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GLOBAL WATER ENTERS INTO NEW LINE OF CREDIT AGREEMENT WITH WELLS FARGO BANK

^{Published on 2011-03-25 13:50:45 - Market Wire}
 

PHOENIX, AZ, March 25 /CNW/ - GWR Global Water Resources Corp. (TSX:GWR) and Global Water Resources, Inc. ("Global Water", or the "Company") today announced that Global Water has entered into a new revolving line of credit arrangement with Wells Fargo Bank providing the Company a working capital borrowing facility of up to US$5,000,000. This facility matures in March 2012 and accrues interest at a rate of Prime plus 0.50% or LIBOR plus 3.00% at the Company's discretion. Additionally, the Company has paid off the remaining US$3,200,000 balance on its previous line of credit facility and formally terminated this facility originally entered into in 2005.  Concurrent with the termination of the previous facility, the financial guarantee provided by a related-party shareholder related to borrowings under the line of credit was also terminated.

"Wells Fargo has been a terrific partner of Global Water since the company's inception.  They have consistently demonstrated a thorough understanding of our business and worked with us in a variety of ways to support the growth we've seen in the past and the growth we are once again experiencing," stated Cindy Liles, Executive Vice President and Chief Financial Officer for Global Water.

Wells Fargo and the Company have both pioneered certain back-office transaction processing systems that bring unique levels of automation and efficiency to customer billing and remittance management procedures in support of Global Water's FATHOM^TM business unit.

About Global Water
GWR Global Water Resources Corp. owns an approximate 48.1% interest in Global Water.  Global Water is a leading water resource management and technology company that owns and operates water, wastewater and recycled water utilities, and provides data and water management services through its unique, award winning platform, FATHOM^TM Utility-to-Utility (U₂U™) Solutions.  Initially developed by Global Water to support and optimize its own utilities, FATHOM^TM is an integrated suite of advanced technologies proven to increase revenue, decrease costs and bring heightened efficiencies to municipally-owned utilities. FATHOM^TM puts water management tools in customers' hands.