Frederick McTaggart to Join Consolidated Water Co.
Ltd. As President and Chief Operating Officer
Company Declares Quarterly Dividend Of $0.08 Per Share
GEORGE TOWN, Cayman Islands, B.W.I., Aug. 1 /PRNewswire/ -- Consolidated Water Co. Ltd. (Nasdaq: CWCO -
news), which develops and operates seawater conversion plants and water distribution systems in areas where natural supplies
of drinking (i.e., potable) water are scarce, today announced that Mr. Frederick W. McTaggart will join the Company as
President and Chief Operating Officer.
Mr. McTaggart, 38, who has been a Director of Consolidated Water since 1998, will assume the position of President/COO
on October 16, 2000. Since 1994, he has served as The Director of the Water Authority - Cayman, the government-owned
water and sewerage utility that primarily serves those parts of Grand Cayman Island that lie outside of the Consolidated Water
Co. Ltd. license area.
Mr. McTaggart will replace the Company's current President/COO, Pete Ribbins, who plans to step down as an executive
officer for personal reasons. Mr. Ribbins will remain on the Board of Directors and will continue to serve the Company as
Director of Special Projects. He will also continue as a member of the Executive Committee of the Board and a member of the
Compensation Committee.
``We are delighted that Rick McTaggart has agreed to join our Company as President and Chief Operating Officer,''
commented Jeffrey Parker, Chairman and Chief Executive Officer of Consolidated Water Co. Ltd. ``His extensive experience
in the water and sewerage industry will prove invaluable as we pursue Consolidated's long-term growth objectives.''
``On behalf of management and the Board of Directors, I would also like to express our sincere appreciation for the
contributions which Pete Ribbins has made to the success of Consolidated Water during the past 17 years,'' continued Parker.
``We will continue to benefit from his knowledge and counsel in his new role as Director of Special Projects.''
The Company also announced that its Board of Directors has approved the third quarterly cash dividend of 2000, which will be
payable in the amount of $0.08 (US$) per share on October 31, 2000, to shareholders of record September 30, 2000.
Consolidated Water Co. Ltd. intends to develop and operate seawater conversion plants and water distribution systems in
areas of the world where naturally-occurring supplies of potable water are scarce or nonexistent. It currently operates a public
water utility in certain areas of the Cayman Islands under a 20-year exclusive license from the Government of the Cayman
Islands. The Company has acquired SeaTec Belize Ltd., which operates a reverse osmosis seawater conversion facility on
Ambergris Caye off the mainland of Belize, and has signed contracts for an operation in the Commonwealth of the Bahamas.
The common stock of Consolidated Water Co. Ltd. is traded on the Nasdaq National Market under the symbol ``CWCO''.
This press release includes statements that may constitute ``forward-looking'' statements, usually containing the words
``believe,'' ``estimate,'' ``project,'' ``intend,'' ``expect'' or similar expressions. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks
and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would
cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and
services in the marketplace, changes in its relationship with the Governments of the jurisdictions in which it operates, the ability
to successfully secure contracts for water projects in other countries, the ability to develop and operate such projects
profitably, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By
making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or
changes after the date of this release.
For further information, please contact: Alexander S. Bodden, Vice President, Finance at (345) 945-4277 or via e-mail at
cwco@candw.ky or RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or via e-mail at
info@rjfalkner.com.
SOURCE: Consolidated Water Co. Ltd. |
