Founded in 1983, Cadiz Inc. is a renewable resource company that owns over 70 square miles of land with significant water resources in Southern California. The Company's properties, which are located at three sites in California's eastern Mojave Desert, offer abundant and renewable sources of clean water, an ideal environment for organic farming, and excellent land conservation opportunities. The Company maintains an organic agricultural operation at its primary property in the Cadiz Valley and manages the largest desert tortoise land conservation bank in California. The Company is also pursuing the Cadiz Valley Water Conservation, Recovery and Storage Project, known as the Cadiz Water Project, which will capture and conserve billions of gallons of renewable groundwater that is presently lost to evaporation and provide a new, sustainable water supply. Through the active and safe management of the groundwater aquifer system at the site, the Cadiz Water Project will reduce an ongoing loss of groundwater to evaporation and deliver conserved water via an underground pipeline to water users in need across California. The total quantity of groundwater to be recovered and conveyed to Project participants is approximately 2.5 million acre-feet over 50 years, an annual water supply for 400,000 people. The Cadiz Water Project also offers underground storage capacity that will allow Project participants to carry-over their annual supply and store it below ground until needed in future dry years. In addition, in a second phase of the Project, participants will be able to import surplus water during wet years for storage in the aquifer system. The Cadiz Water Project has already completed stringent environmental review under the California Environmental Quality Act and is nearly shovel-ready. During construction, the Cadiz Water Project is expected to create approximately 5,500 jobs and generate nearly $1 billion in economic activity.