Artesian Water Maryland, Inc., a subsidiary of Artesian Resources Corporation (NASDAQ: ARTNA), announced today that it has closed on the agreement to buy the water assets of the Town of Port Deposit, Maryland.
Artesian has operated Port Deposit’s water system since April 2009 and in July 2010 received approval from the Maryland Public Service Commission to purchase the water assets.
“This acquisition gives us another reliable water source for Cecil County, as the purchase includes access to the Susquehanna River as a source of supply, which will help ensure not only reliable and quality service to our new customers in Port Deposit, but more than sufficient supply availability to meet the future demands of Cecil County’s 17 mile designated growth corridor,” said Dian C. Taylor, President and CEO. Cecil County is anticipating significant growth as a result of the Base Realignment and Closure (BRAC) program that is transferring thousands of military and civilian personnel to the nearby Aberdeen Proving Grounds.
Artesian also has an interconnection with the Town of Elkton that also has capacity to serve areas of the Cecil County growth corridor as they develop. Artesian’s investment in water and wastewater infrastructure in Cecil County’s growth corridor will help the county to manage expected development. Taylor noted “with more than a century of providing superior water and wastewater services on the Delmarva Peninsula, we have the expertise to operate water systems as efficiently as possible while providing outstanding customer service. We are also committed to the communities we serve and we look forward to becoming an active member of the Port Deposit community.”
Through the agreement, Artesian acquired the Town of Port Deposit’s water treatment facility, an existing 700,000 gallon per day Susquehanna River Water Appropriation Permit, a 500,000-gallon ground storage tank and water mains. Artesian will take over water service rights for the service area that encompasses Port Deposit’s existing 280 customers, in addition to several adjacent tracts of land including the Bainbridge property, a 1,200-acre former U.S. Navy facility, which has the potential to be developed for 2,800 residential homes as well as office, commercial, and educational uses.
Artesian Water Maryland, Inc. is a subsidiary of Artesian Resources Corporation which operates as the holding company of eight wholly-owned subsidiaries offering water, wastewater and engineering services on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest investor-owned public water utility on the Delmarva Peninsula, and has been providing water service since 1905. Artesian Water distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers. Other subsidiaries include Artesian Wastewater Maryland, Inc., Artesian Water Pennsylvania, Inc., Artesian Wastewater Management, Inc., Artesian Utility Development, Inc., Artesian Consulting Engineers, Inc., and Artesian Development Company.
Sara Koncius, 302-454-7901
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