USD 95,000,000 Binding Water Offtake Contract Signed

Feb 29, 2012

Water Resources Group Ltd is pleased to announce that the Municipality of Santa Catarina in the Republic of Cape Verde, an Island Nation 570 km off the coast of Western Africa, has signed a binding Water Offtake Agreement with its 49% owned joint venture company, Blue Aquifer LDA agreeing to the commercial terms of supply for the contract.

The binding Agreement, signed by the President of the Municipal Council of Santa Catarina, Francisco Fernandes Tavares, is for the supply of 4,000 cubic metres per day as an initial requirement with the provision that this could be increased in the near term. The Contract calls for Blue Aquifer to supply potable water to Santa Catarina for a term of 25 years, a contract worth at least USD95,000,000.
The President, said; “We have a serious water deficiency in our Municipality and I am pleased that Blue Aquifer, a locally controlled Water Supply Company, has been successful with their proposal to supply us with water for the next 25 years. Their relationship with the Water Resources Group has given them a leadership position in this country and I am sure that there will be a number of other Municipalities that will contract their services in the future.”
Blue Aquifer LDA which is 49% owned by Water Resources Group Ltd will manage and operate the plant. All equipment and systems will be purchased from Water Resources Group Ltd by Blue Aquifer. Water Resources Group Ltd will also be entitled to 49% of the net income from Blue Aquifer LDA from water sales for the 25 year contract term and provide a service and maintenance contract.
The CEO of WRG, Brian Harcourt said “This is a milestone event for Water Resources Group Ltd, reinforcing our business model as outlined in the company’s Prospectus. We expect that other municipalities in the Cape Verde Islands will follow the lead of Santa Catarina and take advantage of our low cost, chemical free, community based desalination systems. Our partner, Blue Aquifer, is well placed to supply this market, and also the ECOWAS countries, (Economic Community of West African States), with a population of over 250 million people with serious deficiencies in drinking water.”

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Brian Harcourt

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