Exhibit 99.1
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NEWS RELEASE
CALIFORNIA WATER SERVICE
GROUP
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1720 North First Street
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August 31, 2006 |
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San Jose, CA 95112-4598 |
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Contact:
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Calvin Breed (408) 367-8257 (analysts)
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For Immediate Release |
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Shannon Dean (310) 257-1435 (media) |
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CAL WATER ANNOUNCES ISSUANCE OF $20 MILLION, NEW UNSECURED SERIES O SENIOR NOTES AT 6.02%,
SAN JOSE, Calif. — California Water Service Group (NYSE : CWT) today announced that its
subsidiary, California Water Service Company, completed a private placement of new debt with the
August 31, 2006 issuance of $20 million, 6.02%, series O Senior Notes (unsecured), due in August
2031.
The company intends to use the net proceeds of the notes to reduce debt under the company’s
revolving credit agreement and to finance future capital projects.
The notes have not been registered under the United States Securities Act of 1933 and may not
be offered or sold in the United States without registration or an applicable exemption from
registration requirements. This press release shall not constitute an offer to sell or solicit an
offer to buy, nor shall there be any sale of the 6.02% Senior Notes in any State in which any
offer, solicitation or sale would be unlawful prior to the registration or qualification under the
securities laws of any such State.
California Water Service Group is the parent company of California Water Service Company,
Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company,
Inc., and CWS Utility Services. Together these companies provide regulated and non-regulated
water service to more than two million people in 100
California, Washington, New Mexico, and Hawaii communities. Group’s common stock trades on the New York Stock Exchange under the symbol
“CWT.”
This news release contains forward-looking statements within the meaning established by the
Private Securities Litigation Reform Act of 1995 (“Act”). The forward-looking statements are
intended to qualify under provisions of the federal securities laws for “safe harbor” treatment
established by the Act. Forward-looking statements are based on currently available information,
expectations, estimates, assumptions and projections, and management’s judgment about the Company,
the water utility industry and general economic conditions. Such words as expects, intends, plans,
believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such
words or similar expressions are intended to identify forward-looking statements. The
forward-looking statements are not guarantees of future performance. They are subject to
uncertainty and changes in circumstances. Actual results may vary materially from what is
contained in a forward-looking statement. Factors that may cause a result different than expected
or anticipated include but are not limited to: governmental and regulatory commissions’ decisions,
including decisions relating to ratemaking and also relating to proper disposition of property;
changes in regulatory commissions’ policies and procedures; the timeliness of regulatory
commissions’ actions concerning rate relief; changes in the political landscape; changes in
existing law and introduction of new legislation; changes in, and the accuracy of, accounting
valuations and estimates; the ability to satisfy requirements related to the Sarbanes-Oxley Act and
other regulations on internal controls; increases in suppliers’ prices
and the availability of uninterrupted supplies including water and electric power;
fluctuations in interest rates; changes in environmental compliance and water quality requirements;
acquisitions and our ability to successfully integrate acquired companies; our success entering
into new, and renewing existing, service contracts with cities, agencies and municipal utility
districts; our ability to manage growth; the ability to successfully implement business plans;
work stoppages and union issues; loss of key personnel; changes in customer water use patterns; the
impact of weather on water sales and operating results; access to sufficient capital on
satisfactory terms; natural disasters, civil disturbances or terrorist threats or acts; the
involvement of the United States in war or other hostilities; restrictive covenants in or changes
to the credit ratings on our current or future debt that could increase our financing costs or
affect our ability to borrow, make payments on debt or pay dividends; the reliability of our
information technology; litigation with third parties; and, other risks and unforeseen events.
When considering forward-looking statements, you should keep in mind the cautionary
statements included in this paragraph as well as other risk factors disclosed in the Company’s 10K’s, 10Q’s,
8-K’s and others filings made by the Company and on file with the SEC. The Company assumes no
obligation to provide public updates of forward-looking statements.
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Source: California Water Service Group