<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>g71847ex99-1.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
<PAGE>   1
                                                                    Exhibit 99.1


FOR IMMEDIATE RELEASE
---------------------

                  CONSOLIDATED WATER CO. LTD REACTIVATES STOCK
                                 BUYBACK PROGRAM

           STOCKHOLDERS EARLIER AUTHORIZED REPURCHASE OF UP TO 10% OF
                          COMPANY'S OUTSTANDING SHARES

GEORGE TOWN, Cayman Islands, B.W.I. (September 21, 2001) -- Consolidated Water
Co. Ltd. (Nasdaq National Market: "CWCO"), which develops and operates seawater
conversion plants and water distribution systems in areas where natural supplies
of drinking (i.e., potable) water are scarce, today announced that it has
reactivated a previously authorized stock buyback program.

In December 1998, the Company's stockholders approved a stock repurchase program
that authorized the Company to buy back up to ten percent (10%) of its
outstanding common (ordinary) shares. The Company repurchased 189,852 shares of
common stock between December 3, 1998 and October 26, 1999, when the repurchase
program was suspended in anticipation of an underwritten secondary stock
offering that was completed in May 2000. The Company currently has approximately
3.8 million shares of common stock outstanding.

Any purchases under the Company's stock repurchase program may be made in the
open market or in privately negotiated transactions. Depending upon market
conditions and other factors, purchases under this program may be commenced or
suspended at any time or from time-to-time without prior notice.

"We believe that the repurchase of our common stock represents an attractive
investment for our Company and its shareholders at current prices, especially in
light of the decline in stock price which has occurred in the days following the
terrorist attacks in New York City," stated Jeffrey M. Parker, Chairman and
Chief Executive Officer of Consolidated Water Co. Ltd. "While we cannot predict
the short-term effects of such terrorist attacks upon Caribbean tourism, we are
confident in Consolidated's long-term growth prospects as a producer and
supplier of potable water in the Caribbean and other areas of the world where
naturally-occurring supplies of fresh water are scarce."

Consolidated Water Co. Ltd. is engaged in the development and operation of
seawater conversion plants and water distribution systems in areas of the world
where naturally occurring supplies of potable water are scarce or nonexistent.
It currently operates a public water utility in certain areas of the Cayman
Islands under a 20-year exclusive license from the Government of the Cayman
Islands. The Company also operates reverse osmosis seawater conversion
facilities on Ambergris Caye off the mainland of Belize, and in the Commonwealth
of the Bahamas.

The common stock of Consolidated Water Co. Ltd. is traded on the Nasdaq National
Market under the symbol "CWCO".



<PAGE>   2

         THIS PRESS RELEASE INCLUDES STATEMENTS THAT MAY CONSTITUTE
         "FORWARD-LOOKING" STATEMENTS, USUALLY CONTAINING THE WORDS "BELIEVE",
         "ESTIMATE", "PROJECT", "INTEND", "EXPECT" OR SIMILAR EXPRESSIONS. THESE
         STATEMENTS ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE
         PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. FORWARD-LOOKING
         STATEMENTS INHERENTLY INVOLVE RISKS AND UNCERTAINTIES THAT COULD CAUSE
         ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE FORWARD-LOOKING
         STATEMENTS. FACTORS THAT WOULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES
         INCLUDE, BUT ARE NOT LIMITED TO, CONTINUED ACCEPTANCE OF THE COMPANY'S
         PRODUCTS AND SERVICES IN THE MARKETPLACE, CHANGES IN ITS RELATIONSHIP
         WITH THE GOVERNMENTS OF THE JURISDICTIONS IN WHICH IT OPERATES, THE
         ABILITY TO SUCCESSFULLY SECURE CONTRACTS FOR WATER PROJECTS IN OTHER
         COUNTRIES, THE ABILITY TO DEVELOP AND OPERATE SUCH PROJECTS PROFITABLY,
         AND OTHER RISKS DETAILED IN THE COMPANY'S PERIODIC REPORT FILINGS WITH
         THE SECURITIES AND EXCHANGE COMMISSION. BY MAKING THESE FORWARD-LOOKING
         STATEMENTS, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE THESE
         STATEMENTS FOR REVISIONS OR CHANGES AFTER THE DATE OF THIS RELEASE.

                    For further information, please contact:

             Frederick W. McTaggart, President at (345) 945-4277 or
                          via e-mail at cwco@candw.ky
                                       or
   RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or
                        via e-mail at info@rjfalkner.com





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