DOVER, DE, Oct. 29, 2004 (PRNewswire-FirstCall) -- Chesapeake Utilities Corp. has sold the assets of its last remaining water conditioning and treatment dealership, Sharp Water of Florida in Stuart, Fla. (doing business as EcoWater of Stuart).
The assets of the dealership were sold to Crystal Water Systems Inc., owned and operated by Peter D. Wernick of Carson City, Nev.. The sale is the final step in Chesapeake's strategy to exit the water conditioning and treatment business.
Chesapeake previously sold the assets of its Salisbury, Md., and Dover, Del., dealership (Sharp Water) on Dec. 30, 2003; its Waterford and Fenton, Mich., dealership (Douglas Water Conditioning) on Oct. 9, 2003; the assets of its Idaho dealership (Intermountain Water) on Oct. 1, 2003 (Moscow assets) and July 31, 2003 (Boise assets); the assets of the Rochester, Minn., dealership (EcoWater of Rochester) on June 30, 2003; and the assets of the Venice, Fla., dealership (Absolute Water Care) on June 3, 2003.
"The sale of our last remaining water dealership reflects Chesapeake's commitment to improve the operational and financial performance of the company," said John R. Schimkaitis, president and CEO of Chesapeake Utilities. "We have fulfilled the commitment we made to our shareholders in our 2003 Annual Report to exit the water conditioning and treatment business, and this sale will allow us to continue to focus on our core energy-related businesses."
Chesapeake's strategy is to grow earnings from its utility foundation by investing in related businesses and services that provide opportunities for higher, unregulated returns. This growth strategy includes acquisitions and investments in unregulated businesses as well as the continued investment and expansion of the Company's utility operations that provide a stable base of earnings. Chesapeake continuously re-evaluates its investments to ensure that they are consistent with its strategy and the goal of enhancing shareholder value.
Chesapeake Utilities Corp. (www.chpk.com) is a diversified utility company engaged in natural gas distribution and transmission, propane gas distribution and wholesale marketing, advanced information services and other related businesses.
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