Award Represents ATEC's 12th Successful Bid
within the last 12 Months
LOS
ANGELES, May 13, 2024 /PRNewswire/ -- Cadiz, Inc.
(NASDAQ: CDZI / CDZIP) ("Cadiz" or the "Company"), a California water solutions company, is pleased
to announce today that the Company's water treatment operating
subsidiary ATEC Water Systems, LLC ("ATEC"), a leading producer of
specialized water filtration solutions for groundwater, was the
successful bidder to supply water treatment filtration systems for
the Cascade Groundwater Alliance treatment project in Gresham, Oregon ("Cascade Project"). Under the
terms of the award, ATEC will manufacture 140 filters to remove
manganese from local groundwater for a total gross contract value
of approximately $5.2 million. The
filters are anticipated to be delivered over the next 12
months.
"We believe ATEC solutions offer the most affordable and
effective water treatment solution on the market to address iron,
manganese, arsenic, nitrates, and many other constituents of
concern," said Susan Kennedy,
Chairman and CEO of Cadiz. "Addressing the growing threat of
groundwater contamination is the key to making the human right to
water a reality for all. We welcome the opportunity to support the
Cascade project and improve access to clean water in Gresham."
ATEC has experienced rapid growth in orders in 2024 propelled by
tightening water quality regulatory standards and the need to
integrate groundwater into the portfolio of water supply for
growing communities. Cadiz acquired ATEC in a 2022 asset
acquisition for $2 million and today
expects gross ATEC segment revenues to reach $15 million in 2024, revised upward from
$12 million.
ATEC's award of the Cascade Project follows several successful
bids over the last 14 months. In March
2023, ATEC was awarded a $10
million contract to provide all wellhead filters for removal
of iron and manganese for the Central Utah Water Conservancy
District, the largest water district in Utah. Earlier this
year, ATEC finalized installation of new arsenic filtration systems
at wells on tribal lands in Thermal,
California near the Salton Sea for the Torres Martinez
Desert Cahuilla Indian Tribe and also at a new water treatment
facility for the Big Valley Band of Pomo Indians near Clearlake, California.
"ATEC pioneered the first successful municipal iron and
manganese removal system using dioxide media and we've built
hundreds over the last 20 years," said Lee
Odell, COO of ATEC. "Our team is thrilled to support
Rockwood and the City of Gresham
in this important effort."
Manganese is currently being considered for regulation by the
U.S. EPA. Manganese can cause aesthetic impacts (such as water
discoloration and staining of fixtures and laundry) and studies
suggest consumption poses potential risks to public health
particularly for young children and babies.
The Cascade Project is a part of the Cascade Groundwater
Alliance, a partnership of City of
Gresham and Rockwood Water People's Utility District formed
in 2020 to expand Gresham's
groundwater system and reduce reliance on imported surface water
from Portland. The new groundwater
system is under construction and will be complete in 2026. It is
expected to serve approximately 100,000 people in Gresham.
About ATEC
ATEC Water Systems, LLC is a wholly owned subsidiary of Cadiz
Inc and a leading producer of specialized water filtration
solutions for contaminated groundwater sources. ATEC's filtration
solutions are affordable, highly scalable, and easy to maintain,
making them practical for a variety of applications from small,
underserved communities to large municipalities. ATEC's filters
have been installed at over 450 locations, including community,
municipal, agricultural, and industrial sites and used to
successfully reduce and remove iron, manganese, arsenic, chromium-6
and other constituents of concern, solving some of the toughest
groundwater treatment challenges. To learn more, visit
www.atecwater.com.
About Cadiz, Inc.
Founded in 1983, Cadiz, Inc.
(NASDAQ: CDZI) is a California
water solutions company dedicated to providing access to clean,
reliable and affordable water for people through a unique
combination of water supply, storage, pipeline and treatment
solutions. With 45,000 acres of land in California, 2.5 million acre-feet of water
supply, 220 miles of pipeline assets and the most cost-effective
water treatment filtration technology in the industry, Cadiz offers
a full suite of solutions to address the impacts of climate change
on clean water access.
For more information, please visit https://www.cadizinc.com.
Forward-Looking Statements
This release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"anticipates", "expect", "may", "plan", or "will". Forward-looking
statements include, without limitation, projections, predictions,
expectations, or beliefs about future events or results and are not
statements of historical fact, including statements regarding the
Company's expectations regarding ATEC segment revenues for 2024.
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements. These and other risks are identified in
our filings with the Securities and Exchange Commission (the
"Commission"), including without limitation our Annual Report on
Form 10-K for the year ended December 31,
2023 and our Quarterly Reports on Form 10-Q and other
filings subsequently made by the Company with the Commission. All
forward-looking statements contained in this press release speak
only as of the date on which they were made and are based on
management's assumptions and estimates as of such date. We do
not undertake any obligation to publicly update any forward-looking
statements, whether as a result of the receipt of new information,
the occurrence of future events or otherwise.
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SOURCE Cadiz, Inc.