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CADIZ INC. ANNOUNCES AGREEMENT TO ACQUIRE WATER TREATMENT TECHNOLOGY COMPANY ATEC SYSTEMS

Acquisition of pioneering water tech agency accelerates Cadiz’s progress as a modern water options supplier, and furthers its dedication to bettering dependable entry to wash and reasonably priced water in California Group

THE ANGELS, Oct 25, 2022 /PRNewswire-HISPANIC PR WIRE/ — Cadiz Inc. (NASDAQ: CDZI, CDZIP) (“Cadiz,” the “Firm”) at present introduced a definitive settlement to amass ATEC Methods, Inc., (“ATEC”), a number one supplier of technologically-advanced, cost-effective groundwater filtration programs for group, municipal, agricultural and industrial use.

Including the ATEC enterprise to the Cadiz portfolio diversifies its vary of modern, sustainable clear water options and expands Cadiz’ mission to supply secure, reasonably priced ingesting water to underserved communities. The Firm’s flagship initiative is the Cadiz Water Conservation and Storage Undertaking (“Cadiz Water Undertaking”), which captures surplus groundwater earlier than it evaporates within the desert and shops it underground. Cadiz will transport conserved and saved water to communities in Central and Southern California via a community of underground pipelines that when carried oil. Capturing, storing and transporting water underground saves billions of gallons of water from evaporation every year– sufficient to serve thousands and thousands of properties in communities impacted by drought.

“We’re proud to mix our experience with ATEC in delivering modern and reasonably priced water options, significantly for small, rural and low-income communities with out the monetary assets to entry to secure, dependable water provides,” mentioned susan kennedy, Govt Chair of the Cádiz Board. “ATEC’s know-how and experience together with our state-of-the-art conservation and conveyance applied sciences will assist us ship reasonably priced clear water options to communities all through and past California.”

ATEC, a intently held agency based mostly on Hollister, Calif.has produced water filtration programs since 1982. It initially pioneered know-how to supply an economical high-rate removing of iron, manganese after which expanded its attain to a full vary of contaminants, together with arsenic, Chromium-6, nitrates, and different contaminants present in groundwater that pose critical well being dangers in ingesting water.

Cadiz has been engaged in a strategic partnership with ATEC since 2015. The Firm put in ATEC programs to check the removing of naturally occurring minerals for operation of the Cadiz Water Undertaking and recognized ATEC as the most effective at school, most cost-effective remedy know-how for eradicating minerals from groundwater provides.

There are greater than 3,000 public water programs in California with 2 or extra water high quality violations per system and 78,000 groundwater wells working in contaminated basins in California alone. Greater than 800 California group water programs are out of compliance with, in danger or persistently fail to satisfy main ingesting water requirements. The California State Water Sources Management Board has estimated that the price of curing this downside is greater than $10B. ATEC can present an economical different to the remedy problem.

“ATEC’s power is the flexibility of its designs which might service each small and enormous programs via compact-footprint filter programs tailor-made to take away the particular contaminants in every groundwater basin,” Kennedy added. “ATEC’s extremely environment friendly design and low working prices makes it essentially the most cost-effective answer in the marketplace for each giant municipal and small group water programs to handle the rising risk of groundwater contamination in California and nationwide, together with Chromium 6, nitrates, arsenic, industrial air pollution and ‘endlessly chemical substances’.”

ATEC has constructed greater than 450 water filtration programs for cities, water districts, investor-owned utilities and small communities and companies in 10 US states, in addition to Canada and Sri Lanka, with system remedy capacities as much as 60 million gallons per day (mgd). ATEC programs will be scaled in measurement to serve small, rural communities in addition to bigger municipalities, and require much less upkeep and maintenance than conventional filtration programs.

The acquisition is predicted to shut this month. ATEC will retain its identify and function as a unit of Cadiz led by Lee Odel because the Chief Working Officer. Odell is a number one water remedy engineer, who has been consulting for ATEC and beforehand led water high quality divisions for giant international engineering corporations together with Jacobs, CH2M and MontgomeryWatson. He brings with him a first-hand data of and expertise with the ATEC know-how and can lead an modern effort to broaden the applied sciences’ software to a full suite of groundwater contaminants, constructing on the success of the corporate’s founder and principal proprietor, Dave Ketchumwho’s retiring after a brief transition interval.

“Cadiz sees the potential for our remedy know-how, they usually have expressed a deep dedication to persevering with our mission to supply an economical and versatile remedy know-how that may be personalized to every buyer’s wants,” Mr. Ketchum mentioned.

“I look ahead to becoming a member of forces with Cadiz, a longtime ATEC accomplice and fellow water-solutions innovator,” Odell mentioned. “Collectively, we may have the aptitude to serve extra communities in additional methods at a time of crucial want.”

Cadiz has launched a number of initiatives to supply clear water, know-how, and water-conservation coaching to deprived communities. In September, it signed an settlement with the Farmworkers Institute of Schooling & Management Improvement to construct a state-of-the-art innovation heart to supply work-based coaching for members of poor, minority communities. That adopted an August settlement with the Salton Sea Authority and Torres Martinez Desert Cahuilla Indians to donate water, infrastructure financing, and water remedy know-how to serve tribal communities and assist remediate the impacts of evaporation on the Salton Sea. ATEC know-how is getting used to supply filtration programs at tribal wells to make sure secure ingesting water on tribal lands.

Phrases of the definitive settlement with ATEC weren’t disclosed. The acquisition can be accomplished with current money assets.

About Cádiz Inc.

Based in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California enterprise with greater than 70 sq. miles of property, vital infrastructure, and water rights. The Firm’s mission is to ship sustainable options to California’s clear water challenges. The Cadiz Water Conservation and Storage Undertaking is an modern aquifer storage challenge that can create a brand new water provide for 400,000 individuals a yr by conserving billions of gallons of renewable groundwater at present being misplaced to evaporation and salt contamination at Mojave Desert dry lakes. With state-of-the-art groundwater administration know-how, the Undertaking will put conserved water to helpful use and create a much-needed groundwater financial institution interconnecting California’s current water infrastructure. For extra info, please go to the Firm’s web site www.cadizinc.com or assessment the Firm’s filings with the Securities and Alternate Fee.

FORWARD LOOKING STATEMENT: This launch accommodates forward-looking statements which might be topic to vital dangers and uncertainties, together with statements associated to the longer term working and monetary efficiency of the Firm and the financing actions of the Firm. Though the Firm believes that the expectations mirrored in our forward-looking statements are cheap, it may give no assurance that such expectations will show to be right. Elements that might trigger precise outcomes or occasions to vary materially from these mirrored within the Firm’s forward-looking statements embody the Firm’s skill to maximise worth for Cadiz land and water assets, the Firm’s skill to acquire new financing as wanted, the receipt of further permits for the water challenge and different components and concerns detailed within the Firm’s Securities and Alternate Fee filings.

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SOURCE Cadiz Inc.

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