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UNITED WATER RESOURCES REPORTS RESULTS OF UTILITY CUSTOMER STOCK PURCHASE PROGRAM; MAIL ANNOUNCEMENT BEGINS APRIL 13 THROUGH BILL INSERT

 UNITED WATER RESOURCES REPORTS RESULTS OF UTILITY CUSTOMER STOCK PURCHASE PROGRAM; MAIL ANNOUNCEMENT BEGINS APRIL 13 THROUGH BILL INSERT
 HARRINGTON PARK, N.J., April 13 /PRNewswire/ -- United Water Resources (NYSE: UWR) announced that at the end of the first quarter of 1992, almost 1,900 customers of its utility subsidiaries have become shareholders through a new customer stock purchase program, investing over $2.5 million in the company's common stock. The program gives customers of Hackensack and Spring Valley water companies and Mid- Atlantic Utilities the opportunity to purchase the parent company's common stock at a 5 percent discount from current market price and with no brokerage fees.
 "We are pleased by the response from utility customers who are willing to invest in United Water," said Donald L. Correll, president. "We launched the stock purchase program in September 1991 as part of our overall corporate financial strategy for improving capitalization ratios. The program is a favorable way to increase our equity in the company and lessen the need for external financing. In fact, Hackensack Water's reduced capital needs and improving financial profile were factors cited earlier this month by Standard and Poor's when it upgraded its rating on the company's outstanding bonds."
 Starting April 13, approximately 210,000 residential customers of Hackensack Water Company and Spring Valley Water Company will receive an announcement regarding the program along with their quarterly bills and will have the opportunity to obtain information about it, including a prospectus. The offer to enroll in the plan is made only by prospectus. Customers of United Water's utility subsidiaries can request a free prospectus about the plan by calling the company's investor relations department at 201-767-2847.
 All expenses associated with this program are being borne solely the shareholders of United Water Resources.
 United Water Resources is a holding company engaged in water-related businesses and real estate. Its principal utility subsidiaries, Hackensack and Spring Valley water companies, serve over one million people in New Jersey and New York. United Water's real estate subsidiary, Rivervale Realty Company, operates in northern New Jersey and southeastern New York. Rivervale owns approximately 1,100 acres of land which is in various stages of the subdivision and approval process.
 As of March 31, 1992, United Water had approximately 17 million shares of common stock outstanding. United Water has more than 14,000 registered shareholders throughout the United States.
 -0- 4/13/92
 /CONTACT: Martha C. Green, 201-767-2841, or Carolyn M. Iglesias, 201-767-2836, or evenings; weekends, 201-487-0011/
 (UWR) CO: United Water Resources ST: New Jersey IN: UTI SU:


AH -- NY040 -- 7718 04/13/92 11:38 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
Words:433
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