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<SEC-DOCUMENT>0001299933-06-003781.txt : 20060526
<SEC-HEADER>0001299933-06-003781.hdr.sgml : 20060526
<ACCEPTANCE-DATETIME>20060526125232
ACCESSION NUMBER:		0001299933-06-003781
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060522
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060526
DATE AS OF CHANGE:		20060526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSOLIDATED WATER CO LTD
		CENTRAL INDEX KEY:			0000928340
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25248
		FILM NUMBER:		06869734

	BUSINESS ADDRESS:	
		STREET 1:		TRAFALGAR PL
		STREET 2:		WEST BAY RD
		CITY:			GRAND CAYMAN BWI CAY
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		8099474277

	MAIL ADDRESS:	
		STREET 1:		TRAFALGAR PLACE, WEST BAY ROAD, P.O. BOX
		STREET 2:		GRAND CAYMAN, CAYMAN ISLANDS, BWI

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CAYMAN WATER CO LTD
		DATE OF NAME CHANGE:	19941212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_12790.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Consolidated Water Co. Ltd. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	May 22, 2006
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	Consolidated Water Co. Ltd.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Cayman Islands
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	0-25248
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	Not Applicable
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	Regatta Office Park, Windward 3 - 4th FL, West Bay Road, P.O. Box 1114 GT, Grand Cayman, Cayman Islands
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	none
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	345-945-4277
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
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On May 22, 2006, the Company entered into a 19-month employment agreement ("Employment Agreement") with David W. Sasnett, pursuant to which Mr. Sasnett will serve as the Company&#x2019;s Executive Vice President and Chief Financial Officer effective June 3, 2006. Under the terms the Employment Agreement, Mr. Sasnett is entitled to an annual base salary of $155,000, and a performance bonus equal to 25% of Mr. Sasnett&#x2019;s then current salary if benchmarks to be agreed upon by the Company&#x2019;s Chief Executive Officer and Mr. Sasnett are met.  Subject to approval of the shareholders, the Company will issue Mr. Sasnett a number of the Company&#x2019;s ordinary shares having an aggregate value of $40,000.  Such shares will vest quarterly in increments of 12.5% over a two-year period beginning on May 22, 2006.   <br><br>If Mr. Sasnett remains employed by the Company and the shareholders have approved the issuance of ordinary shares to Mr. Sasnett, the Company will issue Mr. Sasnett an additional number the
 Company&#x2019;s ordinary shares having an aggregate value of $40,000 on each anniversary of the Employment Agreement, which shares will vest quarterly in increments of 12.5% over a two-year period beginning on the date of each such grant.  The number of ordinary shares equivalent in value to $40,000 shall be determined using the average of the closing bid and asked prices of the ordinary shares on the principal market on which such ordinary shares are traded for the five business days prior to the date that such ordinary shares are issued to Mr. Sasnett.  If the shareholders do not approve the issuance of ordinary shares to Mr. Sasnett, the Company will pay Mr. Sasnett $40,000 each year until such time as the shareholders approve or vote against the issuance of ordinary shares to Mr. Sasnett.  Additionally, the Company will provide Mr. Sasnett with a monthly automobile allowance of $700.<br><br>The Company may terminate the Employment Agreement if Mr. Sasnett (i) dies; (ii) is adjudicated bankrupt; (iii) i
s convicted of any felony; or (iv) knowingly commits any act or omission that could be expected to result in material harm to the Company.  If Mr. Sasnett is unable to perform his duties due to physical or serious illness for 60 consecutive days, then Mr. Sasnett&#x2019;s salary will be reduced to $1,000 per year and his bonus entitlements will be suspended, but the Company will continue providing medical insurance for Mr. Sasnett. If such illness continues for a period of one year, the Employment Agreement will terminate.  Mr. Sasnett may terminate the Employment Agreement upon giving six month&#x2019;s notice or, in the event of a "Change of Control," as defined in the Employment Agreement, upon giving 90 day&#x2019;s notice.  <br><br>If the Company terminates the Employment Agreement because Mr. Sasnett knowingly commits any act or omission that could be expected to result in material harm to the Company or Mr. Sasnett terminates the Employment Agreement, all unvested ordinary shares will be forfeited.  I
f the Employment Agreement is otherwise terminated or upon a "Change of Control," all unvested shares will vest immediately.  If Mr. Sasnett terminates the Employment Agreement upon giving 90 day&#x2019;s notice after a "Change of Control," the Company will pay Mr. Sasnett an amount equal to twice his then current salary.  <br><br>The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference. <br>
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<B>
	Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
