MERRIMACK, N.H., July 10, 2007 (PRIME NEWSWIRE) -- Pennichuck Corporation (Nasdaq:PNNW) today announced that on June 29, 2007, the New Hampshire Public Utilities Commission (the "NHPUC") issued an Order authorizing its Pennichuck Water Works, Inc. subsidiary ("Pennichuck Water") to increase its permanent rates by 3.07%, resulting in an annualized increase in revenues of approximately $505,000. This rate increase, which is effective for service rendered on and after June 1, 2007, is in addition to the May, 2007 NHPUC Order approving an annualized increase in revenues of approximately $5.2 million, or 31.43%. The purpose of this additional rate increase is to allow Pennichuck Water to recover certain costs, including costs related to Sarbanes-Oxley compliance and higher electricity and chemicals costs at its upgraded water treatment plant in Nashua, New Hampshire.
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in southern and central New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and development of real estate in the greater Nashua, New Hampshire areas.
Pennichuck Corporation's common stock trades on the Nasdaq Stock Exchange under the symbol "PNNW". The Company's website is at www.pennichuck.com.
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This news release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Pennichuck Corporation. Forward-looking statements are based on current information and expectations available to management at the time the statements are made, and are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, timing and results of eminent domain-related settlement discussions with the City of Nashua and proceedings before the New Hampshire Public Utilities Commission; the impact thereof on consolidated business operations; legislation and/or regulation and accounting factors affecting Pennichuck Corporation's financial condition and results of operations; and, the impact of weather. Investors are encouraged to access Pennichuck Corporation's annual and quarterly periodic reports filed with the Securities and Exchange Commission for financial and business information regarding Pennichuck Corporation, including a more detailed discussion of these and other risks and uncertainties that could affect Pennichuck Corporation's forward-looking statements.