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PHOENIX, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS) (TSX: GWR) has signed agreements with the City of Coolidge and Saint Holdings that will result in the company providing water, wastewater, and recycled water service to a large portion of Coolidge’s 30 square mile southern planning area located southeast of Phoenix, Arizona.
While still subject to Arizona Corporation Commission regulatory approvals, with these agreements Global Water anticipates providing integrated utility service to this area where large-scale economic development projects are underway. This includes the rail-served Inland Port Arizona, a 2,700-acre mega-site under development by Saint Holdings that has been designed to support the manufacturing and distribution needs of incoming businesses. Earlier this year, Saint Holdings sold a 400-acre portion of Inland Port Arizona to Nikola Motor Company, where Nikola plans to construct a 1 million square-foot, world-class manufacturing facility.
“We expect Nikola to attract other such large-scale projects, so it is important to advance our work with the right infrastructure partners to support Inland Port Arizona’s growth and development,” said Saint Holdings president, Jackob Andersen. “A key element for this endeavor is a strong water and wastewater utility like Global Water who has proven capable of accommodating rapid growth while expertly managing valuable water resources.”
Inland Port Arizona is located in the heart of the Sun Corridor in Pinal County, which, according to Saint Holdings, is a megaregion expected to double in population by 2030. Pinal County is at the epicenter of the Southwest’s explosive economic growth and continues to experience rapid residential, commercial and manufacturing expansion.
Global Water president and CEO, Ron Fleming, commented: “Saint Holdings is a tremendously innovative land developer, as demonstrated by many significant wins for the communities where they operate. We are excited to partner with them on these projects, where we will deliver both professional water resource management and customer service to Nikola and others.”
“Working with the City of Coolidge has also been terrific,” added Fleming. “The civic leaders of this fine community have a strong vision for the future and plans for growth, and we are honored to play such an important role. Global Water is committed to delivering efficient and reliable utility solutions for new projects in this expansive area, from large employment and retail centers to housing developments.”
The Mayor of Coolidge, Jon Thompson, stated: “We expect the Nikola project alone to generate 2,000 permanent jobs, with thousands more coming from other suppliers. So, we’re glad to establish a partnership with Global Water, which has a long track record of founding thoughtful and sustainable utilities in new areas and effectively managing their growth and development.”
Global Water plans to provide updates on this major water resource project as it develops and expands over the coming months.
About Saint Holdings
Saint Holdings, LLC is a proven leader in land development in Pinal County, Arizona and the Southwest and owns major shovel-ready mega-sites that have catapulted Pinal County into a booming region for new-technology vehicles, renewable energy and tech sectors. Saint Holdings takes an extremely hands-on approach to all aspects of the business, including acquisitions, management, entitlement, development and operations. This approach is applied to all of its developments and has been proven effective as it has been leading the charge to strengthen Arizona’s economy by attracting manufacturers such as Nikola Motor Company and Lucid Motors to their Industrial parks. For more information about Saint Holdings, LLC, visit www.saintholdings.com.
About the City of Coolidge
Coolidge, Arizona is a dynamic community in the heart of Arizona’s Sun Corridor offering residents, visitors and businesses an intriguing lifestyle with ample opportunity. Coolidge is situated halfway between Phoenix and Tucson and is experiencing population growth and economic development. The City is home to Central Arizona College, Pinal County’s only institution of higher education. To learn more, visit www.coolidgeaz.com.
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 12 utilities which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles nearly 1 billion gallons of water annually.
The company has been recognized for its highly effective implementation of Total Water Management (TWM), an integrated approach to managing the entire water cycle by owning and operating water, wastewater and recycled water utilities within the same geographic area to maximize the beneficial use of recycled water. TWM conserves water by using the right water for the right use and helps protect water supplies in water-scarce areas experiencing population growth. To learn more, visit www.gwresources.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements which reflect the company's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning future utility service, and other statements that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s views as of the date hereof. Factors that may affect future results are disclosed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. This includes, but is not limited to, our Annual Report on Form 10-K for the year ended December 31, 2018 which was filed with the SEC. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Michael J. Liebman
CFO and SVP
Tel (480) 999-5104
Investor Relations Contact:
Ron Both, CMA
Tel (949) 432-7566