California Water Service Group Announces Selection of Deloitte & Touche LLP as Independent...
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California Water Service Group Announces Selection of Deloitte & Touche LLP as Independent Registered Public Accountants
SAN JOSE, Calif.--(Business Wire)--
California Water Service Group (NYSE:CWT) today announced the
selection of Deloitte & Touche LLP (Deloitte) as the Company's
independent registered public accounting firm, subject to their
customary client acceptance procedures.
In February of this year, the Company's audit committee decided,
in accordance with good corporate governance practices, to undertake a
thorough assessment of audit firms that serve regulated companies.
After conducting an extensive evaluation process, the audit committee
selected Deloitte based on the firm's audit approach, reputation in
the utility space, and local market presence.
The selection of Deloitte was not the result of any disagreements
between the company and the current independent registered public
accounting firm, KPMG L.L.P., on any matters of accounting principles
or practices, financial statement disclosure, or auditing scope or
procedures.
"California Water Service Group has had a very long and satisfying
audit relationship with KPMG and we want to thank the firm for its
service," said Chief Financial Officer Martin Kropelnicki.
"We look forward to working with the staff from Deloitte over the
next few months as they transition into their new role with us," he
said.
California Water Service Group is the parent company of California
Water Service Company, Washington Water Service Company, New Mexico
Water Service Company, Hawaii Water Service Company, Inc., CWS Utility
Services, and HWS Utility Services, LLC. Together these companies
provide regulated and non-regulated water service to approximately 2
million people in more than 100 California, Washington, New Mexico and
Hawaii communities. Group's common stock trades on the New York Stock
Exchange under the symbol "CWT."
This news release contains forward-looking statements within the
meaning established by the Private Securities Litigation Reform Act of
1995 ("Act"). The forward-looking statements are intended to qualify
under provisions of the federal securities laws for "safe harbor"
treatment established by the Act. Forward-looking statements are based
on currently available information, expectations, estimates,
assumptions and projections, and management's judgment about the
Company, the water utility industry and general economic conditions.
Such words as expects, intends, plans, believes, estimates, assumes,
anticipates, projects, predicts, forecasts or variations of such words
or similar expressions are intended to identify forward-looking
statements. The forward-looking statements are not guarantees of
future performance. They are subject to uncertainty and changes in
circumstances. Actual results may vary materially from what is
contained in a forward-looking statement. Factors that may cause a
result different than expected or anticipated include but are not
limited to: governmental and regulatory commissions' decisions,
including decisions on proper disposition of property; changes in
regulatory commissions' policies and procedures; the timeliness of
regulatory commissions' actions concerning rate relief; new
legislation; changes in accounting valuations and estimates; the
ability to satisfy requirements related to the Sarbanes-Oxley Act and
other regulations on internal controls; electric power interruptions;
increases in suppliers' prices and the availability of supplies
including water and power; fluctuations in interest rates; changes in
environmental compliance and water quality requirements; acquisitions
and our ability to successfully integrate acquired companies; the
ability to successfully implement business plans; changes in customer
water use patterns; the impact of weather on water sales and operating
results; access to sufficient capital on satisfactory terms; civil
disturbances or terrorist threats or acts, or apprehension about the
possible future occurrences of acts of this type; the involvement of
the United States in war or other hostilities; restrictive covenants
in or changes to the credit ratings on our current or future debt that
could increase our financing costs or affect our ability to borrow,
make payments on debt or pay dividends; and, other risks and
unforeseen events. When considering forward-looking statements, you
should keep in mind the cautionary statements included in this
paragraph. The Company assumes no obligation to provide public updates
of forward-looking statements.
Additional information is available online at
www.calwatergroup.com.
California Water Service Group
Martin A. Kropelnicki, 408-367-8200 (analysts)
Shannon Dean, 310-257-1435 (media)
Copyright Business Wire 2008
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