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WATER TORTURE:
Privatisation leaves us high and dry
- from www.schnews.org.uk
Corporations have to splash out billions every year to persuade us to
buy unneeded crap. But no such problems exist when they have a grip
on more essential, life-sustaining, natural resources, like water.
You don't need to fork out millions for flashy PR men and mount big
dollar advertising splashes to flog H2O. Who has to persuade us to
use water? They've got us over a barrel on that one.
Privatisation was supposed to bring competition, but if a water
company decides to rip you off for the water you use and can't be
bothered to repair cracked pipes, alternatives are in short supply.
Worse still, the water corporations' focus on profits at all cost
makes them unable and unwilling to do anything to meet the current
water shortages, as money that could have gone into maintenance leaks
away into shareholders' pockets.
Here in the UK the government spent most of the last 150 years (and
loads of taxpayer cash) buying up the water companies, convinced that
private corporations are not the best organisations to deliver such
an essential service. All that changed in 1989 when the Thatcher
government flogged off the lot under the 1988 Water Act. And in case
no one was interested in picking up a monopoly or two, the firesale
came with some additional incentives; £5 billion worth of debts owed
by the water authorities would be written off and a £1.6 billion
subsidy would be given up front. Monopoly, debt write-off and a cash
incentive still not enough for you? Well, how about having the
companies at a bargain basement 22% discount too?!
Unsurprisingly pre-tax profits of the 10 water companies then rose by
almost 150% in the first 9 years of privatisation. OFWAT, the
sector's regulatory body, identified three main components of
customers' bills: operating costs, capital charges (for investment
and renewals), and operating profits. Over the period since
privatisation, operating expenditure as a proportion of bills has
shrunk; the capital charges have risen; but operating profits, which
have more than doubled, account for virtually the entire increase in
customers' bills. And the tide shows no signs of turning.
In the week when Thames Water announced that there would be a
hosepipe ban in London, the company's shareholders also enjoyed a 10%
profit. No "cash drought" on the horizon then? Although it's raining
cash for investors it's more like a golden-shower for the less
fortunate customers. Not only has OFWAT agreed to further massive
price hikes, but Thames Water also manages to lose over a third of
the water through the antiquated Victorian pipe system that they just
can't seem to afford to fix (pissing away 1 billion litres a year,
enough to fully supply Birmingham). The company had agreed an
investment plan with the regulator, but then curiously spent £350
million less on it than planned, the equivalent of 10% off every
customer's bill. So where did that 10% end up? Drained away down the
profit plug hole perhaps?
Thames Water, whose 8 million customers will be affected by the ban,
says two unusually dry winters have caused "serious" water shortages.
Had the water companies invested in infrastructure maybe they
wouldn't be losing a third of our water. In the current climate of
"eco-awareness", the UK fails miserably in terms of utilising our
rainwater. Only a desultory 5% finds its way into our water supply.
Our suppliers whinge and moan about shortcomings in the weather, but
can't be bothered to dip into their piggy banks to bale us out -
maybe saving it all for a rainy day.
Thames Water did, however, last year feel flush enough to throw a
£2.2 million pay-packet at their top four directors. All in, the
German owned company's liquid profits came in at a cool £385.5
million. Londoners must have experienced that sinking feeling, as
they suffered a 21% increase in their water bills. WATER PALAVER
And how likely is it that things will improve now that things are
hotting up for all of us climate-wise? Being able to plant your
vegetables out a month earlier than usual is not the only symptom of
global warming and climate change; the country's water supply is
evaporating at such a rate that hosepipe bans, showering instead of
jumping in the bath and putting a brick in your cistern may not be
enough to prevent us from getting a lot thirstier yet. With more cars
on the road and planes in the sky carbon dioxide emissions will only
keep on rising. But don't worry - the free market will save us.
The idiocy of water privatisation has become a global pandemic (would
that be Evian Flu perhaps?) Africans have long been without a proper
water supply, but private companies (who picked up local water
companies at bargain basement prices during a spate of privatisation
in the 1990s) have still been flooding customers with higher bills.
