Pardee Resources Company (OTC: PDER) (the “Company”) reports that its subsidiary, Pardee Solar 1 LLC, recently closed on an investment in two renewable energy partnerships. One partnership owns two solar photovoltaic systems in Rhode Island while the other partnership owns six solar thermal systems in Washington, D.C. The solar thermal systems are installed on roof tops and use solar energy to heat water resulting in significant energy savings for the host buildings. The combined investment in these two partnerships is approximately $1.2 million. The funding for these investments, which will be through available cash, is subject to the systems being successfully placed in operation which is expected in the near future. “This investment represents the Company’s first solar thermal acquisition and further diversifies the Company’s Alternative Energy Division portfolio beyond New Jersey, California and Arizona” 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 systems 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.