Crystal Water Co. Acquires Killingly Industrial Park Water System.Business Editors DANIELSON, Conn.--(BUSINESS WIRE)--Dec. 19, 2001 A Connecticut Water Service, Inc. (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 : CTWS CTWS Confederated Tribes of Warm Springs ) subsidiary (Crystal Water Company of Danielson) has acquired the Killingly Industrial Park's water system. Crystal Water has purchased the water system, which has 51 industrial and residential customers, at the approximate net asset value of $1,075,000. The Killingly Industrial Park's water system fits the Company's expansion plans according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Marshall T. Chiaraluce, 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. and Chairman of Connecticut Water Service, Inc. Mr. Chiaraluce states, "The Industrial Park water system is physically sound, has adequate sources of supply to support residential and industrial customer growth, and is located in close proximity to Crystal Water's own water system. The acquisition accretes to earnings immediately and has significant growth potential." Crystal Water has operated the Industrial Park water system under contract to the Town since the 1970's. The Killingly Industrial Park's water system is the second acquisition completed by Connecticut Water Service, Inc. and it's subsidiaries in 2001. In February 2001, Connecticut Water Service, Inc. completed the acquisition of the Barnstable Water Company that serves 7,200 customers or a population of 40,000 people in Hyannis, Massachusetts Hyannis is the largest of seven villages in the town of Barnstable, Massachusetts, on Cape Cod. It is the commercial and transportation hub of Cape Cod and was designated an urban area as a result of the 1990 census. on Cape Cod Cape Cod, narrow peninsula of glacial origin, 399 sq mi (1,033 sq km), SE Mass., extending 65 mi (105 km) E and N into the Atlantic Ocean. It is generally flat, with sand dunes, low hills, and numerous lakes. . The two acquisitions represent a growth in the customer base of nearly 7,300 customers or a population of more than 40,000 people. Connecticut Water Service's subsidiaries serve more than 77,000 customers or a population of more than 250,000 people in Connecticut and Massachusetts. Under contract for acquisition by Connecticut Water, and pending receipt of state funds, is the Middlebury Water System in Middlebury, Connecticut Middlebury is a town in New Haven County, Connecticut, United States. The population was 6,451 at the 2000 census. Geography According to the United States Census Bureau, the town has a total area of 47.8 km² (18.5 mi²). 46.0 km² (17.8 mi²) of it is land and 1.8 km² (0. . It is anticipated that the Middlebury acquisition will be completed in early 2002, at that time the 180 customers of the Middlebury Water system will become Connecticut Water Company customers. The infrastructure of Middlebury's water system was partially financed with public grants and will be transferred to Connecticut Water when it is fully depreciated Fully depreciated An asset that has already been charged with the maximum amount of depreciation allowed by the IRS for accounting purposes. fully depreciated Of or relating to a fixed asset that has been depreciated to a book value of zero. . Also under contract for acquisition by Connecticut Water is the Unionville Water Company in Farmington, Connecticut. The Unionville Water Company has about 5,300 customers and serves a population of nearly 20,000 people. It is anticipated the Unionville acquisition will be completed in 2002. This press release may contain certain forward-looking statements regarding the Company's results of operations and financial position. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties which could cause the Company's actual results to differ materially from expected results. |
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