American Water Works Company, Inc., (NYSE:AWK) today announced that it and SJW Corp. (AMEX:SJW) mutually agreed to terminate the merger agreement between them effective immediately.
American Water Works previously announced its intention to terminate that agreement when it expired on April 28, 2001 in light of the additional delays outlined in a procedural scheduling order issued by the California Public Utilities Commission (CPUC) on February 20, 2001. "Today’s action by both companies to terminate that agreement now is, given the circumstances we confront, in the best interests of all concerned," noted Mr. J. James Barr, the president and chief executive officer of American Water Works.
"All of us who have worked so hard to accomplish the merger are very disappointed," Mr. Barr said. "But the continued uncertainty surrounding the regulatory proceeding in this matter left us no alternative."
American Water Works Company is the largest and most geographically diverse investor-owned water service provider in the nation. Its subsidiaries serve a population of approximately 10 million customers in 23 states.
This release may contain certain forward looking statements, including, without limitation, statements relating to the Company’s plans, strategies, objectives, expectations, intentions and adequacy of resources, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. These factors include, among others, the following: the success of pending applications for rate increases, inability to obtain, or to meet conditions imposed for, regulatory approval of pending acquisitions; general economic and business conditions; competition; success of operating initiatives, advertising and promotional efforts; existence of adverse publicity or litigation; changes in business strategy or plans; quality of management; availability, terms and development of capital; business abilities and judgement of personnel; changes in, or the failure to comply with governmental regulations, particularly those affecting the environment and water quality; and other factors described in the filings of the Company with the SEC. The Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.
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American Water Works
Company, Inc.
1025 Laurel Oak Road
P.O. Box 1770
Voorhees, NJ 08043
(856) 346-8200 |
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AWK is the trading symbol of
American Water Works Company, Inc., on the New York Stock Exchange, on which the common stock, 5% preferred and 5% preference stock of the Company are traded. |
