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Aerex Industries Inc. - Global Water Solutions and Custom Fabrications / History of Consolidated Water

History

Early Years

Consolidated Water was established in 1973 as a private water utility in Grand Cayman, the largest island in the Cayman Islands group, and obtained its first public utility license in the Cayman Islands in 1979.

The company realized significant growth by capitalizing on our exclusive water utility franchise in Grand Cayman, as well as acquiring a number of other established businesses in the region. We leveraged these acquisitions, using our technical expertise and regional knowledge, to obtain contract extensions and new projects.

Utilization of SWRO

We installed our first SWRO plant in 1989 and now have more than 25 years of design insight and operational experience with this technology. SWRO is used in all the company’s operations. Our water production and distribution business model was first introduced in the Cayman Islands in 1990, and is now used throughout the company’s operations.

Going Public

The Company was listed on the NASDAQ stock market in 1995. Take a look at our Investors section to learn more about our company’s finances and review investor relations materials.

Cayman Islands

In the Cayman Islands, the company operates as Cayman Water Company Limited and Ocean Conversion (Cayman) Limited which, together, operate seven plants to produce all the piped drinking water on Grand Cayman.

The Bahamas

Consolidated Water moved into the Bahamian market in July of 2001 by supplying and operating a plant under a 10-year agreement to produce up to 115,000 US gallons per day for the Bimini Sands marina and resort development in South Bimini. The Company also supplies water to the Water & Sewerage Corporation of the Bahamas from time to time when its regular supply is unavailable on South Bimini.

Consolidated Water (Bahamas) Ltd. produces and supplies up to 10 million US gallons per day of water to the Water & Sewerage Corporation of the Government of the Bahamas for distribution to Nassau and the remainder of New Providence Island.

Our largest SWRO plant, which was commissioned in July 2006, is the Blue Hills plant in Nassau, Bahamas with a production capacity of 7.2 million US gallons per day.

Caribbean Expansion

In July 2000, Consolidated Water acquired Consolidated Water (Belize) Limited, which supplies up to 550,000 US gallons of water per day to the operator of the distribution system on Ambergris Caye, Belize, Central America.

Through the acquisition of five companies in February 2003, Consolidated Water commenced operations in Barbados, obtained affiliate operations in the British Virgin Islands and expanded its operations in the Cayman Islands and the Bahamas.

In Barbados, through June 2007, the Company operated a plant that provided up to 1.3 million US gallons of irrigation water per day for the three golf courses of the prestigious Sandy Lane Resort.

In BVI, the Company has an equity investment in and an Engineering and Management Services Agreements with its affiliate Ocean Conversion (BVI) Ltd. (“OCBVI”). OCBVI operates SWRO plants on Tortola and Jost van Dyke, which supply water to the government of the British Virgin Islands for distribution.

In 2006 , the Company formed a Bermudan affiliate, Consolidated Water (Bermuda) Limited, with two other shareholders and in early 2007 was awarded a contract by the Government of Bermuda to construct and operate a 1.2 million US gallon per day seawater desalination plant on the north coast of Bermuda at Tynes Bay.

Current Status

We supply water to a variety of customers including residences, hotels and resort properties, and government-owned utility companies. We currently operate 14 desalination plants of various capacities in 6 countries – the Cayman Islands, the Bahamas, Bermuda, the British Virgin Islands, Indonesia and Belize.

Over the past 10 years, the company has grown from a small Cayman Islands based utility business with revenues of less than $10 million dollars per year to a regional water provider with 2008 revenues in excess of $65 million dollars.

Consolidated Water continues to actively pursue water projects and acquisition opportunities in the Caribbean, the Americas, Mexico, Asia and other areas but will consider profitable ventures that arise elsewhere in the world.

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Timeline

1973 – Cayman Water Company incorporates in the Cayman Islands to provide water and sewerage services to the Governor’s Harbour residential development on Seven Mile Beach, Grand Cayman.

1975 – Company installs its fi­rst seawater distillation desalination unit in Grand Cayman with a production capacity of 50,000 gallons of water per day.

1979 – Company receives a 20-year water production and distribution license from the Cayman Islands government to supply the West Bay Beach area of Grand Cayman. Water production is relocated to the present Abel Castillo Water Works site in Governor’s Harbour.

1989 – Company partners with Reliable Water Company for the provision and operation of its ­first seawater reverse osmosis desalination plant.

1990 – Company receives a new 20-year potable water production and distribution license from the Cayman Islands government for the provision of water to Seven Mile Beach, Grand Cayman and expands its service area into the district of West Bay, Grand Cayman.

1996 – Cayman Water Company is listed on the NASDAQ National Market in the U.S. Company retires its last seawater distillation desalination unit in Grand Cayman and transitions to 100% seawater reverse osmosis desalination.

1998 – Cayman Water Company changes its name to Consolidated Water Co. Ltd.

2000 – Company acquires Belize Water Limited in Belize, Central America.

2001 – Company begins operations in South Bimini, The Bahamas, supplying 115,000 gallons of water per day to Bimini Sands Resort.

2002 – Company acquires the Ellesmere Britannia water production and supply operations serving the Hyatt and Britannia Village on Grand Cayman.

2003 – Company acquires interests in fi­ve companies operating in The Bahamas, Barbados, the British Virgin Islands, and the Cayman Islands. Company signs an exclusive 23-year water supply agreement with Belize Water Services Limited.

2004 – HURRICANE IVAN. Grand Cayman sustains catastrophic damage from wind and flooding. Water service recommences with the Company’s Governor’s Harbour and West Bay plants within 36 hours after the hurricane.

2006 – Consolidated Water common stock is listed on the NASDAQ Global Select Market in the U.S. Company builds its largest desalination facility, the Blue Hills 7.2 million gallons per day plant in Nassau, Bahamas.

2007 – Company expands the North Sound seawater desalination plant in Grand Cayman, doubling its capacity to 1.6 million gallons per day.

2008 – Company expands its West Bay seawater desalination plant to 910,000 gallons per day. Company’s Bermuda affiliate builds the 1.2 million gallons per day plant at Tynes Bay.

2009 – Company builds the 2.4 million gallons per day North Side Water Works facility, the largest seawater reverse osmosis plant on Grand Cayman.

2010 – Company expands and renovates the Red Gate seawater desalination plant in Grand Cayman.

2011 – Company expands its Blue Hills, Bahamas plant to 12 million gallons per day, making it the largest diesel-driven seawater desalination plant in the world.

2013 – Company builds a 250,000 gallons per day desalination plant in Bali, Indonesia, the Company’s first seawater desalination facility outside of the Caribbean and Central America.

2014 – Total water production capacity worldwide reaches 26 million gallons per day, with 14 plants operating in fi­ve countries.