NASDAQ-NMS:CDZIP

Cadiz Closes Financing, Secures Development Capital For Water Supply Projects

Retrieved on:

Wednesday, March 6, 2024

Engineering, Exchange, Water supply, LOS, Riverside, Growth, AFY, El Paso Natural Gas, PIK, Water

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.

Cadiz Inc. Announces Appointment of Barbara Lloyd to its Board of Directors

Retrieved on:

Friday, March 1, 2024

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.

Cadiz, Inc. and Heerema IGS Announce Financing Agreement to Drive Growth

Retrieved on:

Wednesday, February 21, 2024

Filtration, Water supply, Senior, LOS, Finance Secretary (India), BRF, Growth, Social responsibility, Carbon, HVO, Hydrotreated vegetable oil, Cádiz, PIK, Water, Wind, 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.

City of Adelanto to Join Mojave Basin "One Water" Plan

Retrieved on:

Thursday, February 1, 2024

LOS, City, Investment, Cádiz, Groundwater, Water supply, LOI, Water, High desert, Letter, Health, 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.

Fenner Gap and Victor Valley Water Agencies Launch "One Water" Plan

Retrieved on:

Friday, January 26, 2024

LOS, Groundwater, Health, City, Letter, Water supply, Map, Investment, Water, Cádiz, Town, 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.

Cadiz Inc. Declares Quarterly Dividend for Q4 2023 on Series A Cumulative Perpetual Preferred Stock

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.

Cadiz to Expand Executive Team in 2024

Retrieved on:

Thursday, December 7, 2023

Iron, Cádiz, Acquisition, Climate change, Water, Groundwater, Hydrogen, ATEC, LOS, Water supply, Manganese, Senior advisor, Nitrate, Arsenic, El Paso Natural Gas, Management, Renewable energy, 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.

Cadiz Marks One Year Anniversary of ATEC Acquisition

Retrieved on:

Monday, November 13, 2023

Iron, Cádiz, Manufacturing, Acquisition, Groundwater, Central Utah Project, ATEC, Environmental Science & Technology, Environmental science, Drinking water, Salton Sea, Manganese, L.L.C, Water, Arsenic, Fertilizer

LOS ANGELES, Nov. 13, 2023 /PRNewswire/ -- Today, Cadiz, Inc. (NASDAQ: CDZI/CDZIP) is pleased to mark the one-year anniversary of its acquisition of our water treatment operating subsidiary ATEC Water Systems, L.L.C. ("ATEC"), a leading producer of specialized water filtration solutions for contaminated groundwater sources. Since Cadiz acquired the business in Q4 2022, ATEC has secured contracts and begun production on projects expected to generate significant revenues beginning in FY 2024. ATEC segment revenues are expected to total approximately $1.4 million in FY 2023 and exceed $12 million in FY 2024 with projected segment positive operating income of approximately $3 - 4 million during FY 2024.

Key Points:

LOS ANGELES, Nov. 13, 2023 /PRNewswire/ -- Today, Cadiz, Inc. (NASDAQ: CDZI/CDZIP) is pleased to mark the one-year anniversary of its acquisition of our water treatment operating subsidiary ATEC Water Systems, L.L.C.
Since Cadiz acquired the business in Q4 2022, ATEC has secured contracts and begun production on projects expected to generate significant revenues beginning in FY 2024.
We believe ATEC filters provide the most cost-effective treatment solutions for successful reduction and removal of iron and manganese from groundwater.
The ATEC iron and manganese treatment system has effectively been adapted to remove arsenic as well as chromium-6.

Cadiz Signs Agreement with San Bernardino County and Water Project Agencies to Reserve Water Supply for Desert Communities

Retrieved on:

Thursday, November 2, 2023

Water supply, Water, MOU, City, Tunnel, County, Mojave River

CADIZ, Ca., Nov. 2, 2023 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced today that the Company entered into a binding agreement with San Bernardino County, Santa Margarita Water District ("SMWD") and Fenner Gap Mutual Water Company to provide priority rights to water supply from the Cadiz Water Conservation and Storage Project ("Cadiz Project") to public water systems serving San Bernardino County communities.

Key Points:

CADIZ, Ca., Nov. 2, 2023 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced today that the Company entered into a binding agreement with San Bernardino County, Santa Margarita Water District ("SMWD") and Fenner Gap Mutual Water Company to provide priority rights to water supply from the Cadiz Water Conservation and Storage Project ("Cadiz Project") to public water systems serving San Bernardino County communities.
The amendment requires Cadiz to offer binding agreements for water supply from the Cadiz Project to public water systems serving San Bernardino County residents prior to exporting water for beneficial use outside of San Bernardino County.
Additionally, the amendment dedicates 25,000 acre-feet of water supply from the Cadiz Project to disadvantaged communities in the Mojave River region or any other County community expressing a need for new, long-term water supply.
As of this date, the Company is aware of five public water systems serving cities in San Bernardino County that have expressed intent to receive water supply from the Cadiz Project.

Cadiz Signs Agreement with El Paso Natural Gas for Long-Term Power Supply

Retrieved on:

Tuesday, October 24, 2023

Cádiz, L.L.C, LOS, Renewable energy

LOS ANGELES, Oct. 24, 2023 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced today that the Company has entered into a long-term contract with El Paso Natural Gas Company, L.L.C. ("EPNG") to install a tap on their natural gas pipeline, which runs through the Cadiz Ranch property in the California eastern Mojave Desert. The gas tap will allow Cadiz to replace diesel engines with natural gas engines to power the Company's groundwater wellfield, pump stations and related facilities for its agriculture operations and the Cadiz Water Conservation, Supply and Storage Project ("Cadiz Project"). The high efficiency gas engines are expected to be integrated into solar-hybrid microgrids able to reduce energy costs, cut carbon emissions, and provide 100% uptime reliability for the Company's water supply and storage operations. The tap is expected to deliver new gas power to Cadiz by Q4 2024.

Key Points:

LOS ANGELES, Oct. 24, 2023 /PRNewswire/ -- Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced today that the Company has entered into a long-term contract with El Paso Natural Gas Company, L.L.C.
("EPNG") to install a tap on their natural gas pipeline, which runs through the Cadiz Ranch property in the California eastern Mojave Desert.
The gas tap will allow Cadiz to replace diesel engines with natural gas engines to power the Company's groundwater wellfield, pump stations and related facilities for its agriculture operations and the Cadiz Water Conservation, Supply and Storage Project ("Cadiz Project").
The tap is expected to deliver new gas power to Cadiz by Q4 2024.