Pardee Resources Company: Solar Acquisition

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Oct 05, 2012, 06:05 ET

PHILADELPHIA, Oct. 5, 2012 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") is pleased to announce that its subsidiary, Kern Solar LLC, recently closed on a $14.8 million acquisition of a 4.7 MW solar photovoltaic system in California. This investment was accretive to earnings upon closing. This acquisition represents the Company's first solar investment outside of New Jersey, thereby diversifying its renewable energy portfolio. The acquisition was financed through available cash.

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 coal reserves 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.

CONTACT: Linda Dougherty, +1-215-405-1260, [email protected]

SOURCE Pardee Resources Company