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On May 22, 2006, Consolidated Water Co. Ltd. (the "Company") announced that David Sasnett, age 49, will assume the position of Chief Financial Officer of the Company effective June 3, 2006.  Mr. Sasnett is a member of the Company&#x2019;s board of directors and is currently the Chairman of the Audit Committee thereof, but will resign from the Audit Committee upon assumption of the position of Chief Financial Officer.  The Company&#x2019;s current Chief Financial Officer, Joseph Pivinski, will resign his position as an officer of the Company, but will continue as an advisor to the Company until December 31, 2006.  <br><br>Mr. Sasnett currently serves as a member of the Company&#x2019;s board of directors, a position he has held since December 2004.  He is currently President of Secure Enterprises, LLC, a marketer and distributor of consumer products, and has served in this capacity since co-founding the company in 2003.  From October 2005 until May 19, 2006, Mr. Sasnett served as Chief Financial Officer of Vo
IP, Inc., a publicly-traded provider of communication services utilizing Voice over Internet Protocol ("VoIP") technology.    During 2004, he was Vice President of Finance and Controller of MasTec, Inc., a publicly-traded specialty contractor and infrastructure provider.  During 2002, he was employed in an executive and consulting capacity by Platinum Products, Inc., a privately-held consumer products importer and distributor.  Mr. Sasnett was employed by Catalina Lighting, Inc., a publicly-traded manufacturer and distributor of residential lighting and other consumer products, from 1994 to 2002, where he served as Chief Financial Officer from 1996 to 2002.  Mr. Sasnett is a Certified Public Accountant, and was employed for over 12 years by Deloitte & Touche, LLP.<br><br>The Company also announced that Leonard J. Sokolow, age 49, has been appointed to the Company&#x2019;s board of directors, and he will serve on the Audit and Compensation Committees.  Mr. Sokolow will be a Group III director and will serve a
s director from June 1, 2006 until a successor is duly elected and qualified at the annual shareholders&#x2019; meeting in 2009.<br><br>Mr. Sokolow is a director, the Chief Executive Officer and the President of vFinance, Inc. ("vFinance"), a publicly-traded holding company engaged in the financial services business with a strategic focus on servicing the needs of high-net-worth and institutional investors and high-growth companies.  Mr. Sokolow  has held the  positions of director, Chief Executive Officer and President since November 8, 1997, November 8, 1999, and January 5, 2001, respectively.  From November 8, 1999 through January 4, 2001, Mr. Sokolow was Vice Chairman of the board of directors of vFinance.  Since September 1996, Mr. Sokolow has been President of Union Atlantic LC, a merchant, banking and strategic consulting firm specializing domestically and internationally in technology industries.  Union Atlantic LC is a wholly-owned subsidiary of vFinance. Since August 1993, Mr. Sokolow has been Pres
ident of Genesis  Partners,  Inc., a private financial business-consulting firm.  Genesis Partners, Inc. has been inactive since December 31, 2002.  From August 1994 through December 1998, Mr.  Sokolow was the Chairman and Chief Executive Officer of the Americas Growth Fund, Inc., a public closed-end management investment company.  Mr. Sokolow received a B.A. degree with majors in Economics and Accounting from the University of Florida in 1977, a J.D. degree from the University of Florida School of Law in 1980 and an LL.M. (Taxation) degree from the New York University  Graduate School of Law in 1982.  Mr. Sokolow is a member of the Florida Bar and is a Certified Public Accountant.<br>
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<B>
	Item 9.01 Financial Statements and Exhibits.
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(c) 	Exhibits.<br><br>Exhibit No.	Description<br><br>10.1	Engagement Agreement dated May 22, 2006 between the Company and David W. Sasnett.<br>99.1	Press release issued by the Company on May 22, 2006.
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<B>
	SIGNATURES
</B>
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Consolidated Water Co. Ltd.
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	&nbsp;&nbsp;
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<I>
	May 26, 2006
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	&nbsp;
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<I>
	By:
</I>
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	&nbsp;
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<I>
	Frederick W. McTaggart
</I>
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<I>
	Name: Frederick W. McTaggart
</I>
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<I>
	Title: President and Chief Executive Officer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	10.1
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	&nbsp;
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Engagement Agreement dated May 22, 2006 between the Company and David W. Sasnett.
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	99.1
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	&nbsp;
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Press release issued by the Company on May 22, 2006.
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<TYPE>EX-10.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-10.1
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<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Exhibit&nbsp;10.1</B></FONT>



