HOUSTON - Azurix Corp. announced today that it has begun a pilot
program in the Lower Rio Grande, using its Internet exchange, Water2Water.com.
The site provides users in the Lower Rio Grande area with information,
price transparency and efficiency in water exchanges. Information regarding
water rights is obtained from the Rio Grande water master, a part of the
Texas Natural Resource Conservation Commission. Water2Water.com facilitates
exchanges between buyers and sellers.
The Rio Grande water master allocates, monitors and controls 1.5 million
acre feet of water annually through 1,173 miles of the Rio Grande River
along the Texas/Mexico border and almost 400 miles of U.S. tributaries.
It serves private water agencies, municipalities, industrial customers
and state agencies.
"We are excited about working with water users in the Rio Grande and
helping to bring efficiencies to water exchanges and management activities,"
said Rebecca P. Mark, Azurix chairman and CEO. "We believe the simplicity
of the Water2Water.com site and the transparency and price discovery it
provides will be very appealing to water customers who are seeking to
determine a fair market value for their assets."
Water2Water.com is the first on-line marketplace for buyers and sellers
to agree upon price and exchange water, water rights, water storage, water
supply assets and other water related services. Water2Water.com adds efficiencies,
creates transparency and allows price discovery in the water business
where markets currently are not well defined. Azurix launched Water2Water.com
in February 2000. In July 2000, the site was named one of Forbes magazines
top 200 B2B sites and one of the top 10 Energy and Utility sites.
Azurix (www.azurix.com) is a global
company that owns, operates and manages water and wastewater assets, provides
water and wastewater related services, and develops and manages water
resources. Azurix offers e-business solutions in the areas of procurement,
engineering and design, water supply and storage and billing and collections.
Azurix is listed on the Russell 2000 U.S. equity index and the company's
stock is traded on the NYSE under the ticker symbol, "AZX".
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This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Although Azurix believes that its
expectations are based on reasonable assumptions, it can give no assurance
that these expectations will prove to be correct. Important factors that
could cause actual results to differ materially from the expectations
reflected in the forward-looking statements include, among other things:
the ability to enter new water and wastewater markets in the United States
and in other countries; the timing and extent of deregulation of water
and wastewater markets in the United States and in other countries; regulatory
developments in the United States and in other countries, including environmental
and tax legislation and regulations; the timing and extent of efforts
by governments to privatize water and wastewater industries; the extent
of success in securing new service contracts, acquiring water and wastewater
assets and developing and managing water resources, including the ability
to qualify for and win bids for water and wastewater projects and contracts;
the ability to access the debt and equity markets during the periods covered
by the forward-looking statements, which will depend on general market
conditions and our credit ratings for our debt obligations; and other
factors identified in Azurix's reports filed with the Securities and Exchange
Commission.
