Consolidated Water Sustains No Damage in Grand Cayman From Major Hurricane Beryl

Rhea-AI Summary

Consolidated Water (NASDAQ: CWCO) announced that its property and equipment in Grand Cayman sustained no damage from Hurricane Beryl, which passed about 40 miles south of the island. Despite reports of flooding and wave damage in other areas, particularly on the south side of Grand Cayman, the company's retail water service area was unaffected. CEO Rick McTaggart praised the operations team for maintaining water supply during the storm. The Cayman Islands National Emergency Operations Centre has issued an 'all clear,' and the company has resumed normal operations. The hurricane is not expected to impact other company operations.

Positive

• Consolidated Water's property and equipment sustained no damage from Hurricane Beryl.
• Water supply to retail customers was maintained throughout the storm.
• Normal operations have resumed.

Negative

• Flooding and wave damage occurred on the south side of Grand Cayman, although not within the company's service area.

GEORGE TOWN, Cayman Islands, July 05, 2024 (GLOBE NEWSWIRE) -- Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, reported that its property and equipment sustained no damage after Hurricane Beryl passed approximately 40 miles south of the Cayman Islands early Thursday morning.

“Fortunately, Grand Cayman was spared the kind of damage that this storm caused to other islands in the Caribbean,” stated Consolidated Water CEO, Rick McTaggart. “There have been reports of flooding and wave damage to properties, particularly on the south side of Grand Cayman which is outside our retail water service area. Our dedicated and experienced operations staff ensured that we continued to supply water to our retail customers throughout the storm and I am very grateful for their efforts. The Cayman Islands National Emergency Operations Centre issued an ‘all clear’ for the Islands yesterday afternoon and the hurricane has since moved away from the area. We have resumed normal operations.”

Given the hurricane’s current projected path, the company does not expect it to have any impact on its other operations.

About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States. The company recently entered the U.S. desalination market with a contract to design, construct, operate and maintain a seawater desalination plant in Hawaii.

The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit cwco.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “intend”, “expect”, “should”, “will” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. For more information about risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the Company’s Secretary at the Company’s executive offices or at the “Investors – SEC Filings” page of the Company’s website at http://ir.cwco.com/docs. Except as otherwise required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
Email Contact

Investor Relations Contact
Ron Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566
Email Contact

Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact

FAQ

Did Hurricane Beryl damage Consolidated Water's (CWCO) property in Grand Cayman?

No, Hurricane Beryl did not damage Consolidated Water's property or equipment in Grand Cayman.

How did Consolidated Water (CWCO) maintain operations during Hurricane Beryl?

Consolidated Water's experienced operations staff ensured continuous water supply to retail customers throughout Hurricane Beryl.

What is the current status of Consolidated Water's (CWCO) operations post-Hurricane Beryl?

Consolidated Water has resumed normal operations after the Cayman Islands National Emergency Operations Centre issued an 'all clear.'

Will Hurricane Beryl impact other operations of Consolidated Water (CWCO)?

No, the company does not expect Hurricane Beryl to impact its other operations.

What was the impact of Hurricane Beryl on Grand Cayman?

There were reports of flooding and wave damage on the south side of Grand Cayman, outside of Consolidated Water's service area.