BRYN MAWR, Pa., March 27, 2003 -- Philadelphia Suburban Corp.'s Consumers New Jersey Water Company (CNJ) subsidiary announced Thursday that it has completed the purchase of the assets of the Deep Well Terrace water system, serving approximately 150 residents in North Hanover Township, Burlington County.
CNJ President Sharon Schulman said, "Our first priority, now that we own the system, is to make the upgrades required to bring the system into compliance with the standards of the New Jersey Department of Environmental Protection. The company purchased the system for approximately $45,000, however we will be investing to install disinfection equipment in the two wells that serve the system and install meters in customers' homes. CNJ can cost effectively make the changes needed to update the system to provide the residents with a reliable supply of high quality water at affordable rates."
Former owner of the system Julius Debrossy said, "I am pleased to have Consumers New Jersey Water Company take over the system. CNJ has the operations experience and technical expertise to operate the system and provide the customers a reliable supply of water."
CNJ provides water and wastewater services to a population of more than 150,000 in 16 municipalities in Warren, Hunterdon, Mercer, Burlington, Monmouth, Gloucester and Camden counties.
Consumers is a subsidiary of Philadelphia Suburban Corporation (NYSE:PSC - News) the nation's largest U.S.-based investor-owned water utility, serving approximately two million residents in New Jersey, Pennsylvania, Illinois, Ohio, Maine and North Carolina.
