Pure Cycle Corporation
announces today that it
has completed the sale of its approximate 14,600 acres of farm land to
Arkansas River Farms, LLC, an affiliate of C&A Companies, Inc. and
Resource Land Holdings, LLC.
"We are pleased to announce the completion of the sale
of our farms and we would like to express our appreciation to Arkansas
River Farms, LLC, and their team for their efforts to complete the
closing of this transaction. We are confident that they will be
successful in their operation of the farms and in transitioning the
farms to create new efficiencies and increase farm yields. We also want
to thank all of our tenant farmers that we have developed strong and
mutually beneficial relationships with over the years and wish them well
in their future endeavors," commented Mark Harding, President of Pure
Cycle. "With this transaction complete, we will continue to focus our
efforts and resources on our core water utility model and the
development of our Sky Ranch property," continued Mr. Harding.
"The acquisition of the farms in the Fort Lyons Canal
system is an exciting opportunity for us. We are delighted to have
worked closely with Pure Cycle on this transaction and want to express
our appreciation for the smooth transfer of ownership of the
properties," commented Aaron Patsch, from Arkansas River Farms. "We look
forward to developing the operation of the farms and working with the
local community to develop long term relationships," continued Mr.
Patsch.
The Company received approximately $44.4 million in
closing proceeds with approximately $1.3 million remaining in escrow
while the parties resolve certain outstanding items.
Company Information
Pure Cycle owns water assets in the Denver,
Colorado metropolitan area. Pure Cycle provides water and wastewater
services to customers located in the Denver metropolitan area including
the design, construction, operation and maintenance of water and
wastewater systems.
Additional information including our recent press releases and Annual Reports are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456 or at info@purecyclewater.com.
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