PHOENIX, AZ, May 10, 2016 /PRNewswire/ - Global Water
Resources, Inc. (Nasdaq: GWRS) (TSX: GWR) today announced that it
has completed the sale of the assets of Willow Valley Water
Company, Inc. ("Willow") to EPCOR WATER ARIZONA INC. ("EPCOR ARIZONA").
The transaction, which was previously announced subject only to
Arizona Corporation Commission approval and customary closing
conditions, closed on May
9th and EPCOR ARIZONA has assumed control and operations of
the utility. Global Water received $2,272,772 from the buyer.
"The disposition of Willow completes the element of our
strategic plan to sell non-core assets in order to surface
shareholder value and focus Global Water solely on our core areas
and business model," said Ron
Fleming, President and CEO of Global Water. "We took
ownership of Willow as part of a purchase of a group of utilities
in western Maricopa County near
metro Phoenix; however, Willow is
located hundreds of miles away in Mohave
County near Nevada."
"Due to its remote location and other factors, Willow remained
unprofitable as part of Global Water's operations," continued Mr.
Fleming. "However, because EPCOR ARIZONA has other utility systems in
Mohave County, the consolidation
of Willow into EPCOR ARIZONA's
northwestern operations is a strong fit that will benefit both the
system's operations and its customers."
About Global Water Resources, Inc.
Global Water Resources, Inc. is a water resources company
located in Phoenix, Arizona, that
owns and operates regulated water, wastewater and recycled water
utilities in the metropolitan Phoenix
area.
SOURCE Global Water Resources Inc.