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SANTA BARBARA CITY COUNCIL APPROVES AMENDMENTS TO AGREEMENT WITH IONICS

SANTA BARBARA CITY COUNCIL APPROVES AMENDMENTS TO AGREEMENT WITH IONICS
 WATERTOWN, Mass., Dec. 23 /PRNewswire/ -- Ionics, Incorporated (NYSE: ION) announced today that the City Council of Santa Barbara, Calif., had approved several amendments to their existing agreement under which Ionics will build, own and operate a seawater desalination facility to supply up to 6.7 million gallons per day of fresh water to the city.
 The amendments are expected to result in significant savings to both parties. They assure Ionics of retaining ownership of the desalination facility for at least five years and of responsibility for operations and maintenance of the facility for at least three years.
 The other principal changes to the agreement involve the provision of a wider variety of "stand-by" options to the City in order to more closely accomodate varying rainfall conditions, a reduction in applicable interest rates, and the deferral of installation of one half of certain desalination membrane components until necessitated by drought conditions.
 Commenting on the changes to the agreement, City officials in Santa Barbara called it "a win-win situation" and a good agreement for both parties. Arthur L. Goldstein, Ionics' chairman and chief executive officer, said Ionics was very pleased with the outcome since it improves the company's outlook for its financial performance under the contract. He noted that the changes reflected the continuing long-term commitment of both parites to the use of desalination for "drought-proofing."
 The desalination facility is scheduled to begin operation at the end of February 1992.
 Ionics is a separations technology company involved worldwide in the manufacture and sale of membranes and related equipment for the purification of water, in the supply of purified water and water treatment chemicals, and in the sale of bottled water and home water purifiers.
 -0- 12/23/91
 /CONTACT: T.G. Papastavros or A.T. Coughlin of Ionics, 617-926-2500/
 (ION) CO: Ionics, Incorporated ST: Masachusetts IN: SU:


DD-DH -- NE002 -- 4746 12/23/91 10:00 EST
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Publication:PR Newswire
Date:Dec 23, 1991
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