POINT RICHMOND, Calif.--(BUSINESS WIRE)--Sept. 15, 2000--Western
Water Company (OTCBB:WWTR) announced today the sale of its 1,219 acre
feet of annual groundwater rights in the Central Basin in Los Angeles.
The company expects to book a gain on the sale of approximately
$300,000 in its second fiscal quarter ending Sept. 30, 2000.
At a meeting of the board of directors, following Western Water
Company's annual meeting of shareholders, the board directed the
management team to commence discussions with the company's senior
security holders aimed at a voluntary re-structuring of the company's
balance sheet. The board also elected William T. Gochnauer, vice
president & controller, to the position of chief financial officer.
Western Water is engaged in the identification, development,
transportation, sale and lease of water rights and water to
municipalities and other end users in the western United States and
owns water rights and real estate in California and Colorado.
Statements contained in this release which are not historical
facts are forward-looking statements that involve risks and
uncertainties that could cause actual results or future events to
differ from those contained herein. Factors that could cause actual
results or events to differ include the company's ability to purchase
and sell water rights and obtain financing and other factors and
considerations detailed in the company's Securities and Exchange
Commission filings.
| CONTACT: |
Western Water Company |
| |
Michael Patrick George, 510/234-7400 |
|---|
|
|
|---|
|
|
|---|
