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Pennichuck Corporation: Pennichuck Corporation Added to Russell 2000 Index

^{Published on 2009-07-16 11:11:31, Last Modified on 2009-07-16 11:11:39 - Market Wire}
 

MERRIMACK, NH--(Marketwire - July 16, 2009) - Pennichuck Corporation (NASDAQ: [ PNNW ]) today announced that it has been added to the Russell 2000 Index and the Russell 3000 Index. The Russell indexes, which are reconstituted annually at the end of June, are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies.

Commenting on this development, Duane C. Montopoli, Pennichuck's President and Chief Executive, said, "We are pleased to be included in these widely used stock indexes and we expect our participation to generate greater institutional interest in our stock." Commenting on another matter, Mr. Montopoli said, "Pennichuck also recently registered one million new common shares on Form S-3 that may be issued over the 3-year life of the registration statement. We have taken this action in order to position the Company to raise equity capital if and as needed in the future and to maintain a sound balance between debt and equity in the Company's overall capital structure. It is important to note, however, that no decision has been made to issue any new shares pursuant to this filing."

Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and commercialization of real estate in southern New Hampshire.

Pennichuck Corporation's common stock trades on the Nasdaq Global Market under the symbol "PNNW." The Company's website is at [ www.pennichuck.com ].

This news release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Pennichuck Corporation. Forward-looking statements are based on current information and expectations available to management at the time the statements are made, and are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, the results of the appeal to the New Hampshire Supreme Court of the reaffirmed eminent domain order of the New Hampshire Public Utilities Commission in favor of the City of Nashua, New Hampshire; the impact of an eminent domain taking by Nashua on business operations and net assets; legislation and/or regulation and accounting factors affecting Pennichuck Corporation's financial condition and results of operations; the availability and cost of capital, including the impact on our borrowing costs of changes in interest rates; and, the impact of weather. Investors are encouraged to access Pennichuck Corporation's annual and quarterly periodic reports filed with the Securities and Exchange Commission for financial and business information regarding Pennichuck Corporation, including a more detailed discussion of these and other risks and uncertainties that could affect Pennichuck Corporation's forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statement.