SAN JOSE, Calif.–(Small business WIRE)–SJW Group (NYSE: SJW) these days introduced that its Texas subsidiary, SJWTX Inc., which does small business as Canyon Lake Drinking water Provider Company, is preparing to purchase the Kendall West Utility operating in Kendall County and the Bandera East Utility in Bandera and Medina Counties, Texas. The providers have filed applications with the General public Utilities Fee of Texas (“PUCT”) for acceptance of the transactions.
Eric W. Thornburg, chairman, president and CEO of SJW Team, said, “We are keen to provide the customers of Kendall West and Bandera East Utilities as aspect of our Canyon Lake H2o Services Enterprise. This transaction, if permitted by the PUCT, will advantage all of our clients as a result of improved scale and bigger assets. We search ahead to delivering extraordinary consuming water and wastewater products and services to them in the long term.”
Thomas Hodge, president of SJWTX, mentioned, “The blend of Kendall West and Bandera East Utilities with SJWTX provides together two fast increasing utilities in adjacent counties which equally count on h2o from Canyon Lake and the Trinity Aquifer. The Kendall West and Bandera East Utilities offer h2o to about 4,000 men and women by way of about 1,300 assistance connections in a assistance spot roughly 20 square miles. The merger will improve performance of functions and provide SJWTX’s practical experience of managing and supporting immediate expansion to Kendall, Bandera and Medina Counties.”
Integrated with Kendall West are wastewater products and services that recycle drinking water for landscape irrigation at a local golf training course, stretching the use of scarce water sources in this drought prone space. A mixture of groundwater wells and surface area water from Canyon Lake provide Kendall West Utility and Bandera East Utility with their h2o offer. The transaction will not affect the rates or service for consumers of Canyon Lake Drinking water Company Enterprise, Kendall West H2o Program, nor Bandera East H2o Process.
Combining Kendall West and Bandera East Drinking water Devices with SJWTX will make for a bigger, far more economical water utility with entry to capital and management sources essential for this rapidly developing area. Just after PUCT overview and community comment, the acquisition is envisioned to be final by the close of 2021. If accepted by the PUCT, this would come to be the 14th acquisition by SJWTX considering that 2006 and broaden its footprint in Texas across seven counties in whole. Over the earlier 15 many years, the organization has nearly tripled in dimensions from 6,500 to 21,500 connections and now serves somewhere around 65,000 persons. With the addition of Kendall West, SJWTX will serve three of the top rated 10 swiftest rising counties in the United States, in accordance to the U.S. Census Bureau.
About SJWTX dba Canyon Lake Drinking water Services Organization
SJWTX, a subsidiary of SJW Team, is a general public water utility furnishing support to around 65,000 men and women as a result of somewhere around 21,500 provider connections in a support spot comprising about 246 sq. miles in Comal, Blanco, Hays and Travis counties it is positioned between Austin and San Antonio.
About Kendall West Utility LLC and Bandera East Utility, LLC
Kendall West Utility, LLC and Bandera East Utility, LP are public water utilities offering drinking water to about 4,000 individuals via over 1,300 services connections in a company location consisting of approximately 20 square miles in Kendall, Bandera, and Medina Counties in Texas.
About SJW Group
SJW Team is the second-premier investor-owned pure enjoy h2o and wastewater utility based on estimated rate foundation in the United States, supplying lifesaving and significant-quality drinking water support to virtually 1.5 million people today. SJW Group’s locally led and operated water utilities — San Jose Water Organization in California, Connecticut H2o Firm in Connecticut, Maine Water Business in Maine and SJWTX Inc. (dba Canyon Lake Drinking water Service Company) in Texas — possess the economic energy, operational expertise and technological innovation to supply excellent service to buyers, safeguard the atmosphere and provide chances to workforce. SJW Team stays focused on investing in its functions, remaining actively engaged in its neighborhood communities and providing ongoing sustainable value to its shareholders. For more data about SJW Group, you should visit www.sjwgroup.com.
This release contains ahead-wanting statements in the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Some of these ahead-seeking statements can be determined by the use of ahead-searching words this sort of as “believes,” “expects,” “may possibly,” “will,” “must,” “seeks,” “roughly,” “intends,” “ideas,” “estimates,” “jobs,” “system,” or “anticipates,” or the damaging of all those phrases or other equivalent terminology. These forward searching statements are only predictions and are subject to threats, uncertainties and assumptions that are difficult to forecast.
The accuracy of this sort of statements is matter to a range of pitfalls, uncertainties and assumptions which include, but not minimal to, the pursuing components: (1) the chance that the problems to the closing of the proposed transaction between SJWTX, Inc., Kendall West Utility, LLC and Bandera East Utility, LP may not be happy or waived, (2) the chance that the regulatory acceptance demanded for the proposed transaction is not received, or that in get to acquire this kind of regulatory approval, problems are imposed that adversely have an affect on the expected positive aspects from the proposed transaction and lead to SJWTX, Inc. to abandon the proposed transaction, (3) the outcome of water, utility, environmental and other governmental insurance policies and laws, including steps regarding charges, approved return on equity, authorized money buildings, cash expenses and other choices (4) improvements in demand from customers for drinking water and other services (5) the impression of the Coronavirus (“COVID-19”) pandemic on the business operation and fiscal final results of SJWTX, Inc. (6) unanticipated climate circumstances and variations in seasonality (7) local weather transform and the consequences thereof (8) our potential to properly examine investments in new company and development initiatives (9) catastrophic functions such as fires, earthquakes, explosions, floods, ice storms, tornadoes, hurricanes, terrorist functions, actual physical assaults, cyber-attacks, or other similar occurrences (10) adjustments in normal financial, political, enterprise and economic market circumstances (11) the capability to get hold of funding on favorable terms, which can be influenced by several factors, like credit ratings, changes in fascination rates, compliance with regulatory prerequisites, compliance with the terms and situations of our exceptional indebtedness, and normal stock and financial debt current market problems and (12) legislative and normal market and financial developments.
In addition, genuine outcomes are topic to other dangers and uncertainties that relate far more broadly to our all round business, together with these a lot more totally explained in our filings with the SEC, which includes our most latest reports on Type 10-K, Kind 10-Q and Variety 8-K. Ahead-searching statements are not ensures of efficiency, and talk only as of the day manufactured, and we undertake no obligation to update or revise any ahead-searching statements apart from as required by law.