Hawaii Water Service Receives Hawaii Public Utilities Commission Approval to Acquire HOH Utilities
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WAIKOLOA, Hawaii, July 06 11, 2022 (GLOBE NEWSWIRE) — Hawaii Water Service (Hawaii Water) has received approval from the Hawaii Public Utilities Commission (Commission) to acquire the assets of HOH Utilities, LLC. to establish operations on Kauai. Hawaii Water is a subsidiary of California Water Service Group (Group) (NYSE: CWT).
HOH Utilities is a wastewater treatment service in the growing Poipu and Koloa area of Kauai County. With the acquisition, Hawaii Water will own and operate the utility, which currently serves nearly 1,800 residential, commercial and resort customers, including three hotels, condominiums, multi-family units, a golf course and single-family homes. The sale remains subject to customary closing conditions.
“We appreciate the trust the Hawaii Public Utilities Commission places in our team and our expertise to provide quality, service and value to residents, businesses and visitors to the island of Kauai,” said Martin A. Kropelnicki. , Chairman and Group CEO. “We look forward to working with HOH Utilities to complete the acquisition and welcome their customers to our ohana.”
Hawaii Water currently provides utility water, wastewater and/or reclaimed water services to nearly 6,000 customers, including a number of large resorts and condominium complexes, in communities across Ka ‘anapali, Pukalani, Kalaeloa, Kapalua, Kapolei, Waikoloa, North Kona Coast, and Kohala Coast on Maui, Oahu, and the Big Island, respectively. Hawaii Water services include meter reading, water quality testing, water and wastewater treatment, water system design and construction, and customer service.Hawaii Water is a wholly owned subsidiary of California Water Service Group, which also includes California Water Service, New Mexico Water Service, Washington Water Service, and Texas Water Service, a utility holding company. Together, these companies provide regulated and unregulated public services to more than 2 million people in more than 100 communities in California, Hawaii, New Mexico, Texas and Washington. The group’s common stock trades on the New York Stock Exchange under the symbol “CWT”. Additional information is available online at www.calwatergroup.com. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“Act”). Forward-looking statements are intended to qualify under the provisions of the federal securities laws for the “safe harbor” treatment established by law. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, as well as management’s judgment regarding the company, the water utility industry and general economic conditions. Words such as would, expect, intend, plan, believe, estimate, assume, anticipate, project, predict, forecast or variations of such words or similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. They are subject to uncertainty and changing circumstances. Actual results may differ materially from what is contained in any forward-looking statement. Factors that could cause results to differ from those expected or anticipated include, but are not limited to: the ability to complete the acquisition of HOH Utilities, integrate the business and operate HOH Utilities system in an efficient and accretive manner; natural disasters, public health crises, pandemics, epidemics or outbreaks of a contagious disease, such as the coronavirus (or COVID‐19) epidemic; decisions of governmental and regulatory commissions, including decisions on the proper disposal of property; consequences of eminent domain actions relating to our water systems; changes in regulatory commission policies and procedures; the timeliness of regulatory commission actions regarding tariff relief and other actions; changes in water quality standards; changes in environmental compliance and water quality requirements; power outages; housing and customer growth trends; the impact of opposition to rate increases; our ability to recover costs; availability of water supply; problems relating to the implementation, maintenance or security of our IT systems; civil unrest or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or adequately address risks; labor relations issues as we negotiate with unions; changes in customer water use patterns and conservation effects; the impact of weather, climate, natural disasters and disease on water quality, water availability, water sales and operating results, and the adequacy of our preparedness emergency situations; and, other risks and unforeseen events. When reviewing forward-looking statements, you should be mindful of the cautionary statements included in this paragraph, as well as the annual 10-Ks, quarterly 10-Qs and other reports filed from time to time with the Securities and Exchange Commission. (SECOND). The Company undertakes no obligation to provide public updates of forward-looking statements.
|Contact:||Yvonne Kingman, 310-257-1434 (media)|
|Tom Smegal, 408-367-8200 (analysts)|
Source: California Water Utilities Group