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Pennichuck and City of Nashua File Joint Motion With NHPUC

^{Published on 2010-07-01 06:10:51 - Market Wire}
 

MERRIMACK, NH--(Marketwire - July 1, 2010) - Pennichuck Corporation (NASDAQ: [ PNNW ]) today announced that it and the City of Nashua, New Hampshire (the "City") have jointly filed a motion with the New Hampshire Public Utilities Commission (the "NHPUC" or the "Commission") requesting the NHPUC to issue a scheduling order for the purpose of establishing a process by which the eminent domain valuation of the plant and property of Pennichuck Water Works, Inc. ("PWW") will be updated and to make a final determination of the price to be paid for such plant and property. This motion is consistent with the position taken by the Company in its June 2, 2010 press release that there has not yet been a final determination of the price to be paid by Nashua for the assets of PWW. Under New Hampshire law, RSA 38:13, the City has 90 days from the date of the final determination of the price to be paid for the assets of PWW to decide whether or not to complete the purchase. A copy of the joint motion is an exhibit to a Current Report on Form 8-K that the Company filed yesterday with the SEC.

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 outcome of requests for rate relief from the NHPUC from time to time, the implications of the New Hampshire Supreme Court's March 25, 2010 decision affirming the eminent domain order of the NHPUC in favor of the City of Nashua, New Hampshire; the impact of an eminent domain taking by Nashua on business operations and net assets; the possible application of RSA 38:13 to a negotiated sale of the stock of Pennichuck Corporation to Nashua under the 2007 special legislation that authorizes the city to purchase and hold the stock of Pennichuck Corporation in settlement of the municipalization proceeding; 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.