According to a report by the University of Witwatersrand, 22,000
people in Johannesburg are disconnected from water supplies each
month because they can't afford to pay steeply rising water bills.
The problem affects the whole country - in a population of 44
million, 10 million South Africans have had their supplies cut. The
result? 43,000 deaths from diarrhea last year, and an outbreak of
cholera affecting 135,000.
"I would say they are criminals" says Pascal Kerneis from the
influential lobby organisation European Services Forum. No, not the
water companies, obviously! He reckons campaigners against water
privatisation are just plain stupid not to think that water is best
delivered by corporations. Pascal and his cronies lead the drive to
include water in the 5th chapter of the General Agreement on Trade
and Services (GATS). The European Union has also been pushing hard to
include water at recent WTO talks, which are host to the negotiations
for a range of GATS agreements aiming to carve up the planet for the
general consumption of profit-hungry multinationals. Sustained
pressure from a range of activist and citizens' groups has recently
succeeded in getting the WTO to drop the water proposal from the
current GATS discussions, but it's surely only a matter of time
before the constant drip, drip of corporate lobbying erodes common
sense.
The GATS agreement would have been another way in for the
corporations - who can currently only hope to persuade unwilling
governments to flog off their public infrastructures through the
'conditions' which are attached to any International Monetary Fund or
World Bank loans. Whilst this recent victory has made it harder for
the corporations, many people in the hottest parts of the planet
still can't afford to pay their bill. This week, The Fourth World
Water Forum takes place in Mexico City, and will look at how anti-
privatisation activities are breaking the corporate grip on our water
supplies. Find out more at www.comda.org.mx or get to grips with GATS
by visiting www.corporateeurope.org/water/gatswater2006.pdf - and pay
a visit to the Public Services International Research Unit's briefing
papers on water privatisation across the globe, including the UK at
www.psiru.org
Aqua America 10 Percent Dividend Increase and Four-for-Three Stock Split Set for December 1
Wednesday November 30, 1:55 pm ET
BRYN MAWR, Pa.--(BUSINESS WIRE)--Nov. 30, 2005--Aqua America, Inc. (NYSE:WTR - News) is reminding shareholders that the 10 percent cash dividend increase and the four-for-three stock split approved by its Board of Directors on August 2, 2005, are effective tomorrow, December 1, 2005 to shareholders of record as of November 17, 2005.
The December 1, 2005 dividend payment will increase from $0.13 to $0.1425 per share on a pre-split basis. On an annualized basis, the dividend increase is equivalent to a $0.05 increase above the current (pre-split) annual dividend rate of $0.52 to $0.57 per share.
The stock split will be effected in the form of a four-for-three (33 1/3 percent) stock distribution. As a result of the stock split, the new (post-split) quarterly cash dividend rate will be $0.1069 per share on the increased number of shares resulting from the stock distribution, or $0.4276 per share on an annualized basis. Shares will begin trading on a post-split basis on December 2, 2005.
The cash dividend increase is the company's 15th in 14 years. The stock split is the company's sixth in nine years.
From looking out my window. It is hard for me to fathom a water shortage.
Steps to Take Before the Collective Well Runs Dry
By BARRY REHFELD
BEFORE Doug Pushard, a software company manager, steps into the shower in his home in Austin, Tex., he puts a pail into the tub to catch the cold water that flows through the pipes before it turns hot. After showering, he bathes his garden with the cool gallons he has collected.
But that's just the proverbial drop in the bucket when it comes to how far Mr. Pushard will go to use water efficiently. He also harvests rain from his roof into two covered 2,500-gallon tanks in the backyard. The water enters through pipes linked to the roof's gutters and exits to the garden's drip-irrigation channels.
His system cost considerable time and money - $5,000 - but there are benefits. The grass, plants and trees stay healthy naturally, and Mr. Pushard does not have to tap into the municipal water supply. By not using some 20,000 gallons annually from the city's reservoirs, his water bill has dropped by more than 30 percent, to $70 a month. His savings are likely to grow in coming years, and a bit of Austin's resources will be saved.