<P align="center" style="font-size: 12pt"><U><B>ENGAGEMENT AGREEMENT</B></U>



<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><B>THIS AGREEMENT </B>is made the 22<sup>nd</sup> day of May&nbsp;2006.
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    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left"><B>BETWEEN:</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>CONSOLIDATED WATER CO. LTD.,</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">a Cayman Islands company having its registered office at<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Regatta Office Park, Windward 3, 4<sup>th</sup> Floor, West Bay Road<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">P.O. Box 1114 GT, Grand Cayman, B.W.I.<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">(&#147;the Company&#148;)</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>AND:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>DAVID W. SASNETT</B></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">of 16254 SW 67th Court, Ft. Lauderdale, Florida  33331<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">(the &#147;CFO&#148;)<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><B>IT IS HEREBY AGREED:</B>


<P align="left" style="font-size: 10pt"><U>Engagement</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to satisfaction of the condition precedent in Clause 14, the CFO is hereby engaged as
Executive Vice President and Chief Financial Officer of the Company from the 3rd day of June,
2006 to the 31<sup>st</sup> of December, 2007 (the &#147;Term&#148;) subject to the termination
provisions set out in Clauses 20 and 21 hereof and to the extension provisions set out in
Clause 23 hereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO is a Director of the Company and, subject to re-election by the shareholders from
time to time, shall remain so, for the duration of this Agreement, upon the same terms as
other Executive Directors of the Company.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Remuneration</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO&#146;s remuneration will be US$155,000.00 per annum, payable monthly in arrears (the &#147;Base
Salary&#148;).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, during the Term of this Agreement, the Company will pay the cost of providing
medical <U>i</U>nsurance in the United States, with coverage reasonably equivalent to that
generally provided for the Company&#146;s Cayman Islands employees from time to time, for the CFO
and his immediate family.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, during the Term of this Agreement, the Company will make all statutory payroll
contributions required of employers in the United States, including but not limited to FICA,
Medicare, SUI, and WC in respect of the CFO to the appropriate United States regulatory
agencies as mandated by applicable United States laws.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of January 1<sup>st</sup> each year, the CFO&#146;s Base Salary will be reviewed by the Chief
Executive Officer (&#147;CEO&#148;) who may grant an increase but shall not reduce the CFO&#146;s Base Salary
below the level set out in Clause 3 hereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If, within 90&nbsp;days of the date of this Agreement in respect of the year 2006, and by not
later than March&nbsp;31<sup>st</sup> in each calendar year commencing with the year 2007, the CFO
and the CEO have agreed to Performance Goals for that calendar year, and if such Performance
Goals are met for that year, then the Company shall pay to the CFO a Performance Bonus for
that year in an amount not less than 25% of the CFO&#146;s Base Salary for that calendar year as
adjusted by Clause 6. The Board of Directors, in its sole and absolute discretion may
determine to pay an amount in excess of 25% of the CFO&#146;s Base Salary for a calendar year as
adjusted by Clause 6. In any calendar year that all of the Performance Goals are not met, the
Board of Directors, in its sole and absolute discretion, may, but shall not be obligated to,
pay the CFO a Performance Bonus in an amount determined by the Board of Directors. The
Performance Bonus shall be paid entirely in cash.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The Performance Bonus, if any, calculated as aforesaid for a calendar year shall be paid not
later than the following 28<sup>th</sup> February or within 14&nbsp;days of the first directors&#146;
meeting of the Company for that following year, whichever is later.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the approval by the stockholders of the Company, which stockholder vote will occur
by no later than August&nbsp;31, 2007, the Company will issue the equivalent value of US$40,000 of
ordinary shares of the Company to the CFO. Such shares will vest quarterly in increments of
12.5% over a two year period beginning on the date hereof. On each anniversary of the date
hereof, provided the CFO remains employed by the Company and stockholder approval has been
obtained for the issuance of ordinary shares to the CFO, the Company will issue the equivalent
value of US$40,000 of ordinary shares to the CFO, which shares shall be subject to the same
vesting schedule as set forth in the preceding sentence. If the stockholders of the Company
do not approve the issuance of ordinary shares to the CFO by the date of the Company&#146;s Annual
General Meeting in 2007 (or if no such meeting is held in 2007), the Company will pay in cash
to the CFO US$ 40,000 for each year commencing with 2006, until such time as the stockholders
vote to either approve the issuance of ordinary shares to the CFO or vote against the issuance
of shares to the CFO.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">For purposes of determining the number of ordinary shares equivalent in value to US$40,000,
the average of the closing bid and asked prices of the ordinary shares on the principal
market on which such ordinary shares are traded for the five business days prior to the date
that the ordinary shares are issued to the CFO shall be used.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the first calendar year of this Agreement, the Company will provide the CFO with a
monthly automobile expense allowance of US$700. This monthly automobile allowance will
increase on January 1 of each subsequent calendar year by US$50 per month (or US$600 per year)
during the term of this Agreement.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Responsibilities


