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DENVER, Sept. 27, 2012 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq:PCYO) announces today the sale of High Plains A&M Collateral stock.
High Plains Default
High Plains A&M, LLC ("HP A&M") has failed to make balloon payments due on certain promissory notes secured by deeds of trust on properties we acquired pursuant to the Arkansas River Agreement. HP A&M pledged 1,500,000 unregistered shares of Pure Cycle common stock owned by HP A&M as security for the payment and performance of HP A&M's obligations on those notes and deeds of trust. On September 27, 2012, we sold the pledged shares to the highest qualified bidder in a foreclosure sale conducted by Wm Smith & Co at a price of $2.35 per share. The proceeds of $3,525,000 from the sale, less commission, will go to Pure Cycle.
Pure Cycle owns water rights, storage rights and land and mineral interests in several river basins in the State of Colorado. Pure Cycle provides water and wastewater services, including the design, construction, operation and maintenance of water and wastewater systems, to wholesale customers, which are local governmental entities who provide water and wastewater services to their end-use customers located in the greater Denver metropolitan area.
Additional information including our recent press releases and Annual Reports are available at
www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456 or at info@purecyclewater.