Associated tags: Natural Resources, Water resources, Water supply, Cádiz, Water, Groundwater, Renewable energy, LOS
Locations: UTAH, CENTRAL VALLEY, SWITZERLAND, UNITED KINGDOM, GERMANY, TAIWAN, UNITED STATES, CALIFORNIA, LLOYD, LOS ANGELES
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Management LOS ANGELES, May 9, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI,CDZIP) ("Cadiz" or the "Company"), a California water solutions company, has engaged international investor relations specialists MZ Group ("MZ") to lead a comprehensive strategic investor relations and financial communications program across all key markets at a pivotal inflection point for the Company. Several key developments over the last six months demonstrate this inflection point including critical permitting and contracting milestones in the development of water and infrastructure assets.
Key Points:
- LOS ANGELES, May 9, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI,CDZIP) ("Cadiz" or the "Company"), a California water solutions company, has engaged international investor relations specialists MZ Group ("MZ") to lead a comprehensive strategic investor relations and financial communications program across all key markets at a pivotal inflection point for the Company.
- MZ Group will work closely with Cadiz management to develop and implement a capital markets strategy designed to increase the Company's visibility throughout the investment community.
- Shannon Devine, Partner at MZ North America, and Rory Rumore, Director, will advise the Cadiz team in all facets of investor relations.
- Courtney Degener, Cadiz Sr. Vice President of Investor Relations and Communications, said, "We welcome the strategic counsel from the MZ team as we make broader connections in the market at this important time for the Company.
Retrieved on:
Wednesday, April 24, 2024
Education,
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Water supply,
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Housing,
AFY,
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Natural gas LOS ANGELES, April 24, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") announced today that the Company and Fenner Gap Mutual Water Company ("Fenner Gap") signed a water supply agreement with Solstra Communities California LLC ("Solstra") for delivery of 1,275 acre-feet per year of water from the Cadiz Water Supply and Storage Project to support development of more than 4,000 homes for military and working families along the Central California coast.
Key Points:
- Today's announcement is the first time Cadiz has contracted with a housing developer for water supply.
- The water supply agreement announced today ("Solstra Agreement") follows execution of three additional water supply agreements entered since the beginning of the year reserving a total of 15,000 acre-feet per year (AFY).
- Solstra is excited to partner with Cadiz, and for Cadiz to become part of a diverse portfolio of water supply sources needed for a development of the scale."
- Under the terms of the Solstra Agreement, water supply will be made available to Solstra via the Coastal Branch of the State Water Project through an exchange with one or more contractors of the California State Water Project.
LOS ANGELES and GENEVA, March 6, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") announced today that it has completed a financing transaction that significantly strengthens its financial position and provides the Company with liquidity to accelerate development of its water supply projects in Southern California. The financing includes a new $20 million loan to fund operations and capital expenses associated with development of the Company's water supply projects and extends all debt maturities to 2027.
Key Points:
- $57 million credit agreement includes $20 million to support development and construction of water supply projects before the next drought.
- The financing includes a new $20 million loan to fund operations and capital expenses associated with development of the Company's water supply projects and extends all debt maturities to 2027.
- "This financing puts us in position to be delivering water before the next drought hits California," said Susan Kennedy, Chairman and Chief Executive Officer of Cadiz.
- Cadiz owns 45,000 acres of land in the Mojave Desert with 2.5 million acre-feet of water supply, 1 million acre-feet of water storage capacity and more than 200 miles of pipeline assets that stretch across Southern California.
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Financial services LOS ANGELES, March 1, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") announced that Barbara Lloyd, a leading professional in the project finance industry with deep experience in public-private infrastructure financing in California, was appointed today to the Company's Board of Directors.
Key Points:
- "Cadiz will be the first Company in the world to convert natural gas pipelines for water conveyance.
- Lloyd's appointment filled an existing vacancy on the Cadiz Board and is effective immediately.
- The Board also appointed Lloyd to serve on the Audit & Risk and Compensation committees.
- The appointment of Lloyd makes the Cadiz Board a majority women directors for the first time in the Company's history.
Retrieved on:
Wednesday, February 21, 2024
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Renewable energy LOS ANGELES and GENEVA, Feb. 21, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") and Heerema International Group Services BV ("Heerema"), the Company's largest shareholder, are pleased to announce a new financing agreement to support growth and capital investments in the Company's water supply, pipeline, filtration and storage assets. Under the agreement, Heerema will acquire the Company's $21.2 million Senior Secured Loan held by BRF Finance Co., LLC, ("BRF") and provide the Company an additional $20 million to support capital investments and growth. The Maturity Date of the combined $41.2 million Senior Secured Loan will be extended to 6/30/2027. As part of the agreement, the holders of the Company's existing $16 million Junior Convertible Loan have also agreed to extend their Maturity Date to 6/30/27. Following the transaction, the Company will have no debt due prior to 2027.
Key Points:
- LOS ANGELES and GENEVA, Feb. 21, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") and Heerema International Group Services BV ("Heerema"), the Company's largest shareholder, are pleased to announce a new financing agreement to support growth and capital investments in the Company's water supply, pipeline, filtration and storage assets.
- Under the agreement, Heerema will acquire the Company's $21.2 million Senior Secured Loan held by BRF Finance Co., LLC, ("BRF") and provide the Company an additional $20 million to support capital investments and growth.
- As part of the agreement, the holders of the Company's existing $16 million Junior Convertible Loan have also agreed to extend their Maturity Date to 6/30/27.
