Arsenic, iron and manganese filter systems
to be delivered in 2025.
LOS
ANGELES, Oct. 22, 2024 /PRNewswire/ -- Cadiz,
Inc. (NASDAQ: CDZI / CDZIP) ("Cadiz" or the "Company"), a
California water solutions
company, today announced that its operating subsidiary ATEC Water
Systems, LLC ("ATEC") was awarded three new sales contracts
totaling $1.6 million for arsenic,
iron and manganese filtration systems. The systems will be
delivered in 2025.
"Groundwater contamination is a growing global threat," said
Susan Kennedy, Cadiz CEO and Board
Chair. "The demand we've been seeing over the last few months for
ATEC's treatment products is setting us on a path for strong
segment growth in 2025."
Under the new sales contracts announced today, ATEC will
manufacture treatment systems using its 42" and 48" wide filters to
remove arsenic, iron and manganese from groundwater supplies in
rural and suburban communities in California, Washington and Oregon that serve close to 100,000 people
reliant on groundwater as their principal water supply. The filters
will be capable of processing up to 10 million gallons per day.
"I am proud of the work we are doing to help water districts,
cities and disadvantaged communities clean up their groundwater,
and we are excited to ramp up production at ATEC to meet the
growing demand we're seeing for our products." said Lee Odell, ATEC's Chief Operating Officer."
Since Cadiz acquired ATEC's assets in 2023 for $2 million, 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 continues to expect
gross ATEC segment revenues to reach $15
million for fiscal year 2024 and anticipates strong segment
growth in 2025.
The ATEC treatment system uses patent-pending filter media
processes to remove common groundwater contaminants by adsorption.
The filters and systems are fully scalable and can be manufactured
to different sizes and specifications depending on the volume of
groundwater treated; contracts to date range from 60 million
gallons a day for the largest water conservancy district in
Utah to customized smaller systems
for isolated smaller communities dependent on groundwater for their
water supply. ATEC systems provide treatment for groundwater
addressing a wide range of contaminants including arsenic,
hexavalent chromium, nitrates, and other groundwater constituents
of concern.
About ATEC
ATEC Water Systems, LLC is a wholly
owned subsidiary of Cadiz, Inc. (NASDAQ:
CDZI) and a leading producer of specialized water treatment
solutions for contaminated groundwater sources.
ATEC's treatment 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 contaminants 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 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. 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.