Consolidated Water Provides Update on Water Treatment Plants and Water Distribution Systems in Cayman Islands Following Earthquake
GEORGE TOWN, Cayman Islands, Jan. 29, 2020 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq Global Select Market: CWCO), a leading developer and operator of advanced water supply and treatment plants, has reported that, based upon its initial assessment, no major damage occurred to its plants, equipment and distribution system in the Caribbean as a result of yesterday's 7.7 magnitude earthquake that impacted Grand Cayman on January 28, 2020, at 2:10 p.m. EST. The reported epicenter of this earthquake was 125 kilometers north/northwest of Lucea, Jamaica.
The Cayman Islands also experienced an aftershock of 6.1 magnitude 57-kilometers southwest of East End, Grand Cayman, and other aftershocks below 5 in magnitude reported by United States Geological Survey. The latest was a 4.3 magnitude aftershock at 12:16 a.m. EST today.
Three of the company's potable water tanks at its West Bay seawater reverse osmosis desalination plant in Grand Cayman were damaged. However, the tanks held their integrity and the company's potable water distribution systems have held pressure with no significant leaks detected. All plants are currently up and running and producing water.
The company's operations in the Bahamas were not impacted by this earthquake.
"We express our sympathy for those adversely affected by these quakes," said Consolidated Water Executive Vice President of Operations Ramjeet Jerrybandan, who is based in Grand Cayman. "Despite the magnitude of these quakes, we experienced minimal damage. We believe this incident demonstrated the soundness of both the design and construction of our plants and distribution systems and the high level of preparedness of our teams for such events. We expect to be able to quickly repair any damage while maintaining continuity and quality of service."
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company operates water production facilities in the Cayman Islands, The Bahamas and the British Virgin Islands and operates water treatment facilities in the United States. The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment. For more information, visit www.cwco.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "intend", "expect", "should", "will" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to (i) continued acceptance of the company's products and services in the marketplace; (ii) changes in its relationships with the governments of the jurisdictions in which it operates; (iii) the outcome of its negotiations with the Cayman government regarding a new retail license agreement; (iv) its ability to complete the project under development in Baja California, Mexico; (v) the future financial performance of its subsidiary that manufactures water treatment-related systems and products and provides design, engineering, management, operating and other services applicable to commercial, municipal and industrial water production; (vi) the collection of its delinquent accounts receivable in the Bahamas; (vii) its ability to integrate and profitably operate recently acquired subsidiary PERC Water Corporation; and (viii) various other risks, as detailed in the company's periodic report filings with the Securities and Exchange Commission ("SEC"). For more information about risks and uncertainties associated with the company's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of the company's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company's Secretary at the company's executive offices or at the "Investors – SEC Filings" page of the company's website at http://ir.cwco.com/docs/. Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
[email protected]
Investor Relations Contact
Ron Both, CMA
Tel (949) 432-7566
[email protected]
SOURCE Consolidated Water Co. Ltd.
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