HOUSTON -- Azurix Corp. and the City of Wildwood, New Jersey announced
today that Azurix North America and the City have signed a 20-year, $71
million operation and maintenance contract for water services, effective
immediately.
Under the terms of the contract, Azurix North America will operate the
City's water system, which has 12,000 connections. In the peak summer
tourist season, when Wildwood's local beaches, boardwalks and amusement
piers are in high demand, the City's water service coverage increases
from 18,000 customers to approximately 120,000 customers and water usage
increases from approximately 2 million gallons per day (mgd) to more than
12 mgd.
"Azurix North America looks forward to working with the City of Wildwood
to introduce a number of efficiencies to the water system, including automation,
modernization of the pumping station and computerization upgrades," said
Rebecca P. Mark, Azurix chairman and CEO. "Our common goal is to achieve
a lower cost of operation while delivering quality water service to all
of the municipalities that are connected to the Wildwood water system.
In addition, this contract further expands Azurix North America's presence
in the densely populated and growing U.S. northeast region, providing
a platform to extend our skills and industry expertise to new opportunities."
"This public-private approach to managing Wildwood's water system will
help us accomplish several goals," said Wildwood Mayor Duane Sloan. "The
economic benefits will help us provide some relief from future tax increases
while maintaining consistency of service. It also provides new resources
that can position the system to respond more efficiently to increased
economic development and seasonal tourism."
Azurix North America won the contract through a competitive bid process.
The transaction has received all necessary New Jersey regulatory approvals.
Azurix North America, a wholly owned subsidiary of Azurix, provides operations
and facilities management, engineering, residuals management, underground
infrastructure development and carbon services for municipal water and
wastewater facilities in Canada and eight U.S. states.
Azurix is a global water company that owns, operates and manages water
and wastewater assets, provides water and wastewater related services
and develops and manages water resources. Azurix's Internet address is
www.azurix.com, and the stock is traded under the ticker symbol, "AZX."
Media Contact Carol Hensley (713) 853-6498
Analyst Contact Elizabeth Ivers (713) 646-9531
azurixinfo@azurix.com
