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Cadiz Provides Update Regarding Litigation Against Metropolitan Water District of Southern California

Posted on: Friday, 31 August 2007, 00:13 CDT

Cadiz Inc. (Nasdaq:CDZI) announced today an update on its litigation against the Metropolitan Water District of Southern California ("Metropolitan"). As previously reported, the Los Angeles County Superior Court had scheduled a hearing for today, August 30, 2007, to hear Motions for Summary Judgment brought by both Cadiz and Metropolitan. By the Court's order, the hearing was not held today and has been rescheduled for October 4, 2007. The trial will now commence April 7, 2008.

Cadiz filed litigation against Metropolitan in November 2005 seeking damages for Metropolitan's failure to complete the environmental review of the Cadiz Groundwater Storage and Dry-Year Supply Program ("Cadiz Program" or "Program"), including its failure to accept permits that had been offered by the U.S. Department of the Interior that would have allowed the Cadiz Program to be implemented with other participating water agencies. Full details of the litigation can be found in the Company's public filings.

Originally proposed in 1997, the Cadiz Program would have built and operated facilities for conjunctive-use aquifer storage of imported Colorado River water, and for extraction and delivery of stored Colorado River water and indigenous groundwater to Metropolitan's service area.

Despite Metropolitan's decision not to proceed with the Program in 2002 and the ongoing litigation, the Company has continued to pursue the implementation of the Cadiz Program. In early 2007, we filed permit applications and updated environmental documents with San Bernardino County in an effort to complete the California Environmental Quality Act ("CEQA") review of the Program. In August, the County deemed those applications complete and is now preparing a schedule for CEQA review.

The need for water storage and supply programs in southern California has not abated and the advantages of underground water storage are increasingly evident. The Cadiz Program will help meet the changing water supply needs of the entire region when it is implemented.

Founded in 1983, Cadiz Inc. is a publicly held water resource and real estate development firm. The Company owns significant landholdings with substantial water resources in eastern San Bernardino County, California. Further information on the Company can be obtained by visiting our corporate web site at www.cadizinc.com.

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, and other factors and considerations detailed in the Company's Securities and Exchange Commission filings.

Source: Business Wire

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