Pardee Resources Company: Agricultural Property Investment

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Jun 02, 2015, 03:08 ET

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.

SOURCE Pardee Resources Company