According to a Government Accountability Office report in 2003, some 36 of 47 states participating in its water survey expected shortages within 10 years; all but one said they expected shortages if they experienced a drought. And since 1996, water bills have risen at nearly twice the rate of inflation, said Peiffer Brandt, a vice president at Raftelis Financial Consultants, a financial consulting firm in Charlotte, N.C., for water and wastewater utilities. He said he expected costs to keep outpacing inflation.
In New York City, rates have risen steadily for a decade, said Warren Liebold, a director of conservation at the city's Department of Environmental Protection. The average bill is $571 a year for a single-family home, and Mr. Liebold expects that to go up about 5 percent a year, largely because of infrastructure needs.
Even if many Americans are not building backyard reservoir systems, some are at least "recognizing that water is a precious commodity," Mr. Brandt said, "and they're trying to use less of it, spurred on by the utilities and government."
Homeowners are buying new versions of appliances and fixtures that use water more efficiently. Most of these products - from toilets, faucets and shower heads to clothes washers and dishwashers - are inside the house, where 70 percent of residential water is used.
Some water-efficient fixtures cost no more than more wasteful ones. And because some local governments offer rebates for energy-saving appliances and fixtures, many homeowners have further incentives to upgrade.
Toilets are easily the top water users in a home, at 28 percent of the indoor total. But new high-efficiency toilets use just 1.28 gallons a flush, or about 20 percent less than the 1.6-gallon standard set by Congress in 1992.
The most efficient toilets are dual-control models. They have two buttons - one delivering 0.8 gallons, or three liters, and meant to flush liquid; and the other delivering 1.6 gallons, for solids. Those toilets may average less than a gallon a flush.
Roger Peugeot, a plumber in Overland Park, Kan., installs the Caroma dual-control toilet from Australia; it has been sold in the United States only in the last few years. He also has the Caroma in his own home.
"It never clogs," he said. "In fact, I have a customer with five who says he uses the three-liter flush for everything."
Some American makers of dual-flush toilets include the Kohler Company and Gerber Plumbing Fixtures. The basic dual-flush toilets offered by these companies cost from $200 to $500.
When it comes to shower heads, for which the government standard flow rate is 2.5 gallons a minute, the most efficient models can also be among the cheapest. Energy Technology Laboratories sells a model at the low end for $25.95 that uses just 1.5 gallons a minute and delivers much the same feel as the average shower head by charging the water with air.
For faucets, Omni Products takes a different approach to efficiency. It offers an adapter, priced at $10, that is screwed into a faucet head. The adapter delivers water as slowly as one gallon a minute in a flow with the look and feel of a solid stream. The trick is that the stream is hollow; its smooth appearance is achieved by combining pairs of minute streams around the adapter's circumference.
Clothes washers and dishwashers have no such standards to beat, which may help explain some sharp differences in water efficiency among various models. Two different clothes washers, for example, may receive the federal government's Energy Star label for their efficiency in using electricity, but one may still use five times as much water as the other: 15,000 versus 3,000 gallons annually.
"You can't go wrong choosing water efficiency," says Amy Vickers, an engineer and the author of the 1992 standards and of a book, "Handbook of Water Use and Conservation" (WaterPlow Press). The less water you use, she noted, the less energy you will use heating it.
Energy Star washers that are among the best at saving water are made by LG Electronics, Miele and Bosch and are priced at around $1,000. Among dishwashers, some machines from Kenmore, Whirlpool and Asko, at $400 to $700, will clean well and use less water and energy than most of the competition.
Homeowners are also buying a variety of new devices - including pedal valves, sensors and recirculating pumps - that are intended to save water.
Pedal valves, costing $300 to $450, are installed on the floor in front of the sink and enable users to turn faucets on and off with their feet. Peter Gilbert, president of Pedal Valves, a company based in Luling, La., says that one of his devices can pay for itself in three years because of the water it saves.
Shari Meyer, a retired operating room technician from Chester, Calif., likes the water savings, but also appreciates the pedal valve's hygienic convenience.
"It frees up your hands so you fill up a pot of water or work with food without spreading germs touching the handle," she said.
