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Watlington Waterworks Repurchases Shares of GE Ionics, Inc.
Hamilton, Bermuda: June 30, 2006 -- Watlington Waterworks Limited (the "Company") announces that it has today, 30 June, 2006, agreed to repurchase from GE Ionics, Inc. all 320,620 shares (the "Shares") of the Company held by GE Ionics, Inc. The Shares will be repurchased for cancellation effective 5 July 2006. The Shares are being repurchased at a price of BD$11.80 each, which was the book value of the Company's shares on 30 April 2006.
General Electric Company ("GE") acquired Ionics Inc. of Watertown, Massachusetts, U.S.A. in February 2005. As a consequence they acquired the shares in the Company formerly held by Ionics Inc. GE Ionics, Inc is one of the leading water treatment equipment and technology companies in the world which has had a very long commercial relationship with the Company.
By virtue of the repurchase of the Shares the Bermudian ownership of the Company will increase to more than 80 percent. It is anticipated this will lead to more future opportunities for the Company.