Federal Court Dismisses Case Against Cadiz Inc.
Action Eliminates Federal Court Litigation involving the Company
LOS ANGELES--(BUSINESS WIRE)-- Cadiz Inc. (NASDAQ:CDZI) (Cadiz) reported today that a lawsuit filed in U.S. Federal Court jointly against the Company, the Santa Margarita Water District (SMWD), the County of San Bernardino (County), the U.S. Department of the Interior (DOI) and the U.S. Bureau of Land Management (BLM) has been dismissed. The Court determined that Petitioner RiverAHA was unlikely to succeed on the merits. The dismissal now ends the pending Federal Court litigation over the Cadiz Valley Water Conservation, Recovery and Storage Project (Project). Legal proceedings challenging the recent Project approvals continue in California State Court.
About Cadiz Inc.
Founded in 1983, Cadiz Inc. is a publicly-held renewable resources company that owns 70 square miles of property with significant water resources and clean energy potential in eastern San Bernardino County, California. The Company is engaged in a combination of water supply and storage and organic farming projects. Cadiz abides by a wide-ranging Green Compact at its properties focused on environmental conservation and sustainable management practices. For more information about Cadiz, 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 future operating and financial performance of the Company and the financing activities of the Company. 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 Companys forward-looking statements include the Companys ability to maximize value for Cadiz land and water resources, the Companys ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Companys Securities and Exchange Commission filings.
Courtney Degener, 213-271-1600
Source: Cadiz Inc.Copyright Business Wire 2012