Cadiz Inc. Issues Statement on Unusual Trading Activity Related to its Securities
LOS ANGELES, March 26, 2021 /PRNewswire/ -- Cadiz Inc. ("the Company", NASDAQ:CDZI) issued the following statement regarding unusual trading in its common stock in the days preceding the March 23, 2021 filing of lawsuits by organizations, including the Center for Biological Diversity, Sierra Club, and National Parks Conservation Association et al., against the U.S. Bureau of Land Management relating to right-of-way permits issued to the Company, which authorize the conveyance of water in an idle 220-mile steel pipeline that travels across working class communities in California's San Bernardino and Kern Counties.
Scott Slater, Cadiz CEO & President stated: "While Cadiz does not normally comment on market activity, the Company is concerned by the appearance of unusual trading in the days leading up to the filing of two lawsuits by Cadiz Water Project opponents on March 23rd. We are working with third parties to evaluate this activity and will notify shareholders of any developments.
"Our business plan and our mission to make water supply, storage and infrastructure available to California communities in need remains on track and undeterred."
Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California business dedicated to sustainable water and agricultural projects, guided by a holistic land management strategy and by sustainable resource development practices throughout our business activities. We own 70 square miles of property with significant water resources in Southern California and are the largest agricultural operation in San Bernardino County, where we have sustainably farmed since the 1980s. We are also partnering with public water agencies to implement the Cadiz Water Project, which was named a Top 10 Infrastructure Project that over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. We also manage over 35,000 acres of desert open space, including the Fenner Valley Desert Tortoise Conservation Bank, California's largest land bank dedicated to the protection of the threatened desert tortoise. For more information, please visit www.cadizinc.com.
FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company's forward-looking statements include the Company's ability to maximize value for Cadiz land and water resources, the Company's ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company's Securities and Exchange Commission filings.
SOURCE Cadiz Inc.
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