BIW Limited Announces the Formation of a New Non-Regulated Subsidiary
BIW Limited, parent company of Birmingham Utilities, Inc., has announced today that it has formed a new non-regulated subsidiary named "Birmingham H2O Services, Inc."
The new company will provide water-related services to other utilities, contractors and individuals. Those services include water main and service line installation, leak survey's, service line piercing and pulling, hydrant installations and repairs, saw cutting and large and small service taps.
John S. Tomac, company president noted that BIW Limited has been providing these services to the customers of Birmingham Utilities for many years. "We certainly have the expertise to provide these same services outside of our service area. For the last two years we have tested the market on a limited basis and have found a significant demand for these services. We believe, however, the expansion of these services should take place within a non-regulated environment. Our personnel are experts in these fields and as a result of this expertise, we can provide services at the lowest cost. Mr. Tomac further noted that BIW Limited was also established in 2002 as the parent company of Birmingham Utilities. The parent company relationship now allows us to establish this non-regulated business. Tomac lastly noted, we do not expect to expand our service beyond these water related activities. It is what we do best. We believe we can increase shareholder value by capitalizing on this expertise," Tomac said.
Birmingham Utilities, Inc., is an investor-owned water company serving primarily the cities of Ansonia and Derby and whose common stock is traded on the AMEX under the symbol "BIW."
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