Filters will provide iron and manganese
treatment for groundwater in Wisconsin, Nevada and Washington cleaning water supply for a variety
of communities
LOS
ANGELES, July 18, 2024 /PRNewswire/ -- Cadiz, Inc.
(NASDAQ: CDZI / CDZIP) ("Cadiz" or the "Company"), a California water solutions company, today
announced the Company's operating subsidiary ATEC Water Systems,
LLC ("ATEC") secured three additional sales contracts for iron and
manganese filtration systems totaling an expected $1.5 million in sales revenue.
ATEC's specialized filter systems will treat groundwater
supplies in Wisconsin,
Nevada and Washington state serving a diversity of
communities, including the University of
Wisconsin at Madison, the Portland suburbs and rural Nevada clean energy development, further
expanding the reach and demand for ATEC's market-leading iron and
manganese filters.
"The Board and I are extremely pleased by ATEC's rapid progress
in delivering clean, affordable water to communities and cities
across the nation," said Susan
Kennedy, Cadiz Chairman & CEO. "Contaminated groundwater
is a growing global threat, including right here in the United States -- especially in underserved
communities. ATEC tackles this pressing need with a breakthrough
technology that delivers affordable solutions today, and positions
Cadiz for continued growth and long-term value well into the
future."
Iron and manganese are relatively abundant in the earth's crust
and readily find their way into many groundwater and surface water
supply sources. These metals can result in discolored water,
bacteria growth, and taste and odor concerns for potable drinking
water supplies. Recent studies suggest manganese consumption poses
potential risks to public health particularly for young children
and babies and is currently being considered for regulation by
the U.S. EPA.
"Nearly 40% of all groundwater systems in the U.S. exceed iron
and manganese secondary drinking water standards and ATEC is
tremendously well-positioned to deliver the most effective and
affordable option for communities affected by these contaminants
throughout North America," said
Lee Odell, ATEC's Chief Operating
Officer.
The ATEC Iron and Manganese Removal System is an in-line,
pressure filter system that uses a filter media to remove iron and
manganese by adsorption. Horizontal filters are manufactured to
different sizes and specifications depending on the volume of
groundwater treated. The three new orders announced today, which
are slated to be delivered before the end of the year, will utilize
ATEC's 24", 30" and 48" wide filters.
ATEC has manufactured and delivered more than four hundred iron
and manganese filter systems over the last three decades
successfully providing needed treatment for groundwater supplies.
ATEC also manufactures treatment systems for arsenic, hexavalent
chromium, nitrates, and other common ground water contaminants 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 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. 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.