Homeowners are also buying faucets with sensors that automatically turn water on and off. These faucets are already common in commercial buildings, and Suzie Williford, vice president for sales at Westheimer Plumbing and Hardware in Houston, says she has been getting more requests from homeowners for them. They can cost about $300.
Parents "want them for children's bathrooms," she said, "so their kids won't leave faucets running brushing their teeth or just not turning them off right away."
A THIRD device is a recirculating pump, available for around $300 from companies like Metlund, Laing Thermotech and Grundfos. It works by circulating cold water out of the pipes and back into the water heater when the hot water is turned on, without losing cold water down the drain. Water down the drain, though, need not be a waste. Toto, a Japanese company, makes a sleek Rube Goldberg contraption that has a small sink in place of a toilet tank top. The water from hand-washing goes into the tank before it is used as part of the flush. But there is a catch to achieving efficiency by using gray water, as the drainage from the bathroom sink, shower and clothes washer is known: the systems are not very commercial. The Toto model is not sold in the United States.
Still, enterprising homeowners can achieve similar results themselves. For less than $100, for example, hoses can be hooked up to 55-gallon drums to collect clothes-washer drainage for watering trees, said Art Ludwig of Oasis Design, which designs systems using gray water and sells books about them.
More ambitious projects are likely to require professional help and more money - sometimes a lot. An automated system, made by a private contractor, may use all of a home's gray water to fill toilet tanks and to water trees and plants; it will require the skills of plumbers and landscapers to install and can run upward of $10,000.
Mr. Ludwig directs anyone interested in a gray-water system to his Web site, oasisdesign.net/greywater, to buy books, but he turns away new homebuilders and retrofitters looking for designs. He's booked solid.
http://www.nytimes.com/2005/11/13/business/yourmoney/13drip.html?pagewanted=print
Southwest Water Increases Common Stock Cash Dividend 10%, Declares 5% Stock Dividend
Friday November 11, 9:00 am ET
LOS ANGELES--(BUSINESS WIRE)--Nov. 11, 2005--Southwest Water Company (Nasdaq:SWWC - News) today announced that its board of directors increased the company's common stock cash dividend by 10 percent, to $0.055 from $0.05 per share, and declared a quarterly cash dividend of $0.65625 per share on the company's Series A preferred stock. The cash dividends will be paid on January 20, 2006, to stockholders of record on December 30, 2005.
In addition, the board declared a 5 percent common stock dividend, payable on January 20, 2006, to stockholders of record on January 2, 2006. Cash will be paid in lieu of fractional shares based on the closing price of the stock on January 20, 2006.
Anton C. Garnier, Southwest Water chairman and chief executive officer, said, "These actions reflect our Board's continuing confidence in the company's long-term business outlook. The cash and stock dividends will reward our current stockholders, and the stock dividend will increase the stock's liquidity."
Southwest Water Company provides a broad range of operation, maintenance and management services, including water production, treatment and distribution; wastewater collection and treatment; customer service; and utility infrastructure construction management. The company owns regulated public utilities and also serves cities, utility districts and private companies under contract. Approximately two million people from coast to coast depend on Southwest Water for high-quality, reliable service
You're right about the chart. No, I just saw a news release from last Thursday and thought I would post the company here as a Water related stock. I haven't looked into it at all.
Let us know what you find out, maybe it is oversold.
Things don't seem to be going too well there by the look of the chart -- do you know anything about it that we can't read on SEDAR?
HLS Hydralogic Systems http://hydralogic.ca
AQE Aqua-Pure Ventures http://www.aqua-pure.com
Aqua-Pure Ventures Inc. is an environmental wastewater treatment company which has developed a proprietary, patent-pending wastewater distillation process utilized in its wastewater recycling business. The Company has further expanded its business to include complimentary technologies to the APV process which will enable the Company to offer complete wastewater treatment solutions, as well as provide industry with technologies/equipment that will work in tandem with their existing infrastructure to provide cost-effective, efficient solutions to their wastewater problems.
