DENVER, CO / ACCESSWIRE / June 7, 2019 / Pure Cycle Corporation (PCYO) ("Pure Cycle" or the "Company") announced today that it has closed on the sale of 75 finished lots at Sky Ranch. Additionally, the Company will host an Investors' Day at Sky Ranch on July 10, 2019 at 11:00AM (Mountain Time).
Pure Cycle is pleased to have closed the sale of 75 finished lots receiving approximately $3 million in proceeds, which represent final payment from 50 lots under our Lot Development Agreements and full payment for 25 finished lots under our Finished Lot Agreement. We expect to close an additional 75 finished lots in July for an additional $3.4 million, which will represent final payment from 50 lots under our Lot Development Agreements and full payment for 25 finished lots under our Finished Lot Agreement. In addition to our lot closings, we have received proceeds from the sale of 57 water and wastewater taps to date for a combined total of $1.7 million.
Our spring weather has brought record precipitation which has somewhat hampered construction; however, we have been working with our builders to prioritize delivery of lots that our builders have sold for homes in order to maintain home construction schedules," commented Mark Harding, President and CEO. "Reports of early sales traffic from our builders indicate higher than forecasted sales despite our soggy spring," continued Mr. Harding. "Given the success of our Investors' Day last year, we would like to invite investors to come visit the project and see first-hand the exciting pace of development at Sky Ranch and our water activities in July," commented Mr. Harding.
Investors interested in participating please RSVP to the Company so we can arrange logistics.
Pure Cycle owns land and 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 firstname.lastname@example.org.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as statements about the timing of additional home lot deliveries and forecasted sales of homes by our builders. The words "anticipate," "likely," "may," "should," "could," "will," "believe," "estimate," "expect," "plan," "intend" and similar expressions are intended to identify forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include, without limitation: the possibility that the parties to the builder agreements may be unable to satisfy the conditions to closing the purchase and sale of finished lots, including obtaining required governmental approvals; the completion of finished lots may involve unexpected costs and delays; the demand for housing in the Denver metropolitan area; the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K.
SOURCE: Pure Cycle Corporation
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