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO&#146;s work will be performed mainly in South Florida, United States of America.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO shall devote the whole of his business time and attention to perform his duties
hereunder and shall use his best endeavors to promote the Company&#146;s interests and welfare.
These duties include responsibility for certain administrative functions in the U.S and
providing financial advice and assistance to the CEO.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">As Chief Financial Officer, the CFO will generally provide strategic and operational
direction to the Company&#146;s financial function and assist the Board and senior management in
establishing financial and operating strategic objectives and policies to ensure attainment
of corporate objectives.



<P align="left" style="margin-left:4%; font-size: 10pt">In this regard, the CFO shall perform the duties commonly performed by a Chief Financial
Officer of a United States publicly listed company which duties include, in conjunction with
reasonable and appropriate subordinate staff to be provided by the Company, the following:-


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintaining the accounts of the Company, its wholly-owned subsidiaries and
managed affiliates (collectively &#147;the Group&#148;);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>managing subordinate staff in the Group&#146;s accounting and administrative
departments;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing all annual and quarterly financial reports to be filed with the U.S.
SEC in a timely manner, including financial statements and disclosures included in
management&#146;s discussion and analysis;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing financial information required for U.S. SEC or other regulatory
agency filings relating to the issue by the Company of debt and/or equity, including
historical financial data, pro forma financial statements, financial projections and
other financial data included in the filings;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>liaising with the Group&#146;s independent accountants and internal auditors and the
Company&#146;s Audit Committee, and promptly preparing and communicating all information
requested by the independent accountants, internal auditors and the Audit Committee
during the course of the annual audit, quarterly reviews, or any other review;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing monthly management accounts and analytical analysis of monthly
performance versus projections and prior periods for presentation to management and the
Board of Directors;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing financial and other reports for various government, local government
and regulatory agencies as required in the operating licenses of the Group Companies,
and communicating that information to the CEO and the applicable regulatory bodies;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring Group compliance with debt security documentation, contracts and
Licenses and preparing bank covenant compliance calculations for the Group, as required
in the Company&#146;s loan agreements, from time to time, and communicating that information
to the CEO and the applicable banks;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing and maintaining the consolidated budget for the Group;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessing, establishing and maintaining the Group&#146;s disclosure controls and
procedures (as defined in Rule&nbsp;15d-15(e) of the Securities Exchange Act of 1934, as
amended (the &#147;1934 Act&#148;);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessing, establishing and maintaining the Group&#146;s internal control over
financial reporting procedures (as defined in Rule&nbsp;15d-15(f) of the 1934 Act;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(l)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>overseeing the supervision of subordinate accounting and administrative
personnel, including work allocation, training, and problem resolution; evaluating
performance and making recommendations for personnel actions; motivating employees to
achieve peak productivity and performance;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(m)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintaining the Company&#146;s share register, for all classes of shares,
outstanding stock options, and warrants, and liaising with the Company&#146;s stock transfer
agent; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(n)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>carrying out all duties reasonably required of and assigned to him by the CEO,
which he shall discharge in accordance with directions of the CEO.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">The CFO shall perform his duties under this Agreement during normal business hours from
Monday to Friday inclusive (save on bank holidays) but he accepts that his duties, which
include traveling on the Company&#146;s business both within the United States of America and
abroad, may, from time to time, require work to be undertaken on Saturdays, Sundays and bank
and public holidays.



<P align="left" style="margin-left:4%; font-size: 10pt">The CFO shall directly report to the CEO, diligently follow and implement all management
policies and decisions which the CEO communicates to him, prepare and forward in a timely
manner all reports and accountings requested by the CEO, the Board of Directors, or any
statutory body having regulatory authority over the Company and/or its subsidiaries, and
shall generally be responsible for the Company&#146;s financial management and administration
functions.