Leading Horses In Water
By James Altucher
RealMoney Contributor
6/22/2005 8:02 AM EDT
"There is nothing more yielding than water,
yet when acting on the solid and strong,
its gentleness and fluidity
have no equal in any thing."
-- Tao Te Ching
I can't pretend to be an expert on the water business but this most basic commodity has witnessed strongly increasing demand over the past several years in an increasingly global economy. I first wrote about the water industry on Feb. 28, and I cited several reasons for interest in water stocks:
The fear of a bioterrorist attack that would increase the need for both protection of existing water distribution (see this weekend's release of Batman Begins for a fictional version of this fear) as well as the need for tools to cleanse water.
Emerging markets not only increasing the need for clean water used in the production process but also increasing the pollution that is filling the rivers and lakes from which we drink.
One of these reasons is a negative (terrorism) and one a positive (growth of manufacturing throughout the global economy), but both are upward-moving trends that are never going to subside. Consequently, I recommended four stocks that were already cruising near their 52-week highs at the end of February. Despite the subsequent market selloff, all four of the stocks have continued to move upward and are still at 52-week highs, in some cases significantly higher than they were.
Cuno (CUNO:Nasdaq) has had the most news and the largest point gain. The stock was at $56 and is now at $71 after 3M (MMM:NYSE) made an offer on May 12 to buy the company for $1.3 billion. James McNerney, 3M's chairman said about the acquisitions, "The size of the opportunity here is huge." He added that expanding its filtration business both organically and through acquisitions will continue to be a top priority.
This acquisition followed General Electric's (GE:NYSE) acquisition of Ionics last fall, and other water stocks have been going up in anticipation of further M&A activity in the space.
Consolidated Water (CWCO:Nasdaq) , the smallest company among the four I recommended, is up almost 30% since the article, to $39 from $30.75. The $225 million market-cap company, which is a water utility servicing the Caribbean, is benefiting from the growth in that region's economies. Despite the fact that these are islands in the middle of an ocean, there is a lack of drinkable water, and this company supplies the seawater conversion tools necessary to make water drinkable. Consolidated Water reported record earnings and revenue in April. From its earnings press release:
For the twelve months ended Dec. 31, 2004, total revenue increased 22% to a record $23.3 million, compared with $19.1 million in the previous year. Net income rose 48% to a record $6,197,383, or $1.05 per diluted share, versus $4,177,081, or $0.83 per diluted share, in the year ended December 31, 2003.
What's interesting about these results is that they occurred during a record-breaking hurricane season. Hurricanes close down water plants and decrease tourism, which reduces the need for water.
However, within weeks of the hurricanes, tourism was almost back to pre-hurricane levels and manufacturing and real estate development also picked up. Without a similar hurricane season, I expect Consolidated Water to repeat its record performance.
On April 26, Pentair (PNR:NYSE) reported a 50% increase in both revenue and earnings, as well as an increase in operating margins. The stock has risen to $44.88 since its Feb. 28 level of $41.44. Not as significant an increase as the others but still handily beating the market.
The fourth stock I recommended, Watts Industries (WTS:NYSE) , has moved from $33.17 to $34.18. The company provides plumbing and filtration systems to third-world countries, and it could potentially have the most significant growth of all four companies. Its fastest-growing unit is the one supplying filtration systems to China, and hence its growth is pegged to the growth of China's economy.
Although all of these stocks have had a nice run in the past few months, I think the group has plenty of room to move upward. I would also recommend (and I plan on doing) continued research in the area to build a more diversified index of these water stocks.
HOI H2O Innovation to acquire Biosor Technologies
2005-04-28 13:43 ET - News Release
Mr. Guy Goulet reports
H2O INNOVATION ENTERS INTO A LETTER AGREEMENT TO ACQUIRE BIOSOR TECHNOLOGIES
H2O Innovation (2000) Inc. has signed an agreement in principle to acquire all the outstanding shares of Biosor Technologies Inc., a company specializing in the development of waste water treatment technologies, for a consideration payable in H2O shares at a minimum price of 15 cents per share, varying from $325,000 to $1,575,000, depending on the achievement of sales objectives of the Biosor technology over the next five years.
