• Company now operates in 50 Texas counties
BRYN MAWR, PA, July 3, 2007 -- Aqua America Inc. announced today that its subsidiary Aqua Texas Inc. (Aqua) has acquired the water systems of Harper Water Company Inc. in a transaction valued at $1.5 million. The acquisition consists of water systems supplying seven residential communities, which house more than 2,000 people in both Kerr and Gillespie counties. It also marks Aqua's first entry into Gillespie County.
"With this acquisition, Aqua now operates systems in 50 counties across Texas and further expands our regional network in the fast-growing San Antonio-Kerrville area. Furthermore, we will efficiently integrate these systems into our existing operations to take advantage of economies of scale," said Aqua America Chairman and Chief Executive Officer Nicholas DeBenedictis.
The newly acquired systems are located close to Aqua's existing operations near Kerrville and Fredericksburg. Aqua owns more than 375 water and wastewater systems in Texas serving approximately 155,000 people.
Over the next several years, Aqua plans to make nearly $400,000 in water infrastructure improvements to the system, including upgrading storage tanks, modernizing electrical and treatment systems and rehabilitating existing water wells. In addition, the company will install a state-of-the-art radio frequency (RF) meter reading system for all Harper customers.
"Aqua is an experienced, professionally managed company that shares our commitment to deliver quality, reliable service and brings significant resources to make the necessary capital improvements to ensure that the drinking water meets all environmental standards," said Morris and Kathryn Harper, owners of Harper Water Company.
Aqua Texas is a subsidiary of Aqua America, a publicly traded water and wastewater utility holding company, with operating subsidiaries serving approximately 2.8 million people in Pennsylvania, Texas, New York, Ohio, North Carolina, Illinois, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina. Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR.
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