PENNINGTON, N.J., May 18, 2005 (PRIMEZONE) -- WorldWater & Power Corp. (OTCBB:WWAT), maker of proprietary high-power solar systems, today announced the signing of a contract for $7.8 million with Farm ACW of Fallbrook, California, to install solar electric systems to power the avocado ranch operations. The new contract brings the total of projects signed in 2005 to $12.2 million, compared to total revenues in 2004 of $5.8 million.
The contract is subject to certain conditions, including securing grid interconnections with San Diego Gas & Electric. The Company has already begun this process and expects approval of the interconnection by Summer 2005.
The contract with the avocado farm means WorldWater now has four projects in or preparing for operation in California and New Jersey, including two water utilities -- Atlantic County Utilities Authority in New Jersey and Idyllwild Water District in California -- and two California agricultural projects -- Cocopah Tree Farm and Farm ACW.
"We believe Farm ACW will be the largest farm operation to be powered by solar systems anywhere in the world, replacing a Megawatt diesel generator now being used for power," said Quentin T. Kelly, Chairman and CEO of WorldWater & Power Corp. "Work on the project is scheduled to begin after the grid interconnection is secured and is expected to be completed in the fall," he added. Water Tech-Ag Supply of Escondido, California, was WorldWater's sales representative in the transaction, he said.
On April 22, the Company broke ground on the Idyllwild solar project to drive seven pumps using its patented AquaMax(tm) solar system. On April 1, WorldWater was named the winning bidder of the power tender from Atlantic County Utilities Authority for the Atlantic City Wastewater Treatment Plant and on May 4 received its Notice to Proceed.
On March 3, the Company signed to supply solar electric power and drive a 200 hp water pump for the Cocopah Tree Farm in Southern California.
About WorldWater & Power Corp:
WorldWater & Power Corporation is a full-service, international solar electric engineering and water management company with unique, high-powered and patented solar technology that provides solutions to a broad spectrum of the world's electricity and water supply problems. For more information about WorldWater & Power Corp., visit the website at www.worldwater.com.
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Forward Looking Statement
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Further, the Company operates in industries where securities values may be volatile and may be influenced by regulatory and other factors beyond the Company's control. Other important factors that the Company believes might cause such differences are discussed in the risk factors detailed in the Company's 10-KSB and its quarterly reports on Form 10-QSB both as filed with the Securities and Exchange Commission, which include the Company's cash flow difficulties, dependence on significant customers, and rapid development of technology, among other risks. In assessing forward-looking statements contained herein, readers are urged to carefully read all cautionary statements contained in the Company's filings with the Securities and Exchange Commission.