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

A veteran of the public finance industry, Lloyd brings over thirty years of experience in capital markets, government and infrastructure finance, including leadership positions at KPMG and the California State Treasurers Office.

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.

"Barbara is exactly the experienced veteran we need as we move into the development phase of our water infrastructure projects," said Susan Kennedy, Chairman and CEO of Cadiz. "Cadiz will be the first Company in the world to convert natural gas pipelines for water conveyance. Barbara's knowledge and experience will be a tremendous asset to the company as a Director."

"I have built my career creating financial solutions at the critical nexus between public policy, infrastructure, and capital markets. Large-scale infrastructure development requires coordination, vision and innovative financing strategies. I am excited to join the Cadiz Board and be part of the solution in addressing the impacts of climate change on California's infrastructure and access to clean, affordable water," said Director Lloyd.

Director Lloyd is Founder and CEO of IMPACTS USA Advisory Services, a private consulting firm advising governments, developers and investors on innovative capital asset strategies, including public-private partnerships for complex infrastructure projects such as California High-Speed Rail. IMPACTS advisory clients include the University of California and the California Departments of Transportation and Veterans Affairs. She also advised the state Department of Water Resources and the cities of Los Angeles, Oakland and San Jose at prior employers. 

Prior to founding IMPACTS, Lloyd served as a Managing Director for KPMG Corporate Finance, a global leader in alternative financing and delivery options for complex infrastructure projects and governmental facilities. Previously, Lloyd served as Chief Deputy Treasurer and Deputy Treasurer for Public Finance for the California State Treasurers Office where she led multiple high-profile, complex bond transactions, such as California's $11 billion Power Supply Revenue Bonds, then the largest municipal bonds ever issued (2002), and $12.3 billion Economic Recovery Bonds, including the largest single-day issuance in municipal bond history, at $7.9 billion (2004). In her role at the State Treasurers Office, Lloyd also served as chief negotiator and senior spokesperson with rating agencies, credit enhancement providers, investors, governmental agencies, and other bond market participants. 

Lloyd's expansive financial career also includes roles in senior executive public finance positions at Lehman Brothers Public Finance, acquired by Barclays, and Leifer Capital, now KNN Public Finance. She led banking transactions for the State of California, Los Angeles Department of Water and Power; California Department of Veterans Affairs; Irvine Ranch Water District; San Diego County; City of Oakland; and California Communities JPA. Lloyd began her career as chief of staff in the 14^th California State Assembly district and also served as treasury manager for the City of Oakland. 

Lloyd has an MBA from Stanford University and a B.A. in Political Science from UC Davis.

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.

About Cadiz, Inc.
Founded in 1983, Cadiz, Inc. (NASDAQ: CDZI) is a California water solutions company dedicated to providing access to clean, reliable and affordable water for people through a unique combination of water supply, storage, pipeline and treatment solutions. With 45,000 acres of land in California, 2.5 million acre-feet of water supply, 220 miles of pipeline assets and the most cost-effective water treatment filtration technology in the industry, Cadiz offers a full suite of solutions to address the impacts of climate change on clean water access.

For more information, please visit www.cadizinc.com.

FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the Company's ability to secure any additional necessary permits for project development. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company's forward-looking statements include potential litigation that may delay project development, the Company's ability to obtain financing as needed, and other factors and considerations detailed in the Company's Securities and Exchange Commission filings.

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SOURCE Cadiz, Inc.