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Cadiz, Inc.$13.10   

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 Cadiz Inc. Announces Audit Committee Vacancy and Applicable Cure Period
   Wednesday, August 09, 2006 4:34:41 PM ET

LOS ANGELES, Aug 09, 2006 (BUSINESS WIRE) -- As previously disclosed by Cadiz Inc. (CDZI ) (the "Company") in a Form 8-K filed July 31, 2006, Murray H. Hutchison resigned as a member of the Company’s Audit Committee of the Board of Directors effective July 31, 2006. Mr. Hutchison tendered his resignation solely due to his service on the audit committee of a New York Stock Exchange listed company which prohibits members of its audit committee from serving on more than two other audit committees. Mr. Hutchison remains a member of the Company’s Board of Directors and of our Compensation and Nominating & Corporate Governance committees.

As a result of Mr. Hutchison’s departure from the Audit Committee, the Company determined that we were no longer in compliance with the provisions of Nasdaq Rule 4350(d)(2)(A), which requires that the Company have and continue to have an audit committee comprised of at least three members. The Company notified Nasdaq on August 1, 2006 of our noncompliance and our intention to cure the noncompliance within the applicable cure period. Nasdaq Rule 4350(d)(4)(B) provides a cure period during which a new Audit Committee member must be identified and appointed to the Committee.

On August 7, 2006, Cadiz Inc. (CDZI ) (the "Company") received notice from Nasdaq confirming that the Company is not in compliance with the audit committee requirements of Nasdaq Rule 4350(d)(2)(A), as described above, and further confirming that the Company will be provided a cure period until the earlier of the Company’s next annual shareholders’ meeting or July 31, 2007 to appoint a replacement and regain compliance.

Founded in 1983, Cadiz Inc. is a publicly held water resource management firm. The Company owns significant landholdings with substantial water resources throughout California. Further information on the Company can be obtained by visiting our corporate web site at www.cadizinc.com.

This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Factors that could cause actual results or events to differ materially from those reflected in the Company’s forward-looking statements include the Company’s ability to maximize value for Cadiz land and water resources, the Company’s ability to obtain new financing as needed, and other factors and considerations detailed in the Company’s Securities and Exchange Commission filings.

SOURCE: Cadiz Inc.

CONTACT:          Cadiz Inc.
Courtney Degener or Don Iselin, 213-271-1600

Copyright Business Wire 2006



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