Consolidated Water Reports Minimal Damage to Company Facilities From Hurricane Keith
GEORGE TOWN, Cayman Islands, B.W.I., Monday October 9, 8:18 pm Eastern Time -- Consolidated Water Co. Ltd., which develops and operates seawater conversion plants and water distribution systems in areas where natural supplies of drinking (i.e., potable) water are scarce, today reported only modest damage to its facilities on Ambergris Caye, Belize, from Hurricane Keith. The Company's seawater conversion plant has resumed operations and is delivering fresh water to the Water & Sewerage Authority (``WASA'') of the Government of Belize that has commenced limited distribution through WASA's public water distribution system to 'downtown' San Pedro. The system is now being checked, section by section, and reopened when any necessary repairs are completed.
``Despite reports of 135 mile-per-hour winds and extensive flooding on parts of the island, our plant building sustained no substantial damage,'' reported Jeffrey Parker, Chairman and Chief Executive Officer of Consolidated Water Co. Ltd. ``We had about three feet of standing flood water inside the building, but clean up was completed on Tuesday and the plant was successfully restarted on Thursday afternoon.''
``While many homes on the island suffered substantial damage, it appears that most of the hotels and resort facilities came through the storm in fairly good shape,'' continued Parker. ``Although we may experience some reduction in demand for water deliveries on Ambergris Caye during the clean-up period, we do not expect such disruption to have a material adverse impact upon our Company's consolidated operations.''
In July 2000, Consolidated Water Co. Ltd. acquired SeaTec Belize Ltd. (since renamed Belize Water Limited), which operates a reverse osmosis seawater conversion plant on Ambergris Caye in Belize, Central America. Ambergris Caye is the largest of approximately 200 islands located off the mainland of Belize, and its economy has benefited from the growing popularity of the island as a resort and scuba diving destination for American and international tourists.
Consolidated Water Co. Ltd. intends to develop and operate seawater conversion plants and water distribution systems in areas of the world where naturally-occurring supplies of potable water are scarce or nonexistent. It currently operates a public water utility in certain areas of the Cayman Islands under a 20-year exclusive license from the Government of the Cayman Islands. The Company also operates a reverse osmosis seawater conversion facility on Ambergris Caye off the mainland of Belize, and has signed contracts for an operation in the Commonwealth of the Bahamas.
For further information, please contact:
Alexander S. Bodden, VP Finance
at (345) 945-4277 or via e-mail
at [email protected]
or RJ Falkner & Company, Inc., Investor Relations Counsel
at (800) 377-9893 or via e-mail
at [email protected]
Consolidated Water Co. Ltd. Press Release