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Cadiz Inc. to acquire ATEC Systems provider of groundwater filtration systems
Cadiz Inc. (NASDAQ: CDZI, CDZIP) ("Cadiz," the "Company") today announced a definitive agreement to acquire ATEC Systems, Inc., ("ATEC"), a leading provider of technologically-advanced, cost-effective groundwater filtration systems for community, municipal, agricultural and industrial use.
Adding the ATEC business to the Cadiz portfolio diversifies its range of innovative, sustainable clean water solutions and expands Cadiz' mission to provide safe, affordable drinking water to underserved communities. The Company's flagship initiative is the Cadiz Water Conservation and Storage Project ("Cadiz Water Project"), which captures surplus groundwater before it evaporates in the desert and stores it underground. Cadiz will transport conserved and stored water to communities in Central and Southern California through a network of underground pipelines that once carried oil. Capturing, storing and transporting water underground saves billions of gallons of water from evaporation each year– enough to serve millions of homes in communities impacted by drought.
"We are proud to combine our expertise with ATEC in delivering innovative and affordable water solutions, particularly for small, rural and low-income communities without the financial resources to access to safe, reliable water supplies," said Susan Kennedy, Executive Chair of the Cadiz Board. "ATEC's technology and expertise in conjunction with our state-of-the-art conservation and conveyance technologies will help us deliver affordable clean water solutions to communities throughout and beyond California."