Artesian Resources and Middlesex Water Discontinue Discussions Regarding Sale of Tidewater Utilities

November 13, 2001

Artesian Resources Corp. and Middlesex Water Co. announced that they have discontinued their negotiations regarding the sale of Middlesex's Delaware subsidiary, Tidewater Utilities, Inc., to Artesian.

According to Dian C. Taylor, chief executive officer and chair of the board of Artesian Resources Corp., "Although we continue to believe that Artesian's acquisition of Tidewater Utilities, Inc. would offer substantial benefits to both companies and their customers, we unfortunately have been unable to reach agreement with Middlesex on the terms of a definitive purchase agreement."

J. Richard Tompkins, president of Tidewater Utilities, Inc., stated that, "Although the proposed acquisition by Artesian would have provided benefits, we are confident that Tidewater's personnel will continue to provide high quality water service to our customers as an independent water utility in Delaware."

Source:

PRNewswire

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