MERRIMACK, N.H., May 13, 2008 (PRIME NEWSWIRE) -- Pennichuck Corporation (Nasdaq:PNNW) today announced that its Pennichuck East Utility, Inc. subsidiary has acquired the franchise area and assets of the Spruce Pond water system in Windham, New Hampshire. Spruce Pond serves a year-around residential community of 48 homes.
Pennichuck Water Service Corporation Vice President, Bernard Rousseau, said "Windham is a growing community where we have acquired several water systems and operating contracts for community water systems that have come on line. The Town has taken a very serious interest in the development of water systems and we are pleased to be its partner in the process. To date, Pennichuck provides service to over 680 residents in Windham."
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in 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 commercialization of real estate in southern New Hampshire.
Pennichuck Corporation's common stock trades on the Nasdaq Global Market 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, the timing and results of eminent domain proceedings before the New Hampshire Public Utilities Commission; the possible impact thereof on business operations and net assets; legislation and/or regulation and accounting factors affecting Pennichuck Corporation's financial condition and results of operations; the availability and cost of capital, including the impact on our borrowing costs of changes in interest rates; 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. We undertake no obligation to update or revise publicly any forward-looking statements.