NEW YORK, Dec. 21 /PRNewswire/ -- The American Stock Exchange(R)
(Amex(R)) announced today that it has begun publishing the Palisades Global
Water Index(TM) (Ticker Symbol: PIIWI), a new benchmark index of the water
industry comprised of international water companies traded on major,
developed stock exchanges worldwide.
Steve Hoffmann, Director of Palisades Water Index Associates LLC and
principal architect of the Index, said, "The Palisades Global Water Index
brings, for the first time, a widely published indicator of the full
potential of the global water industry. It is the premier measure for
capturing the unprecedented increase in the economic value of water in the
21st century. We believe that this value will inevitably be unlocked as the
global population adjusts to the linkages between human health, economic
development and resource sustainability."
The water industry is poised for considerable growth as institutional
changes and convergent technologies combine to address the global demand
for clean water. Virtually every country in the world is presented with
some combination of water quality and quantity issues that will require
significant expenditures to resolve. The component companies in the index
are positioned to benefit from the rapidly accelerating water resource
challenges associated with the demands of growing world economies in
conjunction with human health and ecological sustainability.
Mr. Hoffmann added, "The index is the culmination of over 25 years of
experience with publicly traded water companies and is unique in its
construction and inclusiveness. The companies in the Index are the
difference makers in addressing and solving the water resource issues that
we face on this planet. And it is clear that not only human health, but
also environmental protection and economic development, are critically
dependent upon effectively and efficiently managing this increasingly
Scott Ebner, Head of New Product Development at the Amex, said, "The
Palisades Global Water Index targets companies that are at the forefront of
a very dynamic and critically important global issue. The Amex enjoys being
able to continue to work with expert partners to introduce innovative index
ideas such as the Palisades Global Water Index."
Elias Azrak, founder of Palisades Water Index Associates LLC, added "We
are looking forward to making this index the global benchmark for the water
industry and will be looking forward to having this index listed around the
world. We have already licensed the index for the launch of an ETF in the
US and are currently working on securing other licenses around the world".
The Palisades Global Water Index is a modified equal-dollar weighted
index comprised of 54 stocks, diversified across 19 economies and 12
currencies. The index is rebalanced each March, June, September and
December. The index divisor was initially calculated to yield a benchmark
value of 1,000.00 at the close of trading December 31, 2003. The index was
created by, and is a trademark of, Palisades Water Index Associates LLC.
About the American Stock Exchange
The American Stock Exchange (Amex) offers trading across a full range
of equities, options and exchange traded funds (ETFs), including structured
products and HOLDRS. In addition to its role as a national equities market,
the Amex is the pioneer of the ETF, responsible for bringing the first
domestic product to market in 1993. Leading the industry in ETF listings,
the Amex lists 222 ETFs to date. The Amex is also one of the largest
options exchanges in the U.S., trading options on broad-based and sector
indexes as well as domestic and foreign stocks. For more information,
please visit www.amex.com.
About Palisades Water Index Associates LLC
Palisades Water Index Associates LLC develops stock indices that track
the water industry. The Company's indexes are licensed to issuers of
exchange traded funds or of other financial products such as options,
mutual funds and structured products. The Company also provides performance
benchmarking and advisory services to institutional and financial clients.
Palisades Water Index Associates LLC is also the provider of the Palisades
Water Index(TM), published by the Amex under the ticker symbol ZWI. With
the addition of the Palisades Global Water Index(TM), Palisades Water Index
Associates, LLC provides the two premier benchmark water indexes.
SOURCE American Stock Exchange