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Aqua America Subsidiaries Buy Four Water and Wastewater Systems in North Carolina and Virginia

^{Published on 2011-05-19 08:51:01 - Market Wire}
 

BRYN MAWR, Pa.--([ BUSINESS WIRE ])--Aqua America, Inc. (NYSE: WTR) announced today that its North Carolina and Virginia subsidiaries have purchased water and wastewater systems in their respective states.

"Each of these tuck-in acquisitions maximizes our economies of scale by expanding our operations to areas within, or just outside, of our existing footprint"

Aqua North Carolina, Inc. purchased the water and wastewater system assets servingapproximately 400 people in Colvard Farms Subdivision for $184,000. Colvard Farms Subdivision, located in Chatham County, is approximately 25 miles from the Companya™s Cary Operations Center.

Aqua Virginia, Inc. purchased the water system assets of the Brookwood Manor public water system, which serves approximately 225 people in New Kent County for $50,000 and the Cedarbrooke Subdivision public water system, which serves approximately 150 people in Culpeper County for $50,000.

Both systems, which are in the immediate vicinity of other Aqua Virginia systems and will be managed from the Companya™s Rockville Virginia Operations Center, are slated for capital additions including treatment system improvements and the installation of a radio frequency metering system.

aEach of these tuck-in acquisitions maximizes our economies of scale by expanding our operations to areas within, or just outside, of our existing footprint,a explained Aqua America Chairman Nicholas DeBenedictis. aThe cumulative impact of tuck-in acquisitions on our customer growth has helped us maintain a growth rate that is generally greater than that of the water industry.a

Aqua America is one of the largest U.S.-based, publicly-traded water utilities and serves almost 3 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, Maine, Missouri, New York and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.

This release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that address, among other things: benefits from the acquisition of the acquired systems and the impact the company may have on the acquired systems, the continuation of the companya™s strategy to pursue the acquisition of water and wastewater systems, the expected timing of the acquisitions, and planned investments in the acquired systems. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: the risk that the acquired companya™s business will not be successfully integrated; and other key factors that we have indicated could adversely affect our business and financial performance discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, which is on file with the Securities and Exchange Commission. Aqua America is not under any obligationa"and expressly disclaims any such obligationa"to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.

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