Pardee Resources Company (OTC: PDER) announced today that its subsidiary, Pardee & Curtin Timberlands LLC (“Pardee”), recently closed on the sale of its sawmill located in Curtin, West Virginia to The Jim C. Hamer Company (“Hamer”) for an undisclosed amount. Hamer has operated this sawmill under lease since 1984. Pardee also entered into a 10-year Timber Harvest Agreement at closing, providing Hamer with harvesting rights on Pardee’s 62,000 acres of timberlands which lie in close proximity to the sawmill. “While the Company has owned this sawmill since it was constructed in 1955, continued ownership did not fit with our strategic focus of owning and managing commercial timberlands,” 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 transaction 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 transaction 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.