<P align="left" style="margin-left:4%; font-size: 10pt">Except when required to do so by law, the CFO shall not directly or indirectly knowingly
engage in any activities or work which are deemed by the Board to be detrimental to the best
interests of the Company.



<P align="left" style="margin-left:4%; font-size: 10pt">The Company and the CFO will enter into an indemnification agreement identical to that
approved at the August&nbsp;11, 2004 Annual General Meeting of the Company.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In case of inability to work due to illness or injury, the CFO shall notify the Company
immediately and produce a medical certificate for any absence longer than ten working days.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO is entitled to up to ten (10)&nbsp;days sick leave per year without a medical certificate.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement is conditional upon the CFO undergoing a medical examination in such form as
is usual and customary in the Cayman Islands or the United States, the results of which must
demonstrate to the CEO&#146;s satisfaction that the CFO is capable of performing the
responsibilities set forth in Clauses 10 and 11. The Company will meet the cost of such
medical examination, or any amounts not covered by the CFO&#146;s health insurance plan.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Holidays</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO is entitled, during every calendar year to the following holidays during which his
remuneration will continue to be payable:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all public holidays in the United States of America but not in the Cayman
Islands unless the CFO is in the Islands on Company business over a Cayman public
holiday, and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>four (4)&nbsp;weeks vacation to be taken at a time to be approved by the CEO.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Reimbursement of Expenses/Fees Earned</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;All expenses for which the CFO claims reimbursement shall be in accordance with any
policies established by the Company from time to time and shall be within the operating
budgets approved by the Board of Directors. The Company shall reimburse the CFO for the costs
incurred by the CFO in his performance of his duties and responsibilities under this Agreement
upon production of the necessary vouchers or, if he is unable to produce vouchers, on the CFO
proving, to the CEO&#146;s satisfaction, the amount he has spent for those purposes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All fees and payments received by the CFO for or in relation to acting as
director or officer of a subsidiary or affiliate of the Company shall be the property
of the Company and the CFO shall account to the Company for the same.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Non-Competition


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO agrees, as a separate and independent agreement, that he will not during any period
for which he has been remunerated hereunder, and for a period of one (1)&nbsp;year thereafter,
whether for his own account or for the account of any other person, firm or company, either
alone or jointly with or as manager, agent for or employee of or as consultant to any person,
company or firm, directly or indirectly, carry on or be engaged or concerned or interested in
any person firm or entity who conducts business identical to or similar to that conducted by
the Group in any jurisdiction in which the Group carries on business (whether directly or
indirectly).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Company Information, Documents, Confidentiality, and Non-Solicitation</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;All information, documents, books, records, notes, files, memoranda, reports, customer
lists and other documents, and all copies of them, relating to the Group&#146;s business or
opportunities which the CFO keeps, prepares or conceives or which become known to him or which
are delivered or disclosed to him or which, by any means come into his possession, and all the
Group&#146;s property and equipment are and will remain the Group&#146;s sole and exclusive property
both during the term of this Agreement and after the termination or expiration thereof;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If this Agreement is terminated for any reason, or if the Company at any time
requests, the CFO must promptly deliver to the Company the originals and all copies of
all relevant documents that are in his possession, custody or control together with any
other property belonging to the Group, provided, however, that should the CFO require
access to copies of such documents for any reasonable purpose, the Company shall
provide the same at his request;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO shall not, at any time during the Term of this Agreement or within one
year after its termination or expiration, either for his own account or for the account
of any other person, firm or company, solicit, interfere with or endeavor to entice
away from the Group any person, firm or company who, at any time during the currency of
this Agreement were employees, customers or suppliers of or were in the habit of
dealing with the Group.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except where such information is a matter of public record or when required to do so by law,
the CFO must not, either before or after this Agreement ends, disclose to any person any
information relating to the Group or its customers of which he becomes possessed while acting
as the CFO.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Termination


