DENVER, Colorado, July 18, 2019 (GLOBE NEWSWIRE) -- Two Rivers Water & Farming Company (“Two Rivers” OTCQB: TURV) is pleased to announce that it has reached a settlement with the State of Colorado (the “State”) over demolition and access work associated with Cucharas #5 Dam and Reservoir (“Cucharas #5”) performed by the State. Two Rivers maintains water rights associated with the site for Cucharas #5.
The settlement requires Two Rivers to pay the State, and related governmental entities, a total of $922,427, plus interest over a 36-month period. The Company has made the initial payment of $27,432 and will continue to make equal monthly payments over the 36-month period.
As disclosed in Two Rivers September 30, 2018 10Q filed with the United States Securities Exchange Commission, Two Rivers disclosed that it recorded a $1,800,000 contingent liability for a projected demolition expense for this dam. The Company anticipates recognizing a reduction of this contingent liability from $1,800,000 to approximately $900,000, along with additional non-cash gains of approximately $50,000 from the negotiations and resolution of previously recorded accounts payable, on Two Rivers’ financial reports dated June 30, 2019.
About Two Rivers
Two Rivers assembles its water assets by acquiring land with senior water rights. Two Rivers focuses on development and redevelopment of infrastructure for water management and delivery. Water is one of the most basic, core assets. Two Rivers’ first area of focus is in the Huerfano-Cucharas river basin in southeastern Colorado. Two Rivers’ long-term strategy focuses on the value of its water assets and how to monetize water for the benefit of its stakeholders, including communities near where its water assets are located. Currently, Two Rivers is focused on expanding their agriculture activity through growing hemp along with development and rehabilitation of its water assets.
This news release contains “forward-looking statements,” as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors, including the inherent uncertainties associated with developing and acquiring land and water resources. There can be no assurance Two Rivers will be able to initiate and operate in accordance with its business plans. These forward-looking statements are made as of the date of this news release, and Two Rivers assumes any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Two Rivers Water & Farming Company