Tampa, FL, February 15, 2017 – AquaVenture Holdings Limited (“AquaVenture”) (NYSE: WAAS), a leader in water purification solutions, today responded to press reports of comments by British Virgin Island’s Minister of Communication and Works, Mark Vanterpool, regarding the impacts of a non-binding memorandum of understanding with the British Virgin Islands Government for potential amendments to their Water Purchase Agreement.
AquaVenture’s BVI subsidiary continues to work with the BVI Government to amend the Paraquita Bay Water Purchase Agreement to, among other things, help lower the overall cost of water and expand the water supply to people of the BVI. The Company has been working with the BVI Government on these proposed amendments since the middle of 2016. The expected impact of these proposed amendments were incorporated into AquaVenture’s financial forecasts prior to its initial public offering in October of 2016. The credit facility for this BVI subsidiary requires lender approval before any such amendments to the Water Purchase Agreement can be implemented. The Company has been diligently pursuing this approval and appreciates the assistance the BVI Government is providing to obtain it. Seven Seas Water is committed to being an effective long-term partner to the BVI Government and its people.
As previously disclosed, the Company has historically entered into and expects to continue to enter into negotiations with customers to expand operations, build additional plants and/or reduce water rates in exchange for other changes to the contracts that the Company believes are mutually beneficial. The Company believes the BVI negotiations are consistent with that approach.
AquaVenture is a multinational provider of Water-as-a-Service (WAASTM) solutions that provide customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture is composed of two operating platforms: Quench, a U.S.-based provider of Point-of-Use, or POU, filtered water systems and related services to approximately 40,000 institutional and commercial customers; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing 7 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.
Safe Harbor Statement:
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to improvements in the plans operating efficiency, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors detailed in AquaVenture's filings with the Securities and Exchange Commission.
As a result of such risks, uncertainties and factors, AquaVenture's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. AquaVenture is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.