• Cecil County approves transfer of assets to Artesian Water and Wastewater of Maryland
CECIL COUNTY, MD, Oct. 8, 2008 -- Artesian Resources Corporation furthered its expansion into Maryland on Tuesday, when the Cecil County Board of Commissioners voted to approve a transfer of water and wastewater assets located in growth-corridor franchise areas they awarded to Artesian subsidiaries in August.
The transfer of assets to Artesian Water Maryland and Artesian Wastewater Maryland will include county water systems in Meadowview, Harbour View, Pine Hills and Route 7; and county wastewater systems in Meadowview, Cherry Hill, Harbour View and The Highlands. The transfer of these assets is subject to the completion of due diligence, with closing expected on or before June 30, 2009.
The facilities are located within a large service area that covers the eastern half of the county's growth corridor. Artesian's acquisition of the Cecil County facilities will result in the addition of 3,400 new water and wastewater customers.
Artesian has been strengthening its ability to serve the Cecil County growth corridor since it established its Maryland operations with the purchase of the Carpenters Point Water Company last year. In August, the Company closed on its purchase of the Mountain Hill Water Company, which encompasses an 8,000-acre franchise territory that covers the western half of the county's growth corridor.
"We are committed to helping this county meet the infrastructure and service needs that will result from the influx of thousands of military jobs over the next few years," said Artesian President and CEO Dian C. Taylor. "Based on growth estimates for new jobs and households in this county alone, we are looking at the potential of increasing our customer base by one-third."
The nearby Aberdeen Proving Ground is targeted to receive the transfer of 10,000 personnel and a projected 40,000 new jobs when the federal Base Realignment and Closure move is completed in 2011. With estimates of an additional 25,000 new households in Cecil County over the next 20 years, reliable water and wastewater service will be a critical need that Artesian is prepared to meet, Taylor noted.
"Artesian is well positioned to serve the growing population of Cecil County, which is located just 10 miles from our corporate headquarters. This close proximity will result in natural economies of scale that are not present with geographically diverse satellite systems," she explained.
Artesian Water Maryland Inc., and Artesian Wastewater Maryland Inc., are subsidiaries of Artesian Resources Corporation.
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