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Richmond, California (March 1, 2004) -- Western Water Company (OTCBB: WWTR) announced that Directors David A. Abel, Robert A. Baker and Lee K. Harrington have resigned from the Company’s Board of Directors, effective today. Also effective today, Reginald M. Norris was elected to serve the remainder of Mr. Abel’s term, which expires in 2005, and Dennis J. Kenny was elected to serve the remainder of Mr. Baker’s term, which expires in 2004.
Messrs
Norris and Kenny were nominated as directors by Ashford Capital
Management and T. Rowe Price, the holders of the Company’s
Series C Convertible, Redeemable Preferred Stock. The Series
C holders gained the right to nominate a majority of the Company’s
Board of Directors under provisions of the Series C Certificate
of Designation, when the Company did not declare and pay dividends
on the Series C Preferred Stock that were scheduled in July,
2003 and January, 2004.
Michael
Patrick George will continue to serve as a director of the
Company until the next annual
meeting, when his current term is scheduled to expire. No
date for the next annual meeting has been set. Mr. George is
the
Chairman of the Board as well as the Company’s President,
Chief Executive, and Chief Financial Officer.
Mr.
Norris has represented the Series C holders with regard to
their investment in the Company since 2000. Prior to his involvement
with
the Company, Mr. Norris had a career in both executive and
director
capacities with several private companies.
Mr.
Kenny is an attorney who, among other career experiences, served
as
General
Counsel, Corporate Secretary and as a director of a NYSE
company.
Further
biographical information on the new directors is available
on the Company’s
website, www.wwtr.com.
Contact:
Michael Patrick George
(510)
234-7400
Statements contained in this release which are not historical facts are forward looking statements that involve risks and uncertainties that could cause actual results or future events to differ from those contained herein.
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