Wednesday April 15, 1:38 pm Eastern Time
Indian Wells Water Company Announces $10 Million Investment by Mille Lacs Band of Ojibwe
ONAMIA, Minn.--April 15, 1998--Indian Wells Water Company (NASDAQ: IWWC - news) today announced that the Corporate Commission of the Mille Lacs Band of Ojibwe, an American Indian tribe located here, has approved a $10 million investment in the company. Indian Wells will market and distribute water bottled by American Indian tribes from protected sources on tribal trust land. In addition, the Corporate Commission has signed a letter of intent to build and operate a water bottling plant on tribal trust lands located in northern Minnesota.
Indian Wells Water Company has signed letters of intent to enter into joint venture agreements with four other tribes located in the Northeast, the Pacific Northwest, Southern California and the Southeast and is in discussions with others who have protected, high-quality spring water sources on their trust lands.
''We could not ask for a better partner than the Mille Lacs Band of Ojibwe, which has a reputation for leadership and innovation in advancing American Indian causes,'' said Brian N. McCarthy, President and CEO of Indian Wells Water Company. ''We admire their remarkable success as business people and will greatly benefit from their invaluable counsel.''
''Even though the success of our casinos has allowed us to turn our People's lives around, we can't rely on one industry forever,'' said Marge Anderson, Chief Executive of the Mille Lacs Band of Ojibwe Indians. ''That's why, from the beginning, one of our highest priorities has been to diversify our economy, to ensure that our future generations of Band members will be financially secure.''
Two Mille Lacs Band representatives will gain seats on the company's board of directors. They will join Dick Trudell, a Lakota Sioux tribal member who is the founder and Executive Director of the American Indian Lawyers Training Program; McCarthy, a retired Rear Admiral in the Naval Reserves; and James M. Stevens, Chairman of Indian Wells and former president and chief executive officer of Suntory Water Group, the nation's second largest bottled water company.
Indian Wells Water Company represents a new model for American companies to work with Native Americans. Each tribe entering into joint venture agreements with the company will be the majority owner of a bottling company and state-of-the-art water processing and bottling plant located on its land. The investment made by the Mille Lacs Band will help secure bank financing for the construction of these facilities.
Indian Wells Water Company will purchase the water produced by each Native American tribe, and distribute and market it nationally under the Indian Wells brand name.
As part of the joint venture agreement, each partner tribe will also become a shareholder of Indian Wells Water Company, adding potential long-term financial benefits to the immediate benefits of increased employment and revenues from water sales.
In addition to the Mille Lacs Band, tribes that have signed letters of intent to enter into agreements to form partnerships with Indian Wells Water Company include the Narragansett Indian Tribe, located near Charlestown, Rhode Island; the Squaxin Island Tribe, located near Shelton, Washington; the Pala Band of Mission Indians, located near Escondido, CA and the Poarch Band of Creek Indians in Atmore, AL.
Indian Wells Water Company is based in Sausalito, CA.
Contact:
Rob Bratskeir
Bratskeir & Company
212-679-2233 |
