Pure Cycle Corporation Announces Second Closing and Sale Model Home Lots at Sky Ranch; Company Receives $4.5 Million
DENVER, CO / ACCESSWIRE / January 25, 2019 / Pure Cycle Corporation (NASDAQ Capital Market: PCYO) (“Pure Cycle” or the “Company”) announced today that it has completed its second milestone under the development agreements with two of its builders by completing wet utilities, including water distribution and wastewater collection lines and storm water drainage systems, for 150 platted lots at Sky Ranch.
Sky Ranch is a new Master Planned Community along the I-70 corridor which will include approximately 5,000 single family detached homes, paired duplex homes, multifamily apartments, and over 160 acres of commercial, retail and industrial development. Completion of the wet utilities for the first 150 lots and the sale of 12 lots - four lots to each builder, resulting in payments to the Company totaling approximately $4.5 million. The Company is working to complete the remaining infrastructure (e.g. roads, curb, gutter, etc.) for the first 150 lots by late spring 2019.
Model Home Construction at Sky Ranch
“Sky Ranch continues to progress very well, and we are working during the winter months to complete our initial 150 lots for our three homebuilders,” commented Mark Harding, President and CEO of Pure Cycle. ” We prioritized roads and other infrastructure to deliver twelve model home lots in January to allow builders to construct model homes and begin marketing the community for the 2019 season,” continued Mr. Harding.
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 .
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 approximate number of new connections of single family homes, duplex homes and multifamily apartments, the estimated number of acres of commercial, retail and industrial development at Sky Ranch, and the expected timing to complete the remaining infrastructure for the first 150 lots at Sky Ranch. 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, delays in obtaining required governmental approvals; unexpected costs and delays in completing finished lots; 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; and those factors discussed from time to time in our press releases, public statements and documents filed or furnished with the U.S. Securities and Exchange Commission. Except as required by law, we disclaim any obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Pure Cycle Corporation