PHOENIX, AZ, May 10, 2016 /CNW/ - Global Water Resources, Inc. (Nasdaq: GWRS) (TSX: GWR) today announced that it has completed the sale of the assets of Willow Valley Water Company, Inc. ("Willow") to EPCOR WATER ARIZONA INC. ("EPCOR ARIZONA").
The transaction, which was previously announced subject only to Arizona Corporation Commission approval and customary closing conditions, closed on May 9th and EPCOR ARIZONA has assumed control and operations of the utility. Global Water received $2,272,772 from the buyer.
"The disposition of Willow completes the element of our strategic plan to sell non-core assets in order to surface shareholder value and focus Global Water solely on our core areas and business model," said Ron Fleming, President and CEO of Global Water. "We took ownership of Willow as part of a purchase of a group of utilities in western Maricopa County near metro Phoenix; however, Willow is located hundreds of miles away in Mohave County near Nevada."
"Due to its remote location and other factors, Willow remained unprofitable as part of Global Water's operations," continued Mr. Fleming. "However, because EPCOR ARIZONA has other utility systems in Mohave County, the consolidation of Willow into EPCOR ARIZONA's northwestern operations is a strong fit that will benefit both the system's operations and its customers."
About Global Water Resources, Inc.
Global Water Resources, Inc. is a water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
SOURCE Global Water Resources Inc.
For further information: Michael J. Liebman, Chief Financial Officer, Global Water Resources, Inc., (480) 999-5104, [email protected]