PHILADELPHIA, June 2, 2015 /PRNewswire/ -- Pardee Resources
Company (OTC: PDER) (the "Company") reports that its subsidiary,
Pardee Agricultural Properties LLC, recently closed on the purchase
of a 40-acre farmland tract located in Kern County, at the southern end of
California's Central Valley.
The tract will be developed and managed for specialty table
grapes by a local, multi-generational agricultural operating
company. The Company has committed $1.6 million for the acquisition and the
development of this property. "We are excited to close on our
first agricultural property investment and look forward to growing
this platform to further diversify our land business," said
Carleton P. Erdman, President and Chief Executive Officer.
In addition to historical statements, this press release
contains statements relating to future events and our future
results. These statements are "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, and include statements that relate to impact of the
acquisition described above. While these forward-looking
statements represent our judgments and future expectations
concerning our business, a number of risks, uncertainties and other
important factors could cause actual developments and results to
differ materially from our expectations. These factors
include, but are not limited to: difficult economic conditions, the
possibility of increased or adverse government regulation, and the
risk that the property may not be as we currently expect, and other
risks and uncertainties. As a result, these forward-looking
statements may turn out to be incorrect. We are under no obligation
to (and expressly disclaim any obligation to) update or alter these
forward-looking statements whether as a result of new information,
future events or otherwise.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pardee-resources-company-agricultural-property-investment-300092856.html
SOURCE Pardee Resources Company