Cayman Water to Build Potable Water Facility in the Bahamas to Service 400 Million Dollar Development Project.GEORGETOWN, Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. , B.W.I.--(BUSINESS WIRE)-- Aug. 22, 1997--Cayman Water (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CWCOF) announced Friday that it has signed a definitive letter of intent, subject to the final contract, to supply potable potable /pot·a·ble/ (po´tah-b'l) fit to drink. po·ta·ble adj. Fit to drink; drinkable. potable fit to drink. water to RAV Bahamas Ltd., owned by the Capo Group. Gerardo Capo, president of the Capo Group has an agreement with the Government of the Bahamas for a 400 million dollar resort development, to be completed in three phases, on 700 acres in North Bimini, construction of Phase I is expected to start within 60 days. Cayman Water also announced it has incorporated a new subsidiary company in the Bahamas for the purpose of building, owning and operating the water facility. The subsidiary company has applied for a license from the Government of the Bahamas to supply the entire islands of both North and South Bimini. Cayman Water in a separate transaction has also been requested to supply potable water to Bimini Sands, a condominium project, comprised of 216 units and a 160 boat slip marina currently under construction in South Bimini. Jeffrey Parker, chairman of Cayman Water said: "the demand from the North Bimini project alone is expected to reach 600,000 US gallons per day within two years and 1.4 million US gallons per day at completion. These projections are based on the current North Bimini Project and will expand substantially if the current plans being initiated with the Government of the Bahamas for South Bimini are successfully concluded." Cayman Water currently owns and operates water production and supply facilities with a present capacity of 1.35 million US gallons per day under an exclusive 20 year license on Grand Cayman Grand Cayman See Cayman Islands. Island. Forward looking statements in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of 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. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, negotiation of final contracts, government regulations, securing financing for the resort development and the risks associated with the construction of new facilities. CONTACT: Company Contact: Alexander S. Bodden, Vice President Finance 345/945-4277 or FMMG INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . 561/487-2622 561/852-4561 Fax |
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