PR Newswire
PHILADELPHIA, Nov. 30, 2018
PHILADELPHIA, Nov. 30, 2018 /PRNewswire/ -- 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.
View original content:http://www.prnewswire.com/news-releases/pardee-resources-company-almond-agricultural-investment-300758356.html
SOURCE Pardee Resources Company