Business & Finance
Business and Finance
Business and Finance
Fri, February 6, 2009
Thu, February 5, 2009 Aqua America Chairman Cites Potential Benefits of Economic Stimulus Plan for Water and Wastewater Industry
BRYN MAWR, Pa.--([ BUSINESS WIRE ])--Aqua America, Inc. (NYSE:WTR) Chairman and CEO Nicholas DeBenedictis commented on the positive potential impact for the water and wastewater industry of the proposed economic stimulus plan while speaking at the 16th Annual Emerald Groundhog Day Investment Forum in Philadelphia, Pennsylvania. DeBenedictis said, "Proposals in the current stimulus plan include plans to increase revolving loan funds, increase tax-exempt financing and continue the accelerated bonus tax depreciation of the 2008 economic stimulus plan."
DeBenedictis continued, "Increases to revolving loan funds which allow Aqua to access tax-exempt, low-interest government loans and increases in tax-exempt financing should benefit the company in its continued investment in needed water and wastewater infrastructure improvements."
"Extension of accelerated bonus tax depreciation benefits from the 2008 economic stimulus plan would allow Aqua to invest in more water and wastewater infrastructure projects in 2009," added DeBenedictis.
These potential inclusions in the stimulus plan are beneficial to both Aqua customers and shareholders according to DeBenedictis. "Access to low-interest financing will help Aqua continue its long-term strategy of investing in infrastructure improvements to enhance the future dependability of our service," said DeBenedictis. "Savings in interest expense accrues to the benefit of our rate payers in the PUC-approved rate structure."
Aqua America, Inc. is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately three million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, New York, Indiana, Florida, Virginia, Maine, Missouri and South Carolina. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the projected effects of portions of the government's proposed economic stimulus plan on the Company's ability to continue its strategy for infrastructure improvements and on infrastructure projects in 2009, the impact of infrastructure improvements on service and, possible interest rate savings and their effect on rate payers. There are important factors that could cause the actual results to differ materially from those expressed or implied by such forward-looking statements including among others, the company's ability to access low-interest and tax-exempt financing program; the company's ability to realize the benefits from low-interest or tax-exempt financing; the effect of the low-interest financing on the company's interest expense; the company's ability to successfully complete its infrastructure projects; general economic business conditions; changes in regulations or regulatory treatment; availability and cost of capital; and other factors discussed in our Annual Report or Form 10-K for the fiscal year ended December 31, 2007, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward looking statement.
WTRF
