Pure Cycle Corporation Announces Water Service Acquisition for $1,600,000

Pure Cycle (NASDAQ:PCYO) have announced that the Rangeview Metropolitan District has entered into an agreement that will result in Pure Cycle, as the exclusive service provider for Rangeview, acquiring the right to provide water service to Wild Pointe Ranch, located in Elbert County Colorado, about 14 miles south of the Company’s Lowry Range service. The development includes approximately 120 existing residential and commercial service connections which, at buildout, may grow to more than 250 connections.
As quoted in the press release:

The closing is subject to various closing conditions, including Rangeview’s satisfaction with the title to the water rights used to serve Wild Pointe. The title report on the water rights is to be provided within the next 60 days.
“Wild Pointe is strategically located in unincorporated Elbert County, which borders the southern boundary of the Lowry Range. The area has numerous small independent water systems, and we believe we can provide significant efficiency and value by operating these systems in a more unified, regional manner in conjunction with our other systems including, in some cases, bringing new water supplies to the region,” commented Mark Harding, President of Pure Cycle. “This acquisition is part of our continuing strategy to expand and grow our wholesale utility segment both organically at our Sky Ranch development and through strategic acquisitions,” continued Mr. Harding.

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