BLAKESLEE, Pa. , Jan. 20, 2021 /PRNewswire/ -- Blue Ridge Real Estate Company (OTC Pink: BRRE) announced today that the Company closed on the sale of 284 acres of land located along Route 940 in Blakeslee, PA (the "Property") to Exeter Industrial Drive Route 940 Land LLC (" Exeter ") for the construction of a logistics and distribution center in Carbon County . The proceeds from the sale are to be used for general corporate purposes. "This sale is part of Blue Ridge's strategy of unlocking the value embedded in the Company's natural resource portfolio and accretively redeploying capital to maximize shareholder value," said Bruce Beaty , Blue Ridge's President and Chief Executive Officer.
About Blue Ridge Real Estate Company
Blue Ridge is engaged in real estate development and land sales. At October 31, 2020 , the properties of Blue Ridge and its subsidiaries consisted of approximately 9,700 acres of land located in the Pocono Mountains of Pennsylvania . Income is derived from these lands through leases, selective timbering by third parties, sales and other dispositions. For additional information on Blue Ridge, please visit the Company's website at www.brreco.com .
Safe Harbor Statement
The statements in this news release state the Company's and Management's intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (iii) the Company's ability to successfully attract and enter into transactions with real estate developers and manage relationships with real estate developers going forward, (iv) the Company's ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management's ability to estimate the impact of such changes, and (vi) the impacts of pandemics or other health crises, such as coronavirus disease 2019 (COVID-19). Additional information concerning factors that could cause actual results to differ materially from those forward- looking statements is contained from time to time in the Company's filings with OTC Markets Group, Inc. ("OTC Markets"). Copies of each filing may be obtained from the Company or OTC Markets.
The Company refers you to the documents filed by the Company from time to time with OTC Markets, specifically the section titled "Risk Factors" in the Company's Annual Financial Report for the year ended October 31, 2019 , as may be updated or supplemented in the Company's Quarterly Financial Reports and the Company's other filings with OTC Markets, which discuss these and other factors that could adversely affect the Company's results. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Bruce Beaty , President and CEO, bbeaty@brreco.com , 570-443-8433
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SOURCE Blue Ridge Real Estate Company