Cadiz Inc. announced the appointment of Mr. Bryant Riley to its Board of Directors. Mr. Riley joins the company's Board with significant corporate management expertise and over 20 years of experience in the investment banking industry. Mr. Riley is Chairman of B. Riley & Co., LLC, a Los-Angeles-based brokerage and California Registered Investment Advisor. Since its founding in 1997, B. RILEY has grown into a leading full-service investment bank with offices nationwide. Mr. Riley also currently sits on the board of directors of two additional publicly traded companies, Great American Group and Strasbaugh, and is on the board of privately-held Lightbridge Communications Corp. Previously, Mr. Riley has held Board positions at Alliance Semiconductor Corporation, Aldila Inc., Carreker Corporation, DDI Corp., Integrated Silicon Solution Inc., Celeritek Inc., Kitty Hawk Inc., Mossimo Inc., SI Technologies Inc., Silicon Storage Technologies, Trans World Entertainment and Transmeta Corp.

Cadiz Inc. has entered into an agreement with its senior lenders to refinance the company's existing $66 million corporate term debt that is currently due June 29, 2013. The agreement establishes two separate debt instruments, a $30 million senior secured mortgage loan due in three years and a new $53.5 million convertible bond due in five years. No principal or interest payments are required under either instrument during the term until maturity. The new debt instruments will replace all existing term debt on the company's balance sheet and provide $17.5 million in new working capital to fund the company's current operations, including pre-construction activities related to the Cadiz Valley Water Conservation, Recovery and Storage Project. The major components of the refinancing include: A $30 million senior term loan secured by the underlying assets of the company, including landholdings and infrastructure. This instrument, which will be held entirely by existing Lenders, will accrue interest at 8% and require no principal or interest payments before maturity in March 2016. Prepayment would be mandatory following any asset sale or voluntary at the Company's option, subject to a premium. The Senior Secured Debt will have a senior position to any other company debt instrument. A $53.5 million convertible bond held by existing Lenders and new investors. The Bond will be convertible at any time into the company's common stock at a price of $8.05 per share. Interest will accrue at 7%, with no principal or interest payments required before maturity in March 2018. This instrument will have a junior position to the Senior Secured Debt. Approximately $17.5 million in new working capital provided as part of the Convertible Bond issuance to fund company operations.

Cadiz Inc. announced that it has appointed company President Scott Slater to the additional role of Chief Executive Officer effective February 1, 2013. Keith Brackpool, a co-founder of the Company who has served as CEO since 1991, will remain as Chairman of the Board of Directors. Mr. Brackpool has been a member of the Company's Board since 1986 and Chairman since 2001. Mr. Slater joined the Company as General Counsel in 2008 to oversee land and water resource management activities, including development of the Cadiz Valley Water Conservation, Recovery and Storage Project. Since that time Slater has led the Project through many significant milestones, including last year's Project approval and certification of the California Environmental Quality Act documents by the Santa Margarita Water District. Mr. Slater is now leading the Project's economic and pre-construction phase and, as CEO, will also oversee the long-term development and holistic management of the Company's various resource assets.