Connecticut Water Service, Inc., (NASDAQ: CTWS) has announced that its subsidiary, The Connecticut Water Company, has announced they have sold 198 acres of land to the Town of Windsor Locks, Connecticut. Once used as a water supply source, the water there is no longer needed. This transaction will protect the largest area of undeveloped land in Windsor Locks from further development.
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With at least 90% of the land going to permanently protected open space, 100% of the proceeds from the sale of the conservation easement will benefit the company’s shareholders. Connecticut Water has sold the conservation easement for $2 million which should generate about $1 million in net income in 2009.
About Connecticut Water Services
Connecticut Water Services, Inc. is a non-operating holding company, whose income is derived from the earnings of its four wholly-owned subsidiary companies: The Connecticut Water Company (Connecticut Water), New England Water Utility Services, Inc. (NEWUS), Chester Realty Company (Chester Realty), and Barnstable Holding Company (Barnstable Holding). In addition to its regulated utility, the Company owns three unregulated companies, two of which were active and one of which was inactive as of December 31, 2008. The two active companies are Chester Realty, Inc., a real estate company in Connecticut; and New England Water Utility Services, Inc. (NEWUS), which provides contract water and sewer operations and other water related services. In September 2009, the Company's subsidiary, The Connecticut Water Company, announced that it has completed the acquisition of the Legend Hill water system in Madison, Connecticut.
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