MERRIMACK, N.H., Sept. 14, 2007 (PRIME NEWSWIRE) -- Pennichuck Corporation (Nasdaq:PNNW) today announced that its Pennichuck Water Service Company subsidiary ("Service Company") has entered into a new multi-year contract with the Town of Salisbury Massachusetts ("Salisbury") for the operation and maintenance of the town-owned water system. The Service Company has been operating and maintaining Salisbury's water system since 2001 when it won the original bid for the contract. The new contract expires June 30, 2012.
The Salisbury water system provides public drinking water and fire protection service to approximately 3,360 accounts serving an estimated population of 9,000. Don Levesque, Director of Public Works for Salisbury, stated, "Salisbury is extremely pleased with the operational improvements and professional service that Pennichuck has provided."
Pennichuck Water Service Company President, Stephen Densberger, said, "Our Salisbury contract is an excellent example of how a public-private partnership can work successfully to provide reliable, high quality water service to a community. We have developed an excellent working relationship with the town and our knowledge about the water system is a real plus."
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 area.
Pennichuck Corporation's common stock trades on the NASDAQ Stock Exchange under the symbol "PNNW." The Company's website is at www.pennichuck.com.
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 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.