Pardee Resources Company: Solar Acquisitions

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Dec 21, 2015, 05:54 ET

PHILADELPHIA, Dec. 21, 2015 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") reports that its subsidiary, Pardee Solar 1 LLC, recently closed on investments in two renewable energy partnerships. One partnership owns 125 mobile solar generator units which are committed to a major telecommunications company under a long-term lease. The Company's investment in this partnership is $7.7 million and it was funded through its credit facility. The other partnership owns a roof top solar photovoltaic system located in Harrison, New York. The Company's investment in this partnership is $716,000 and it was funded through available cash. "We are excited to continue to build our Alternative Energy Division through the addition of these two new investments," 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 acquisitions 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 units and the system 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