<PAGE> 1
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2000
CONSOLIDATED WATER CO. LTD.
(Translation of registrant's name into English)
TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX 1114 GT, GRAND CAYMAN, B.W.I.
(Address of Principal Executive Offices)
[Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [ ] No [X]
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CONSOLIDATED WATER CO. LTD.
(Registrant)
Date: August 9, 2000 By : /s/ Alexander S. Bodden
----------------- ----------------------------------
Alexander S. Bodden
Vice President Finance and
Company Secretary
<PAGE> 2
FOR IMMEDIATE RELEASE
CONSOLIDATED WATER COMPLETES ACQUISITION OF SEATEC BELIZE LTD.
ACQUISITION IS CONSISTENT WITH COMPANY'S GEOGRAPHIC EXPANSION STRATEGY
GEORGE TOWN, Cayman Islands, B.W.I. (July 31, 2000) -- Consolidated Water Co.
Ltd. (Nasdaq National Market: "CWCO"), which develops and operates seawater
conversion plants and water distribution systems in the Cayman Islands where
natural supplies of drinking (i.e., potable) water are scarce, today announced
that it has completed the acquisition of SeaTec Belize Limited for approximately
$3.9 million (US$) in cash.
SeaTec Belize Ltd. has operated a reverse osmosis seawater conversion plant on
Ambergris Caye in Belize, Central America, for approximately four years. Earlier
this year, the plant's production capacity was expanded from 200,000 U.S.
gallons per day (Usgpd) to 384,000 Usgpd, in order to accommodate increasing
demand for potable (i.e., fresh) water from resorts, residences and businesses
on Ambergris Caye, where potable water is not available from natural sources. On
July 12th, the Cabinet of the Government of Belize announced that it had
endorsed a proposal for the establishment of an upscale tourist resort
consisting of two separate properties with a total capacity of 500 rooms at
Punta Azul on Ambergris Caye. The plant supplies water under a 15-year contract
to, and for distribution by, the Water & Sewerage Authority of the Government of
Belize (WASA). The fixed-price contract with the governmental agency allows for
SeaTec Belize Ltd. to recoup any increases in the cost of fuel required to
operate the seawater conversion plant and has an inflation-adjustment clause
incorporated therein.
"We understand that Consolidated Water has the necessary expertise to adequately
operate the reverse osmosis facility on Ambergris Caye, thus ensuring a reliable
source of water to Belizeans and tourists residing on the island," commented
Leonardo Folgarait, Sr., Chief Executive Officer of WASA. "The sale of SeaTec
Belize to Consolidated Water of Cayman has been acknowledged by our Board of
Directors, and we look forward to a productive relationship with the company."
"Consolidated Water Co. has been converting seawater into fresh drinking water
in the Cayman Islands for more than a quarter-century, and our operational
expertise with reverse osmosis technology is compatible with the SeaTec Belize
facilities," stated Jeffrey Parker, Chairman and Chief Executive Officer of
Consolidated Water Co. Ltd. "Approximately 97% of the Earth's water is comprised
of salt water, and there are many areas in the world where naturally occurring
supplies of fresh water are scarce or non-existent. The Cayes off Belize
represent one such locale, and we have identified a number of other countries
which can benefit from seawater conversion technology. While the time required
to negotiate and bring to fruition projects in other countries often requires
patience, we are pleased to launch our 'offshore' expansion strategy with the
acquisition of SeaTec Belize Ltd."
"We expect SeaTec Belize Ltd. to contribute three to six cents to Consolidated's
earnings per share during the first full year of operation under our ownership,"
continued Parker.
Belize, with a population of approximately 210,000, is a Central American
country which is located on the Caribbean Sea and is bordered by Mexico to the
north and Guatemala to the west and south. Ambergris Caye is the largest of the
approximately 200 islands located off the mainland of Belize, and its economy
has benefited from the growing popularity of the island as a resort and scuba
diving destination for American travelers.
Consolidated Water Co. Ltd. intends to develop and operate seawater conversion
plants and water distribution systems in areas of the world where
naturally-occurring supplies of potable water are scarce or nonexistent. It
currently operates a public water utility in certain areas of the Cayman Islands
under a 20-year exclusive license from the Government of the Cayman Islands. The
Company has signed contracts for an operation in the Commonwealth of the
Bahamas.
The common stock of Consolidated Water Co. Ltd. is traded on the Nasdaq National
Market under the symbol "CWCO".
THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE "FORWARD-LOOKING"
STATEMENTS, USUALLY CONTAINING THE WORDS "BELIEVE", "ESTIMATE", "PROJECT",
"INTEND", "EXPECT" OR SIMILAR EXPRESSIONS. THESE STATEMENTS ARE MADE PURSUANT TO
THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. FORWARD-LOOKING STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FORWARD-LOOKING
STATEMENTS. FACTORS THAT WOULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE,
BUT ARE NOT LIMITED TO, CONTINUED ACCEPTANCE OF THE COMPANY'S PRODUCTS AND
SERVICES IN THE MARKETPLACE, CHANGES IN ITS RELATIONSHIP WITH THE GOVERNMENTS OF
THE JURISDICTIONS IN WHICH IT OPERATES, THE ABILITY TO SUCCESSFULLY SECURE
CONTRACTS FOR WATER PROJECTS IN OTHER COUNTRIES, THE ABILITY TO DEVELOP AND
OPERATE
<PAGE> 3
SUCH PROJECTS PROFITABLY, AND OTHER RISKS DETAILED IN THE COMPANY'S PERIODIC
REPORT FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. BY MAKING THESE
FORWARD-LOOKING STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE
STATEMENTS FOR REVISIONS OR CHANGES AFTER THE DATE OF THIS RELEASE.
For further information, please contact:
Alexander S. Bodden, Vice President, Finance at (345) 945-4277 or via e-mail at
[email protected]
or
RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or via
e-mail at [email protected]
