Pardee Resources Company: (OTC: PDER) (the “Company”) reports that its subsidiary, Pardee Agricultural Properties LLC, recently acquired a controlling interest in a partnership that has leased a 390-acre farmland tract located near Evora, Portugal. The tract will be developed and managed for almonds by a multi-generational agricultural operating company with extensive almond growing expertise in California’s Central Valley and a local experienced Portuguese agricultural partner. (The Company’s California table grape farms were developed and are managed by this same agricultural operating company). The Company made an initial investment of $1.1 million in the partnership and plans to invest an additional $2.1 million over the next four years as the almond farm is developed, for a total investment of $3.2 million. “The Company’s first international investment, which further diversifies our existing domestic agricultural platform, is expected to yield strong investment returns over the long term due to its access to an abundant supply of water for irrigation and its cost and logistical advantages versus other almond producing regions,” 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 the 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 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.