With this transaction, H2O is acquiring the exclusive rights to Biosor, a technology developed over the last 10 years by the Centre de recherche industrielle du Quebec (CRIQ) and certified standard by the Ministere du developpement durable, de l'environnement et des parcs (MDDEP). Biosor will be added to H2O's existing line of products in waste water treatment technology and will address new markets such as the treatment of waste water from the agri-food industry, slaughterhouses and hog manure. The Biosor process is an aerobic biofiltration using a fixed organic media containing primarily wood chips and peat moss. After the completion of this transaction, the design, engineering and production of waste water treatment solutions using Biosor will be completely integrated with the existing product line of H2O. This acquisition will benefit from the production capacity of the existing infrastructure, human resources and equipment of H2O's production facilities in Ham-Nord. Since its incorporation in December, 2003, Biosor had total sales close to $100,000.
"Biosor will benefit from H2O's established marketing ability resulting in faster market penetration, in addition to taking advantage of a larger and cost-effective production capacity," affirms Elise Villeneuve, president of Biosor Technologies. After the completion of the transaction Ms. Villeneuve will remain employed full-time by H2O. According to Guy Goulet, president and chairman of the board of H2O Innovation: "This acquisition is a unique opportunity to increase our product line in waste water treatment technology and further consolidate the water treatment industry in Quebec. H2O will also benefit from previous marketing efforts of Biosor in Ontario and the United States." By completing this transaction, H2O continues to pursue its acquisition strategy.
The consideration will be payable by the issuance of common shares of H2O at a price equal to the highest of the average closing price of H2O's shares during the 20 days preceding the closing, or 15 cents a share, for a minimum of 2,166,667 and a maximum of 10.5 million common shares. An amount of $1.25-million is conditional to the achievement of sales targets on each anniversary of the transaction. At H2O's discretion, this amount will be made available in cash or in common shares at a price determined according to the above-mentioned procedure. To be entitled to receive all of the consideration, sales of Biosor must reach $1-million per year.
The board of directors of H2O has accepted the terms and conditions of the letter agreement of March 31, 2005, and a due diligence of Biosor is presently being carried out prior to the completion of the transaction. The transaction still needs to meet all the necessary approvals of the regulatory authorities, including those of the TSX Venture Exchange.
IWG Int'l Water-Guard's water system gets FAA certification
2005-04-21 12:14 ET - News Release
An anonymous director reports
IWG RECEIVES FAA CERTIFICATION FOR ITS CIRCULATING POTABLE WATER SYSTEM ON BOEING BUSINESS JET (737-700) AIRCRAFT
International Water-Guard Industries Inc. (IWG) has received a supplemental-type certificate (STC) from the U.S. Federal Aviation Administration (FAA) for the installation of its patented circulating potable water system (C-PWSTM) on Boeing BBJ aircraft.
"This development fits well with both our corporate aviation and airline initiatives," said David Fox, IWG's president and chief executive officer. "FAA certification for a 737 variant like the BBJ is very significant, since there are more 737s flying than any other jetliner type. With both Transport Canada and FAA certification we can now offer 737 operators our flight-certified water-treatment units as a stand-alone solution, or as part of a complete, certified circulating potable water system."
The C-PWSTM replaces the original potable water system and provides a pump-pressurized, continually circulating water flow that prevents freezing without electrical waterline heaters, provides uniform water pressure in all flight conditions, opens up interior space and offers 120 U.S. gallons of water. The lightweight C-PWSTM also reduces maintenance requirements and includes IWG's water-treatment units to destroy potentially harmful bacteria or viruses and provide clean, fresh water to all points of use.
IWG received a Transport Canada STC for the C-PWSTM on BBJ aircraft in 2004, and the patented water system has also been installed on Airbus A310, Bombardier Global Express and Gulfstream GIV business jets.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Arrowhead Water Products snags Westfair deal
2005-01-06 17:12 ET - News Release
Mr. Dan DeMaere reports
ARROWHEAD WATER ANNOUNCES PRODUCT LISTING WITH WESTFAIR FOODS LTD. AND CORPORATE CHANGES
Arrowhead Water Products Ltd. has been selected to have its products listed with Westfair Foods Ltd., a division of Loblaw Companies Limited. Loblaw is Canada's largest food distributor with banners that include Loblaws, the Real Canadian Superstore, Extra Foods, the Real Canadian Wholesale Club, Provigo, Zehrs and Fortinos. Director of sales of Arrowhead, Ken Chomiak, comments, "Arrowhead will now have the opportunity to have its products sold in Manitoba, Saskatchewan, Alberta and British Columbia through the Westfair banners." Westfair has approximately 200 stores throughout the trading area that Arrowhead will be servicing. Arrowhead will begin supplying products to Westfair by Jan. 24, 2005.
Peter Jurisic, chief executive officer of Arrowhead, states: "This is a threshold moment for the company as it continues to evolve as a consumer packaged goods company and more importantly expands its operations throughout Western Canada. As well, Arrowhead will now be firmly entrenched as a major supplier to the retail community in Canada. More and more consumers are picking up water in large format bottles from the retail trade. While the home and office delivery business continues to be quite stable for Arrowhead, the growth in the retail category continues to rapidly expand."
Arrowhead also announces changes to management positions in the company. The management team of Arrowhead is now composed of the following individuals:
Dan DeMaere will continue as president, chief financial officer and director of the company. Mr. DeMaere will oversee the finance department, corporate financial matters, as well as operations and logistics of Arrowhead.
Mr. Jurisic now assumes the position of chief executive officer and director of the company. Mr. Jurisic will have the responsibility for primary strategic planning, corporate development and governance. He will also continue to focus on business development as well as information technology, business processes and marketing.
Mr. Chomiak joined the company as director of sales in September, 2004. Mr. Jurisic notes: "Mr. Chomiak is an extremely important addition to the management team of Arrowhead. Prior to joining Arrowhead, he successfully operated an independent sales and marketing consulting company which had a focus in the beverage industry. Ken's expert knowledge of the consumer packaged goods business in Canada bolsters our ability to service and gain more of the retail market share in Canada. He has held a number of senior management positions in the consumer products field with Nabob Foods, McGuinness Distillers, as well as vice-president of route operations at McGavin Foods Ltd. We are very pleased to have Ken on our team."
Ross Drysdale will continue as corporate secretary of the company.
Arrowhead is also pleased to announce that it has completed its move to its new modern bottling facility in Calgary. Located at 5730 Burbank Rd., S.E., Calgary, the facility has over 30,000 square feet to house its production, warehousing and distribution needs. The facility design allows for significant efficiency improvements and better logistical management. The new plant also features Calgary's first semi-automated drive-through water pickup for customers. Director of sales Ken Chomiak states, "With the trend towards pick up at retail stores, the drive-through facility will become a significant part of Arrowhead's Calgary revenue stream." Mr. Jurisic also notes: "The facility is ideally suited to manage our current business needs and volumes but will provide capacity for the future. Our successful expansion throughout the retail community continues to demand that our facilities meet the needs of our customers and the new plant evidences the commitment of the company to those needs."
Nice chart. Thanks.
WTR...here's one I just added to my watch list today...
FWIW my watch list can be viewed here>
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1036600
I have now. Thanks.
I'm not. Maybe we can find some Canadian ones though.
WI Watertowne International http://www.watertowne.com
Watertowne makes bigger splash with five new franchises
2004-10-06 18:36 ET - News Release
Mr. Roy Lewis reports
WATERTOWNE INTERNATIONAL INC ANNOUNCES FIVE ADDITIONAL SEARS PREMIUM WATERS FRANCHISES AND TSX VENTURE ACCEPTANCE AND COMPANY UPDATE OF PREVIOUSLY ANNOUNCED DEBT RESTRUCTURING
Watertowne International Inc. has signed five additional Sears Premium Waters franchise operators, bringing the total number of established franchises to 32. The new operators are located in: Ottawa East, Ont.; Fredericton, N.B.; Edmonton North, Alta.; and two in Winnipeg, Man. The sales bring the company's franchise revenue for the second quarter to $607,000 and year-to-date franchise revenue to $1,442,000.
Chief financial officer Bill Ackerman is also pleased to announce that, on Oct. 4, 2004, Watertowne received TSX Venture Exchange approval for a previously announced debt restructuring plan. The exchange has approved the issuance of 5,886,394 common shares in exchange for $1,177,278 of debt (conversion basis: one common share for every 20 cents of indebtedness). All common shares issued will have a four-month hold period. In addition to the issuance of debt for shares, the company has rescheduled $606,213 in debt, shifting $489,100 to long-term debt.
As a result of the restructuring, the company's working capital deficit of $2,425,770, as reported at June 30, 2004, has been reduced by $1,606,828. Working capital numbers for the third quarter will be available once the quarter results are finalized.
"All things considered," remarked Mr. Ackerman, "we have achieved a solid end result with respect to the debt restructuring plan. We're pleased with the progress being made in strengthening our financial position."
Chief executive officer Roy Lewis added: "The company, quite literally, has undergone a significant evolution in 2004. With the approval of the debt restructuring, our balance sheet is strengthened and has created a solid foundation for continued growth and profitability. And with franchise queries and ownership, and increasing media-sector interest growing at a strong and steady pace, as well as a new and revolutionary product distribution agreement (Cactrus Drink Systems) being instituted, we feel that Watertowne is building significant long-term value for our shareholders."
AWPa Arrowhead Water Products http://www.alberta.com/web/arrowhead
Arrowhead completes Pure Water Shops acquisition
2004-08-20 17:20 ET - News Release
Mr. Dan DeMaere reports
ARROWHEAD WATER ANNOUNCES PURCHASE OF BOTTLED WATER BUSINESS IN CALGARY
Arrowhead Water Products Ltd. has completed its previously announced purchase of Pure Water Shops, a business which produces and sells bottled water in Calgary, Alta. Arrowhead Spring Water, a wholly owned subsidiary of Arrowhead Water Products, purchased the business as a going concern effective as of July 30, 2004. The purchase price paid for the business is cash in the amount of $300,000, one million common shares and 100,000 warrants of Arrowhead Water Products and a promissory note in the amount of $240,000 bearing interest at 1.5 per cent per year, paid in equal instalments commencing on Sept. 1, 2004. The business purchased operates under the names "Pure Water Shops" and "Eau Claire Springs." The acquisition of Pure Water Shops is an important part of Arrowhead's business strategy as it removes a competitor, adds additional retail distribution and provides more effective route density. Pure Water Shops also specializes in distillation and reverse-osmosis water treatment, which will assist Arrowhead in its growth plans. The acquisition will boost Arrowhead's revenues by $720,000 annually and increase cash flow by $300,000 per year. Arrowhead will absorb Pure Water Shops into its current operations realizing significant synergies.
ZENa ZENON ENVIRONMENTAL http://www.zenon.com
Globe says Zenon profits from global thirst for water
2004-09-23 09:02 ET - In the News
The Globe and Mail reports in its Thursday edition that Zenon Environmental, which was founded on the concept that global water quality will become a major problem, is poised to grow both globally and domestically. The Globe's Erin Conway-Smith writes that building on financial results that saw second-quarter profit increase 104 per cent from the same period last year, the water filtration company is focused on expanding in emerging markets such as China while also penetrating the home filtration market in Canada and the United States. Founder and chief executive officer Andrew Benedek, who started the company 24 years ago as a professor at McMaster University, said Zenon was formed on two assumptions: The world's water quality will become a problem, and the solution will be membranes. "At the time, everyone in the world thought we were crazy," he said. "Now we are the leader in the market and growing constantly." Zenon's membrane-based water filtration technology is used in municipal, industrial and home systems. The communities of Thunder Bay, Ont., Lancaster, Pa., and Charleroi, Pa., announced recently that their new water treatment plants would use Zenon technology.
Big volume friday on WTS WaterSave Logic http://www.watersavelogic.com
N.A. water usage:
You have probably already seen this...
http://www.financialsense.com/Market/daily/monday.htm
CO
Now that's a swing trader.
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