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the option of the Company, this Agreement shall terminate and, except to the extent
previously accrued, all rights and obligations of both parties under it shall cease if the
CFO:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dies; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is adjudicated bankrupt or makes any arrangement or composition with his
creditors; or</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is convicted of any felony (whether or not relating to the Company or its
subsidiaries or affiliates).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a)&nbsp;The Company may terminate this Agreement forthwith if the CFO knowingly commits any act
or omission that could reasonably be expected to result in material harm to the business or
reputation of the Company or any of its subsidiaries or affiliates, which failure and/or
conduct continues un-remedied for ten (10)&nbsp;days after written notice from the CEO to the CFO
setting forth in reasonable detail a description of such conduct, and, except to the extent
previously accrued, all rights and obligations of both parties under this Agreement shall
cease.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If through physical or mental illness, the CFO is unable to discharge his
duties for sixty (60)&nbsp;successive days, as to which a certificate by any doctor
appointed by the Company will be conclusive, then</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the CFO will be relieved of his duties, his salary reduced to
US$1,000.00 per annum and his bonus entitlement suspended, but</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company will continue to pay the full cost of providing
medical insurance for the CFO and his wife and minor children,</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:8%; font-size: 10pt">until the CFO is able once again to resume his duties in full.



<P align="left" style="margin-left:8%; font-size: 10pt">If this incapacity continues for a period of one year (including the 60-day period
referred to above) the CFO&#146;s employment will be deemed to have been terminated by
mutual consent at the expiration of that period.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The CFO may give six (6)&nbsp;months written notice of termination to the Company
and if he does so, this Agreement shall terminate at the expiration of that period and,
except to the extent previously accrued, all rights and obligations of both parties
under it shall cease.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If this Agreement is terminated by the CFO in accordance with Clause 21(c) or by the Company
in accordance with Clause 21(a) , all unvested ordinary shares issuable to the CFO pursuant to
Clause 8 shall be forfeited by the CFO. If this Agreement is otherwise terminated or in the
event of a Change in Control, as defined below, during the term of this Agreement, all
unvested ordinary shares issuable to the CFO pursuant to Clause 8 shall vest immediately.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">If there is a Change of Control of the Company, then the CFO, at his option, may terminate
this Agreement upon ninety (90)&nbsp;days&#146; prior written notice (&#147;Notice Period&#148;) to the Company
after the Change in Control. In such event, the Company shall pay the CFO on the last
business day of the Notice Period in cash in one lump sum an amount equal to twice the CFO&#146;s
then-current Base Salary. The parties agree that this paragraph is subject to modification
if required by the final regulations to be issued under Section&nbsp;409A of the United States
Internal Revenue Code.



<P align="left" style="margin-left:4%; font-size: 10pt">For the purposes of this Agreement, a &#147;Change of Control&#148; shall be deemed to have taken
place if: (i)&nbsp;any person, including a &#147;group&#148; as defined in Section&nbsp;13(d)(3) of the
Securities Exchange Act of 1934, as amended, publicly announces that such person or group
has become the beneficial owner of more than 50% of the combined voting power (&#147;Controlling
Voting Power&#148;) of the then outstanding securities of the Company that may be cast for the
election of directors of the Company and (ii)&nbsp;the persons who were directors of the Company
before such event shall cease to constitute a majority of the Board of Directors of the
Company, or any successor to the Company, as the direct or indirect result of any person or
group acquiring Controlling Voting Power.


<P align="left" style="font-size: 10pt"><U>Extension</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On or before September&nbsp;30th of each year during the Term of this Agreement (or any extension
thereof), the CEO shall determine whether to extend the Term of this Agreement, and if the CEO
so determines, the term of this Agreement shall be extended such that the term shall continue
for two (2)&nbsp;years from January 1<sup>st</sup> of the next following year.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 10pt">In the event that the CEO determines not to extend the Agreement in any year, the Term of
this Agreement shall expire on December&nbsp;31st of the next following year.


