MERRIMACK, NH, Oct. 9, 2007 -- Pennichuck Corporation today announced that its Pennichuck East Utility Inc. subsidiary ("PEU") has acquired the franchise area and assets of Daniels Lake Water Works Inc. in Weare, New Hampshire. Daniels Lake serves a year-around residential community of 30 homes.
The Daniels Lake water system has had a history of operational problems, and was placed into receivership by the New Hampshire Public Utilities Commission (the "NHPUC"). In its Order approving the acquisition by PEU, the NHPUC noted, "It is a welcome development that an established utility such as PEU has agreed to assume responsibility for this franchise." Commenting on this acquisition, Duane C. Montopoli, President and Chief Executive Officer of Pennichuck Corporation, said, "Our acquisition of Daniels Lake is an excellent example of our ongoing commitment to acquire and rehabilitate additional water systems throughout New Hampshire as an element of strategic growth and to address statewide water issues as they arise." PEU will be renovating the pumping station and improving service over the coming months.
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and development of real estate in the greater Nashua, New Hampshire area.
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