PHOENIX, AZ, March 28, 2012 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) and Global Water Resources, Inc. (Global Water or the Company) today announced that Global Water has received a favorable interim arbitration award arising out of a pending contractual dispute with two land developers. The Company prevailed in the AAA arbitration and is entitled to receive in excess of $6 million of proceeds including over $2 million of interest and recovered legal fees.
"This decision represents a positive outcome for Global Water and has very important precedents embedded in the finding. The matter has been active for several years and we have been steadfast in our position. This result brings clarity to the enforceability of certain legal contracts and structures that the Company has long utilized," said Cindy Liles, Executive Vice President and Chief Financial Officer of Global Water.
About GWR Global Water Resources Corp. and Global Water
GWR Global Water Resources Corp. owns an approximate 48.1% interest in Global Water. Global Water is a leading water resource management and technology company that owns and operates water, wastewater and recycled water utilities, and provides data and water management services through its unique, award winning platform, FATHOMTM Utility-to-Utility (U2U™) Solutions. Initially developed by Global Water to support and optimize its own utilities, FATHOMTM is an integrated suite of advanced technologies proven to increase revenue, decrease costs and bring heightened efficiencies to municipally-owned utilities. FATHOMTM 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.
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