EXHIBIT 99.2
Operations Technologies, Inc. Joins Southwest Water Family of Companies
WEST COVINA, California, September 19, 2001 -- Southwest Water Company
(Nasdaq:SWWC) continues to expand its business in the contract operations
marketplace with the acquisition of a majority interest in Atlanta-based
Operations Technologies, Inc. (OpTech), a provider of contract water, wastewater
and public works services in the southeastern United States. The transaction,
which includes a combination of stock, debt and cash, was finalized on August
31, 2001.
"This acquisition marks an important step forward in the development of our
contract operations business," said Anton C. Garnier, Southwest Water president
and chief executive officer. "It reinforces our existing strong presence in the
industry and extends our client base to the east coast. OpTech's reputation for
providing high-quality operations and excellent customer service at a reasonable
cost blends naturally with our business model." Garnier added, "We expect that
the acquisition will be accretive to our earnings beginning this year."
OpTech was founded by Robert W. Monette, P.E., in 1994. The company operates
utilities in Georgia and Mississippi with revenues of $10 million per year and
over 300 employees. Monette, 52, a graduate of Mississippi State University and
Harvard Business School, is a registered professional engineer and will remain
as president of the firm with an active ownership interest.
Commenting on the transaction, Monette said, "We are confident that by
affiliating with Southwest Water, OpTech enhances its ability to continue its
rapid growth. Both firms share similar values and strong reputations for a focus
on client service and value. With our combined presence now stretching from
coast to coast, Southwest Water is truly a national company in the contract
operations industry, and OpTech is very proud to be an integral part of the
team."
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SOUTHWEST WATER COMPANY ACQUIRES September 19, 2001
OPERATIONS TECHNOLOGIES, INC. Page 2
With the completion of the transaction, Southwest Water Company's contract
operations subsidiaries will operate approximately 100 wastewater treatment
facilities, 230 water wells and 10 surface water treatment facilities. Southwest
Water has now grown to almost 1,000 employees. Further information about OpTech
can be found at www.optech-us.com. Additional details about Southwest Water are
available at www.southwestwater.com.
Southwest Water Company provides a broad range of services, including water
production and distribution, wastewater collection and treatment, public works
services and utility submetering for multi-family properties. The company owns
regulated public utilities and also serves cities, utility districts and private
companies under contract. More than a million people in 29 states from coast to
coast depend on Southwest Water for high-quality, reliable service.
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The forward-looking statements in this news release are
those that do not state historical facts and are inherently subject to risk and
uncertainties. The forward-looking statements contained herein are based on
current expectations and entail various risks and uncertainties that could cause
actual results to differ materially from those projected in the forward-looking
statements. Such risks and uncertainties include, among others: (i) the ability
to renew existing contracts and enter into new contracts; (ii) contract
terminations; (iii) capital expenditures and (iv) other factors referenced in
Securities and Exchange Commission filings of the Company.
For Further Information:
Southwest Water Company Coffin Communications Group
225 N. Barranca Avenue, #200 15300 Ventura Blvd., #303
West Covina, CA 91791-1605 Sherman Oaks, CA 91403
(626) 915-1551 (818) 789-0100
www.southwestwater.com www.coffincg.com
CONTACT: Peter J. Moerbeek CONTACT: Crocker Coulson
Chief Financial Officer Partner
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