Cadiz Releases Q3 Shareholder Newsletter
Cadiz Inc. (NASDAQ: CDZI) released its 3rd quarter 2021 newsletter outlining significant issues affecting California's water supply amid ongoing drought conditions. The newsletter highlights the urgent need for water conservation as regional water agencies declare drought emergencies. CEO Scott Slater emphasized the company's investment in groundwater storage solutions, including the potential of the Northern Pipeline to convey up to 25,000 acre-feet of water, serving around 200,000 people. Cadiz is focusing on sustainable projects to address future climate challenges.
- Focus on groundwater storage investment to address California's water supply issues.
- Northern Pipeline project validated to potentially convey up to 25,000 acre-feet of water.
- Ongoing drought leading to regional water emergency declarations.
- California's water supply uncertainty may impact disadvantaged communities first.
LOS ANGELES, Nov. 15, 2021 /PRNewswire/ -- Today, Cadiz Inc. ("the Company," NASDAQ: CDZI) posted to its website a new 3rd quarter 2021 issue of CDZI Magazine, the Company's quarterly newsletter.
The latest edition includes a summary of industry headlines and media coverage from the quarter, a letter from the CEO, content and images from the Company's corporate blog, a Fall harvest update, social media material, and updates on growth at the Cadiz Ranch.
Cadiz President and CEO Scott Slater said, "During the third quarter, California remains mired in a drought and continues to face water supply uncertainty.
"Last week, Southern California's regional water wholesaler declared a drought emergency and urged its members to conserve their available water supply. This announcement came on the heels of a shortage declaration on the Colorado River by the federal government and Governor Newsom's statewide drought declaration. The pressure on California's water system couldn't be clearer and the impacts are expected to be felt most intensely by disadvantaged communities with limited opportunities for supply diversification.
"Our management team remains focused on purposeful investment in our assets to ensure we stand ready to meet California's needs. We believe storage, especially groundwater storage, will be a high priority as an important tool to prepare for future drought and climate change uncertainty. Cadiz continues to be one of the only Southern California aquifer storage opportunities that maintains a surplus condition and that can offer multiple access points.
"We have also moved ahead with efforts to convert the Northern Pipeline for water conveyance between communities in need. Technical study and engineering work has validated our earlier expectations that the Northern Pipeline could convey approximately 25,000 acre-feet (enough water for up to 200,000 people) in either direction or as a vehicle to trade and swap or store water between communities."
The current magazine and previous issues are available at cadizinc.com/investor-relations/.
If you are interested in learning more about the Company's business operations or would like to receive notices from the Company, please visit cadizinc.com/investors.
About Cadiz Inc.
Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California business dedicated to sustainable water and agricultural projects. We own 70 square miles of property with significant water resources in Southern California and are the largest agricultural operation in San Bernardino, California, where we have sustainably farmed since the 1980s. We are also partnering with public water agencies to implement the Cadiz Water Project, which was named a Top 10 Infrastructure Project that over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects and practicing responsible stewardship of our land, water and agricultural resources. For more information, please visit www.cadizinc.com .
FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company's forward-looking statements include the Company's ability to maximize value for Cadiz land and water resources, the Company's ability to obtain new financing as needed, and other factors and considerations detailed in the Company's Securities and Exchange Commission filings, including the Annual Report on Form 10-K for the year ended December 31, 2020. All forward-looking statements contained in this release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
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SOURCE Cadiz Inc.
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