MERRIMACK, N.H., Oct. 9, 2007 (PRIME NEWSWIRE) -- Pennichuck Corporation (Nasdaq:PNNW) today announced that its Pennichuck East Utility, Inc. subsidiary ("PEU") has acquired the franchise area and assets of Daniels Lake Water Works, Inc. in Weare, New Hampshire. Daniels Lake serves a year-around residential community of 30 homes.
The Daniels Lake water system has had a history of operational problems, and was placed into receivership by the New Hampshire Public Utilities Commission (the "NHPUC"). In its Order approving the acquisition by PEU, the NHPUC noted, "It is a welcome development that an established utility such as PEU has agreed to assume responsibility for this franchise." Commenting on this acquisition, Duane C. Montopoli, President and Chief Executive Officer of Pennichuck Corporation, said, "Our acquisition of Daniels Lake is an excellent example of our ongoing commitment to acquire and rehabilitate additional water systems throughout New Hampshire as an element of strategic growth and to address statewide water issues as they arise." PEU will be renovating the pumping station and improving service over the coming months.
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and development of real estate in the greater Nashua, New Hampshire area.
Pennichuck Corporation's common stock trades on the Nasdaq Stock Exchange under the symbol "PNNW." The Company's website is at www.pennichuck.com.
This news release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Pennichuck Corporation. Forward-looking statements are based on current information and expectations available to management at the time the statements are made, and are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, timing and results of eminent domain proceedings before the New Hampshire Public Utilities Commission; the impact thereof on consolidated business operations; legislation and/or regulation and accounting factors affecting Pennichuck Corporation's financial condition and results of operations; and the impact of weather. Investors are encouraged to access Pennichuck Corporation's annual and quarterly periodic reports filed with the Securities and Exchange Commission for financial and business information regarding Pennichuck Corporation, including a more detailed discussion of these and other risks and uncertainties that could affect Pennichuck Corporation's forward-looking statements.