California Water Service Group Announces Election of Gregory E. Aliff to Board of Directors
SAN JOSE, CA -- (Marketwired) -- 09/30/15 -- California Water Service Group (NYSE: CWT) today announced the election of Gregory E. Aliff, 62, to the Company's Board of Directors as an independent director, effective September 30, 2015. Mr. Aliff was also appointed to the Board's Audit Committee.
Aliff, who recently retired as Vice Chairman and Senior Partner of U.S. Energy & Resources at Deloitte LLP, brings to the board 38 years of experience in strategy, governance, regulatory affairs, external reporting, and accounting in the energy and resources industry. In his role as Lead Client Service Partner and Advisory Partner, he provided professional services in accounting and auditing, enterprise risk management, regulatory strategy development and rate case preparation, and acquisition due diligence to numerous major utilities.
"Greg's background and experience complement our well-rounded and highly skilled director team. He is a true professional, and we are fortunate to have him on our board," said Chairman Peter C. Nelson.
From 2012 to 2014, Aliff led Deloitte's Sustainability Services practice, which focused on water and energy management. Prior to that, he led Deloitte's U.S. Energy & Resources practice. He also previously served as a member of the Board of Directors of the United States Energy Association, and co-authored the annually updated book, "Accounting for Public Utilities." Aliff did not provide services to the Company in his role at Deloitte LLP.
Aliff earned his Bachelor of Science in Accounting and his Masters of Business Administration from Virginia Tech University. He is also a Certified Public Accountant.
"Greg's deep understanding of public utility markets will make him a valuable resource to me and the management team. He is a true utility expert, and one of the best in the nation at what he does. He will be a real asset to our team," said President and Chief Executive Officer Martin A. Kropelnicki.
California Water Service Group is the parent company of California Water Service, Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company, Inc., CWS Utility Services, and HWS Utility Services, LLC. Together these companies provide regulated and non-regulated water service to approximately 2 million people in more than 100 California, Washington, New Mexico and Hawaii communities. Group's common stock trades on the New York Stock Exchange under the symbol "CWT." Additional information is available online at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("Act"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the Act. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management's judgment about the Company, the water utility industry and general economic conditions. Such words as would, expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not guarantees of future performance. They are subject to uncertainty and changes in circumstances. Actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause a result different than expected or anticipated include, but are not limited to: governmental and regulatory commissions' decisions; changes in regulatory commissions' policies and procedures; the timeliness of regulatory commissions' actions concerning rate relief; new legislation; changes in accounting valuations and estimates; changes in accounting treatment for regulated companies, including adoption of International Financial Reporting Standards, if required; electric power interruptions; increases in suppliers' prices and the availability of supplies including water and power; fluctuations in interest rates; changes in environmental compliance and water quality requirements; litigation that may result in damages or costs not recoverable from third parties; acquisitions and our ability to successfully integrate acquired companies; the ability to successfully implement business plans; changes in customer water use patterns; the impact of weather and climate on water sales and operating results; access to sufficient capital on satisfactory terms; civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type; the involvement of the United States in war or other hostilities; our ability to attract and retain qualified employees; labor relations matters as we negotiate with the unions; federal health care law changes that could result in increases to Company health care costs and additional income tax expenses in future years; changes in federal and state income tax regulations and treatment of such by regulatory commissions; implementation of new information technology systems; changes in operations that result in an impairment to acquisition goodwill; restrictive covenants in or changes to the credit ratings on our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; general economic conditions, including changes in customer growth patterns and our ability to collect billed revenue from customers; and, other risks and unforeseen events. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the annual 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the Securities and Exchange Commission (SEC). The Company assumes no obligation to provide public updates of forward-looking statements.
Released September 30, 2015