Global Water receives $4.3M from settlement agreement
PHOENIX, March 21, 2014 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) ("GWRC" or the "Company") and Global Water Resources, Inc. ("Global Water") today announced that it has received the final $4.3 million payment from the Sierra Negra Ranch ("SNR") bankruptcy plan of the reorganization settlement agreement.
Global Water entered into the settlement agreement in October 2013 with the land developer who owed the Company certain amounts in connection with Infrastructure, Coordination and Financing Agreements ("ICFA"). The Company received monies from SNR totalling $5.3 million, consisting of $2.8 million of past due ICFA fees, $2.2 million of interest, and $300,000 of reimbursable legal costs, of which $1.0 million in interest was paid to the Company earlier this year.
The resolution of the SNR matter brings to completion all of the Company's litigation.
About GWR Global Water Resources Corp and Global Water
GWR Global Water Resources Corp. was established to acquire an equity interest in Global Water. Global Water is a U.S., pure-play, water resource management company based in Phoenix, Arizona, that owns and operates water, wastewater and recycled water utilities.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These forward looking statements include, but are not limited to our plans, objectives, expectations and intentions, and other statements contained in this release that are not historical facts as well as statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors and other factors discussed under the heading "Risk Factors" in the Company's most recent Annual Information Form. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
SOURCE GWR Global Water Resources Corp.For further information: