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Last Updated: Nov 12, 2018 - 8:18:59 PM |
STATEMENT: Consolidated Water (Bahamas) Ltd., a subsidiary of Consolidated Water Co. Ltd. (the "Company") (Nasdaq Global Select Market: CWCO), a leading developer and operator of seawater desalination plants, clarified a recent news report that may have led the Bahamian public to believe their water supply in New Providence would be interrupted due to the non-payment of water invoices of $16.1M by the Water & Sewerage Corporation (WSC).
“We view The Tribune’s article on Friday 9 November as inflammatory,” said Rick McTaggart, President of Consolidated Water (Bahamas) Ltd. “We don’t have any intention of disconnecting water service to WSC and in turn to Bahamians and New Providence. Recent press articles have drawn incorrect inferences from financial disclosure that our parent company is required to make to our Bahamian and international investors regarding the overdue WSC water invoices. The fact is that we’re not being paid in a timely manner and it’s putting tremendous financial strain on the company, but the chance that we would initiate a water service interruption is zero.
“We have enjoyed a good working relationship with WSC for the past 21 years, even though payments of our invoices have been delayed from time to time over the years so we’ve always felt comfortable that WSC would eventually settle its debts as they have in the past.
“We have a deep appreciation of our responsibilities as a critical supplier of water here [in The Bahamas]. So we’re not going to turn off the plants just to try to pressure someone. To conclude otherwise is simply not correct.”
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