PHOENIX, AZ, July 11, 2012 /CNW/ - GWR Global Water Resources Corp.
(TSX:GWR) and Global Water Resources, Inc. ("Global Water") today
announced that seven of their utilities have filed rate applications
with the Arizona Corporation Commission ("ACC"). The filing is the
initial step in obtaining rate increases for the six utilities that are
currently not achieving their authorized rate of return. The seventh
utility was previously ordered by the ACC to file a rate application.
The next milestone is for the applications to be found "sufficient" by
the ACC, which initiates the ACC's evaluation of the applications. The
evaluation process, including a formal rate hearing, is expected to
take approximately 12 months from the time the ACC deems the filings
sufficient. After the hearing the ACC will issue its decision and the
new rates will become effective.
For the six utilities that are under-earning, the current revenue
requirement was set in a rate case that concluded in 2010 and was based
on a 2008 historic test year. Since that time, certain costs related to
utility operations have increased. Global Water has also continued to
make the necessary capital improvements to maintain industry-leading
performance for compliant operations, reliability, customer service,
and critical water resource management.
The applications request an adjustment to the revenue requirements for
all seven utilities representing a collective average rate increase of
About GWR Global Water Resources Corp and Global Water
GWR Global Water Resources Corp. owns an approximate 48.1% interest in
Global Water, a leading water resource management and technology
company that owns and operates water, wastewater and recycled water
utilities, and provides technology-enabled services through its unique
platform, FATHOMTM Utility-to-Utility ("U2U™") Solutions. Initially developed by Global Water to support and
optimize its own utilities, FATHOMTM OS is a cloud-based geo-spatial integrated suite of utility-to-utility
solutions proven to increase utility revenue, decrease operating costs
and improve customer service. FATHOM™ puts water management tools in customers' hands.
Certain statements in this press release constitute "forward-looking"
statements that involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance,
objectives or achievements of the Company, or industry results, to be
materially different from any future results, performance, objectives
or achievements expressed or implied by such forward-looking
statements. These statements reflect The Company's current views
regarding future events and operating performance, are based on
information currently available to GWR Global Water Resources, and speak only as of the date of this press release. These
forward-looking statements involve a number of risks, uncertainties and
assumptions and should not be read as guarantees of future performance
or results, and will not necessarily be accurate indications of whether
or not such performance or results will be achieved. Those assumptions
and risks include, but are not limited to, the Company's ability to
continue to secure and attract future strategic and investment capital.
Many factors could cause the actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements that may be expressed or implied
by such forward-looking statements, including factors described in this
press release and those discussed in its publicly available disclosure
documents, as filed by GWR Global Water Resources on SEDAR (www.sedar.com) except as updated herein. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described in this press release as intended,
planned, anticipated, believed, estimated or expected. Unless required
by applicable securities law, the Company does not intend and does not
assume any obligation to update these forward-looking statements.
SOURCE GWR Global Water Resources Corp.
For further information:
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