Cal Water Announces 1.75 Million Public Common Share Offering.Business Editors SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 4, 2003 California Water Service Group (Cal Water) (NYSE NYSE See: New York Stock Exchange : CWT cwt 112 pounds avoirdupois weight. ) has entered into an underwriting agreement Underwriting agreement The contract between a corporation issuing new publicly offered securities and the managing underwriter as agent for the underwriting group. Compare to agreement among underwriters. for the sale of 1.75 million shares of common stock at a public offering price of $26.25 per share, yielding net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the company of approximately $44 million. The number of shares may be increased by 15% if the underwriters exercise their over allotment option. The closing of the sale is planned to be completed on August 7, 2003 and is subject to completion or waiver of certain conditions in the underwriting agreement. The company will use the proceeds to pay down short-term debt and for general corporate purposes. The offering is being underwritten by Edward D. Jones Edward D. Jones, Sr. (July 29, 1893-October 10,1982) was an investment banker born in St. Louis. He graduated from Bellefontaine High School in Bellefontaine, Ohio in 1913, then from New York University in 1916. After graduating from NYU, Jones was employed by N. W. & Co., L.P., A. G. Edwards A.G. Edwards, Inc. (NYSE:AGE) is a financial services holding company; its principal wholly owned subsidiary is A.G. Edwards & Sons, Inc., which operates as a full-service securities broker-dealer in the United States and Europe. & Sons, Inc. and Stifel Nicolaus & Company, Incorporated. A copy of the prospectus relating to the offering may be obtained from Edward D. Jones & Co., L.P., 12555 Manchester Road, St. Louis, MO 63131 (Attention: Syndicate). A copy may also be obtained from the SEC's website at www.sec.gov. California Water Service Group is the parent company of California Water Service Company, Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company, Inc., and CWS CWS Chicago White Sox CWS College World Series CWS Church World Service CWS Child Welfare Services CWS Canadian Wildlife Service CWS Community Water System (EPA) CWS Canada-Wide Standard CWS Compressed Work Schedule Utility Services. The subsidiaries provide regulated and non-regulated water service to over 2 million people in 99 communities. The Company's common stock trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CWT." This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 ("Act"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the Act. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management's judgment about the Company, the water utility industry and general economic conditions. Such words as expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not guarantees of future performance. They are subject to uncertainty and changes in circumstances. Actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause a result different than expected or anticipated include: governmental and regulatory commissions' decisions; changes in regulatory commissions' policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental ; the timeliness of regulatory commissions' actions concerning rate relief; new legislation; electric power interruptions; increases in suppliers' prices and the availability of supplies including water and power; fluctuations in interest rates; changes in environmental compliance and water quality requirements; acquisitions and our ability to successfully integrate acquired companies; the ability to successfully implement business plans; changes in customer water use patterns; the impact of weather on water sales and operating results; access to sufficient capital on satisfactory terms; civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type; the involvement of the United States in war or other hostilities; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; and, other risks and unforeseen events. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph. The Company assumes no obligation to provide public updates of forward-looking statements. |
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