DENVER, March 01, 2018 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (NASDAQ:PCYO) (“Pure Cycle” or the “Company”) announced today that it has broken ground on its initial 506 lots at Sky Ranch.
The Company has entered into agreements to sell all 506 lots within this initial phase of its Master Planned Community known as Sky Ranch to three national home builders. Sky Ranch will include single family detached homes, paired duplex homes, multifamily apartments, and over 150 acres of commercial, retail and industrial development along the fast growing Interstate 70 corridor. In addition to selling lots, the Company will expand its water and wastewater utilities services to Sky Ranch and other properties along the I-70 corridor.
“Today’s groundbreaking marks many years of hard work and dedication from our employees and consultants to plan, design, permit, and now begin construction on what we believe will be one of the finest affordable master planned communities in the Denver market,” commented Mark Harding, President and CEO. “The Denver market continues to be among the top ranking employment and housing markets in the country and area statistics continue to emphasize a significant under supply of entry level affordable housing product, which we seek to target,” continued Mr. Harding. “We expect over-lot grading will take approximately 3 months, followed by wet and dry utility construction, with model home lot deliveries to our three builders in the fall. Sky Ranch is a key asset in our portfolio, and we welcome the start of construction,” commented Mr. Harding.
Company Information
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 info@purecyclewater.com.
Forward-Looking Statements
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 to complete over-lot grading, wet and dry utility construction, and model home lot deliveries of design, engineering and construction documents by local authorities; the solicitation of bids for construction; and continued oil and gas drilling in our area.] 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.