BRYN MAWR, PA, Sept. 13, 2005 (BUSINESS WIRE) -- Aqua America Inc. announced today that its North Carolina subsidiary recently acquired the water and wastewater systems for the Castle Bay development near Hampstead, representing the company's first operation in Pender County. The purchase price is approximately $250,000.
"This property is strategically located along North Carolina's fast-growing coastline. It not only paves the way to a new service territory, but it also offers great potential to further expand our customer base in North Carolina," said Aqua America Chairman and CEO Nicholas DeBenedictis.
The Castle Bay water and wastewater systems serve approximately 350 residents, with an additional 600 residents expected as the development builds out. Aqua North Carolina will also undertake certain capital improvements, including the construction of an elevated water storage tank for the community.
Aqua North Carolina currently provides water and wastewater services to more than 210,000 residents in 31 counties in the Tar Heel State.
Aqua America Inc. (www.aquaamerica.com) is the largest U.S.-based publicly-traded water company, serving more than 2.5 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, New York, and South Carolina.
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