publicly held water resource management and agricultural firm. With its subsidiary, Sun World International, Inc., Cadiz is one of the largest vertically integrated agricultural companies in California. 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. 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 timing and terms of various approvals required to complete the Program, and other factors and considerations detailed in the Company's most recent Form 10-K, Form 10-Q and other Securities and Exchange Commission filings.