<P align="left" style="font-size: 10pt">Notices


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any notice to be served under this Agreement must be in writing and shall be deemed to be
duly served if it is handed personally to the Secretary of the Company or to the CFO as the
case may be, or if it is sent by registered post to the address at the head of this Agreement.
A notice sent by post shall be deemed to be served on the third day following the date on
which it was posted.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Previous Agreements Superseded</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement supersedes all prior contracts and understandings between the parties save
that benefits earned or accrued under prior contracts shall not be extinguished or affected.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Waiver</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No change or attempted waiver of any of the provisions hereof shall be binding unless in
writing and signed by the party against whom it is sought to be enforced.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Severability of Provisions</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whenever possible, each provision of this Agreement must be interpreted in such manner as to
be effective and valid. If any provision of this Agreement or the application of it is
prohibited or is held to be invalid, that prohibition or invalidity will not affect any other
provision, or the application of any other provision which can be given effect without the
invalid provision or prohibited application and, to this end, the provisions of this Agreement
are declared to be severable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Headings</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The headings herein are included for convenience only and have no legal effect.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt"><U>Applicable Law and Jurisdiction</U>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement shall be construed and the legal relations between the parties determined in
accordance with the laws of the Cayman Islands to the jurisdiction of the courts of which the
parties hereby agree to submit. The CFO appoints <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>(&#147;the Process
Agent&#148;) whose address at the date of this Agreement is <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>his
agent in the Cayman Islands to receive on his behalf service of copies of the summons and
complaint and any other process which may be served in any action or proceeding under this
Agreement. Such service may be made by personally serving the Process Agent at the Process
Agent&#146;s above address, with a copy to the CFO at his address above, and the CFO irrevocably
authorizes and directs the Process Agent to accept such service on his behalf.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EXECUTED for and on behalf of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">CONSOLIDATED WATER CO. LTD.<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>CONSOLIDATED WATER CO. LTD.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">In the presence of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">____________________________</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Witness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">/s/ Frederick W. McTaggart_______</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">President and Chief Executive Officer<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EXECUTED by <B>DAVID SASNETT</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">In the presence of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">____________________________</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">)/s/ David Sasnett__________________</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Witness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">DAVID W. SASNETT<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt; display: none">2


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">
<HTML>
<HEAD>
<TITLE> EX-99.1 </TITLE>
</HEAD>
<BODY TEXT="#000000" BGCOLOR="#FFFFFF" ALINK="#0000FF" HLINK="#FF0000" VLINK="#800080">

<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>Exhibit&nbsp;99.1</B></FONT>



<P align="center" style="font-size: 12pt"><B>DAVID SASNETT TO SERVE AS NEW CHIEF FINANCIAL OFFICER FOR CONSOLIDATED WATER CO. LTD.</B>



<P align="center" style="font-size: 12pt"><B>LEONARD SOKOLOW TO JOIN BOARD OF DIRECTORS AND SERVE ON AUDIT AND COMPENSATION COMMITTEES</B>



<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt">GEORGE TOWN, Grand Cayman, Cayman Islands (May&nbsp;22, 2006) &#151; Consolidated Water Co. Ltd.
(NASDAQ National Market: &#147;CWCO&#148;), 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 David Sasnett will assume the position of Chief Financial Officer of the
Company effective June&nbsp;3, 2006. The Company&#146;s current CFO, Joe Pivinski, will resign his position
as an officer of the Company, but he will continue as an Advisor to the Company until December&nbsp;31,
2006.
</FONT>

<P align="left" style="font-size: 10pt">Mr.&nbsp;Sasnett is currently a member of the Company&#146;s Board of Directors and is Chairman of the Audit
Committee. Effective June&nbsp;3, 2006, he will step down as a member of the Audit Committee when he
assumes the position of CFO. Mr.&nbsp;Sasnett has been a Member of the Board of Directors since
December&nbsp;2004.


<P align="left" style="font-size: 10pt">The Company also announced that Leonard J. Sokolow has agreed to join the Board of Directors as an
independent director, where he will serve on the Audit and Compensation Committees. Mr.&nbsp;Sokolow
will be a Group III Director and entitled to serve until the annual Shareholders&#146; meeting in 2009.


<P align="left" style="font-size: 10pt">Mr.&nbsp;Sasnett recently served as Chief Financial Officer of VoIP, Inc., a publicly-traded provider of
communication services utilizing Voice over Internet Protocol (&#147;VoIP&#148;) technology. He is also
President of Secure Enterprises, LLC, a marketer and distributor of consumer products. During
2004, he was Vice President of Finance and Controller of MasTec, Inc., a publicly-traded specialty
contractor and infrastructure provider. Mr.&nbsp;Sasnett was employed by Catalina Lighting, Inc., a
publicly-traded manufacturer and distributor of residential lighting and other consumer products,
from 1994 to 2002, where he served as CFO from 1996 to 2002. After leaving Catalina Lighting, he
was employed through 2002 in an executive and consulting capacity by Platinum Products, Inc., a
privately-held consumer products importer and distributor. Mr.&nbsp;Sasnett, who is a Certified Public
Accountant, was employed for over 12&nbsp;years by the accounting, auditing and consulting firm of
Deloitte &#038; Touche, LLP.