- "Heerema's vision is aligned with Cadiz in every respect, and we believe in the Company's future," said Pieter Heerema.
Retrieved on:
Thursday, February 1, 2024
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Renewable energy LOS ANGELES, Feb. 1, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") announced today that the City of Adelanto, California has signed a Letter of Intent with Fenner Gap Mutual Water Company ("Fenner Gap") to join Victor Valley water agencies in developing an integrated water management and infrastructure investment plan for the Mojave Basin region. As part of the agreement, Fenner Gap will provide 25,000 acre-feet of water to the City of Adelanto from the Cadiz Water Conservation, Supply and Storage Project.
Key Points:
- As part of the agreement, Fenner Gap will provide 25,000 acre-feet of water to the City of Adelanto from the Cadiz Water Conservation, Supply and Storage Project.
- "We are proud to work with the City of Adelanto as part of this important regional effort to develop a sustainable, reliable water supply strategy," said Susan Kennedy, Chief Executive Officer of Cadiz.
- Under the LOI, Project water would be delivered to designated points of delivery within the Mojave River Basin on a space available basis.
- Under the plan, pipelines, groundwater recharge basins, water supply, groundwater storage banks and water treatment facilities in Mojave River Basin, Fenner Valley and Morongo Basin would be integrated for the benefit of the region.
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Water quality LOS ANGELES, Jan. 26, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP, the "Company") announced that Fenner Gap Mutual Water Company ("Fenner Gap") has signed a Letter of Intent with the Victor Valley Wastewater Reclamation Authority ("VVWRA") to develop a coordinated investment strategy for water infrastructure in San Bernardino County's Mojave Basin region. The ambitious plan to integrate public, private and multi-agency financing resources for the design, construction and operation of water infrastructure will incorporate recycled water from VVWRA's wastewater treatment plants with pipeline facilities and water supplies from Cadiz in the eastern Mojave to create a regional "one water" plan that benefits the whole region.
Key Points:
- One Water plan will integrate High Desert infrastructure investments to improve water quality and increase reliability of local water supplies.
- LOS ANGELES, Jan. 26, 2024 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP, the "Company") announced that Fenner Gap Mutual Water Company ("Fenner Gap") has signed a Letter of Intent with the Victor Valley Wastewater Reclamation Authority ("VVWRA") to develop a coordinated investment strategy for water infrastructure in San Bernardino County's Mojave Basin region.
- Fenner Gap is the non-profit corporation established by the Company to distribute water supplies from the Cadiz Water Conservation, Supply and Storage Project.
- Fenner Gap and VVWRA plan to collaborate with other local agencies on the expansion of pipeline and distribution facilities, advanced water treatment and collaborative recharge basins to cost-effectively capture storm water and manage imported water supplies.
Retrieved on:
Friday, December 22, 2023
Holders of Series A Preferred Stock will receive a cash dividend equal to $560.00 per whole share.
Key Points:
- Holders of Series A Preferred Stock will receive a cash dividend equal to $560.00 per whole share.
- Holders of depositary shares, each representing a 1/1000 fractional interest in a share of Series A Preferred Stock (Nasdaq: CDZIP), will receive a cash dividend equal to approximately $0.56 per depositary share.
- The dividend will be paid on January 15, 2024 to respective holders of record as of the close of business on January 4, 2024.
Retrieved on:
Tuesday, December 19, 2023
LOS ANGELES, Dec. 15, 2023 /PRNewswire/ --Cadiz, Inc. (NASDAQ: CDZI/CDZIP, the "Company") is pleased to announce that today the U.S. Bureau of Land Management ("BLM") issued a final decision approving the assignment of a Mineral Leasing Act right-of-way ("ROW") grant to Cadiz for the Company's Northern Pipeline. BLM's approval of the ROW grant to Cadiz completes the Company's acquisition of the 220-mile pipeline from El Paso Natural Gas ("EPNG") and will allow the company to advance project development on several fronts.
Key Points:
- "The Northern Pipeline is the backbone of Cadiz's clean water and clean energy projects.
- Cadiz completed purchase of the Northern Pipeline from EPNG in 2020.
- As part of the purchase agreement, EPNG assigned the 30-year MLA ROW grant to Cadiz subject to BLM's approval.
- Today's decision by the BLM approves EPNG's assignment of the MLA ROW to Cadiz as required under the 2020 purchase agreement.
Retrieved on:
Thursday, December 7, 2023
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Brownstein LOS ANGELES, Dec. 7, 2023 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP, the "Company") is pleased to announce today that Susan Kennedy, Executive Chair of the Board of Directors, will step into a full-time role as the Company's Chief Executive Officer ("CEO") beginning January 1, 2024. Scott Slater, who has served as President and CEO of Cadiz since 2011, plans to continue to serve as a senior advisor to the Company. The Company also plans to create two new executive positions in 2024, one focused on development and operation of the Cadiz Water Supply and Storage Project and one focused on scaling the Company's wholly owned water filtration business, ATEC Water Systems, LLC.
Key Points:
- The Company also plans to create two new executive positions in 2024, one focused on development and operation of the Cadiz Water Supply and Storage Project and one focused on scaling the Company's wholly owned water filtration business, ATEC Water Systems, LLC.
- Kennedy, who has served as Cadiz's Executive Chair since 2021, will take over as full time CEO in January 2024.
- ATEC revenues are expected to exceed $12 million in FY 2024 with projected segment positive operating income of approximately $3 - 4 million during FY 2024.
- "Cadiz will be operating on all cylinders in 2024," Kennedy said.
