SAN JOSE, Calif. -- (Business Wire)
SJW Group (NYSE:SJW) today issued the following statement in response to
the ruling by the Connecticut Public Utilities Regulatory Authority
(“PURA”) to deny the request of SJW Group and Connecticut Water Service,
Inc. (NASDAQ: CTWS) (“Connecticut Water”) to reopen the record and grant
an extension of time to submit the additional evidence for PURA’s review
of SJW’s proposed merger with Connecticut Water:
“We are disappointed that our motion to reopen the record to consider
additional evidence was denied by PURA. We continue to believe that the
transaction is in the public interest and will provide significant
benefits to all stakeholders, including employees, customers and local
service area communities throughout Connecticut. We are reviewing all of
our options and we will provide a public update about our next steps in
a timely manner.”
About SJW Group
SJW Group is a publicly traded holding company headquartered in San
Jose, California. SJW Group is the parent company of San Jose Water,
SJWTX, Inc. and SJW Land Company. Together, San Jose Water and SJWTX,
Inc. provide water service to more than one million people in San Jose,
California and nearby communities and in Canyon Lake, Texas and the
nearby communities. SJW Land Company owns and operates commercial real
estate investments.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Some of these forward-looking statements can be identified by
the use of forward-looking words such as “believes,” “expects,” “may,”
“will,” “should,” “seeks,” “approximately,” “intends,” “plans,”
“estimates,” “projects,” “strategy,” or “anticipates,” or the negative
of those words or other comparable terminology.
The accuracy of such statements is subject to a number of risks,
uncertainties and assumptions including, but not limited to, the
following factors: (1) the risk that the conditions to the closing of
the CTWS Acquisition are not satisfied; (2) the risk that the regulatory
approvals required for the CTWS Acquisition are not obtained at all, or
if obtained, on the terms expected or on the anticipated schedule; (3)
the risk that the California Public Utilities Commission’s (“CPUC”)
investigation may cause delays in or otherwise adversely affect the CTWS
Acquisition and that the Company may be required to consummate the CTWS
Acquisition prior to the CPUC’s issuance of an order with respect to its
investigation; (4) the effect of water, utility, environmental and other
governmental policies and regulations; (5) litigation relating to the
CTWS Acquisition; (6) the ability of each party to meet expectations
regarding timing, completion and accounting and tax treatments of the
CTWS Acquisition; (7) the occurrence of any event, change or other
circumstance that could give rise to the termination of the merger
agreement between the parties to the CTWS Acquisition; (8) changes in
demand for water and other products and services; (9) unanticipated
weather conditions; (10) catastrophic events such as fires, earthquakes,
explosions, floods, ice storms, tornadoes, terrorist acts, physical
attacks, cyber-attacks, or other similar occurrences that could
adversely affect the facilities, operations, financial condition,
results of operations and reputation of CTWS or the Company; (11) risks
that the CTWS Acquisition disrupts the current plans and operations of
CTWS or the Company; (12) potential difficulties by CTWS or the Company
in employee retention as a result of the CTWS Acquisition; (13)
unexpected costs, charges or expenses resulting from the CTWS
Acquisition; (14) the effect of the announcement or pendency of the CTWS
Acquisition on business relationships, operating results, and business
generally, including, without limitation, competitive responses to the
CTWS Acquisition; (15) risks related to diverting management’s attention
from ongoing business operations of CTWS or the Company; and (16)
legislative and economic developments.
In addition, actual results are subject to other risks and uncertainties
that relate more broadly to the Company’s overall business, including
those more fully described in its filings with the SEC, including,
without limitation, its Annual Report on Form 10-K for the fiscal year
ended December 31, 2017. Forward-looking statements are not guarantees
of performance, and speak only as of the date made, and none of the
Company, its management, CTWS or its management undertakes any
obligation to update or revise any forward-looking statements except as
required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190104005469/en/
Contacts:
Investors
Andrew Walters
Chief Administrative Officer, SJW
Group
408-279-7818, andrew.walters@sjwater.com
Media
Jayme
Ackemann
Director of Corporate Communications, SJW Group
408-918-7247,
Jayme.Ackemann@sjwater.com
Abernathy
MacGregor
Chuck Dohrenwend, 212-371-5999, cod@abmac.com
Nazan
Riahei, 213-630-6550, nkr@abmac.com
Source: SJW Group
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