<P align="left" style="font-size: 10pt">&#147;We are very pleased that David Sasnett has agreed to serve as the Company&#146;s new CFO,&#148; stated
Jeffrey Parker, Chairman of the Board of Consolidated Water Co. Ltd. &#147;David has extensive
experience in financial management for a number of publicly-traded companies and has contributed
greatly to the effectiveness of our Board of Directors during the past 17&nbsp;months. We expect him to
play a key role in the ability of Consolidated to continue to successfully execute its growth
strategy in coming years.&#148;


<P align="left" style="font-size: 10pt">&#147;I would also like to express the Board&#146;s appreciation for the contributions that Joe Pivinski has
made to the Company during the past year, and we wish him the best in his future endeavors,&#148; added
Mr.&nbsp;Parker.


<P align="left" style="font-size: 10pt">Mr.&nbsp;Sokolow, who joins Consolidated&#146;s Board of Directors on June&nbsp;1, 2006, is currently the CEO and
President of vFinance, Inc. (OTC BB: VFIN), a holding company engaged in the financial services
business with a strategic focus on servicing the needs of high-net-worth and institutional
investors and high-growth companies. He co-founded vFinance, Inc. in November&nbsp;1999.


<P align="left" style="font-size: 10pt">Mr.&nbsp;Sokolow also co-founded the Center for Innovation and Entrepreneurship, a not-for-profit
corporation established to measure the impact that innovative entrepreneurship has on the global
economy. From 1994 to 1998, he was Chairman and CEO of the Americas Growth Fund, Inc. (Nasdaq:
AGRO), a closed-end 1940 Act investment management company. From 1988 until 1993, Mr.&nbsp;Sokolow was
employed by Applica, Inc., formerly Windermere Corporation (NYSE: APN), where in his last position
he served as Executive Vice President and General Counsel. From 1982 until 1988, he practiced
corporate, securities and tax law and was one of the founding attorneys and a partner of an
international boutique law firm. From 1980 until 1982, he worked with Ernst &#038; Young and KPMG Peat
Marwick.


<P align="left" style="font-size: 10pt">Mr.&nbsp;Sokolow, who is a Member of the Florida Bar and a Certified Public Accountant, earned a B.A.
Degree in Economics with a minor in Accounting at the University of Florida, a Doctor of
Jurisprudence Degree at the University of Florida School of Law, and an LL. M. Degree (Taxation) at
New York University Graduate School of Law.


<P align="left" style="font-size: 10pt">&#147;We are delighted to welcome Lenny Sokolow to our Board of Directors,&#148; noted Mr.&nbsp;Parker. &#147;His
experience in managing, directing and supervising various aspects of multi-national public and
private companies should prove invaluable as Consolidated pursues an aggressive growth strategy as
a provider of potable and non-potable water in a number of countries within and outside of the
Caribbean Basin.&#148;


<P align="left" style="font-size: 10pt"><B>About Consolidated Water Co. Ltd.</B>


<P align="left" style="font-size: 10pt">Consolidated Water Co. Ltd. is engaged in the development and operation of seawater conversion
plants and/or water distribution systems in areas of the world where naturally occurring supplies
of potable water are scarce or nonexistent. Consolidated currently operates water production and/or
distribution facilities in the Cayman Islands, The British Virgin Islands, Barbados, Belize and the
Commonwealth of The Bahamas.


<P align="left" style="font-size: 10pt">The common stock of Consolidated Water Co. Ltd. is traded on the NASDAQ National Market under the
symbol &#147;CWCO&#148;. Additional information on the Company is available on its website at
<U>http://www.cwco.com</U>.


<P align="left" style="font-size: 10pt"><I>This press release includes statements that may constitute &#147;forward-looking&#148; statements, usually
containing the words &#147;believe&#148;, &#147;estimate&#148;, &#147;project&#148;, &#147;intend&#148;, &#147;expect&#148; 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&#146;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,</I><U> </U><I>the ability to develop
and operate such projects profitably, the Company&#146;s ability to manage growth and other risks
detailed in the Company&#146;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.</I>


<P align="center" style="font-size: 10pt">For further information, please contact:



<P align="center" style="font-size: 10pt">Frederick W. McTaggart, President and CEO at (345)&nbsp;945-4277 or via e-mail at <U><I>info@cwco.com</I></U><BR>
<U><I>http://www.cwco.com</I></U><BR>
or<BR>
RJ Falkner &#038; Company, Inc., Investor Relations Counsel at (800)&nbsp;377-9893 or via e-mail at<BR>
<U><I>info@rjfalkner.com</I></U>




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