Two Rivers Water & Farming Company, (TURV) "Two Rivers") (www.2riverswater.com), announced today that it entered into a sale and leaseback agreement with an agriculture real estate investment trust (REIT). The transaction is expected to be completed within 45 days.
Wayne Harding, Chief Financial Officer for Two Rivers stated, "Completing a sale/leaseback of irrigated farmland with an agricultural REIT validates the efficacy of our farming business model, allowing a rapid expansion without diluting our shareholders."
Two Rivers purchases irrigated farmland with senior water rights, which previously grew feed crops and converts the land's production into high value, fruit and vegetable crops. This increases revenue six times with better profit margins.
About Two Rivers:
Two Rivers is building a new water paradigm for the arid regions of the southwestern United States. Two Rivers assembles its water assets by acquiring irrigated farmland with senior water rights because 85% of water rights in the arid southwest are owned by agricultural interests. Two Rivers transforms the value of its water rights and farmland by continually developing operations that generate higher revenues and better profit margins. Two Rivers current farm operations convert feed crop farmland into fruit and vegetable crop production in Pueblo County Colorado, which generates six times more revenue with better profit margins. In December 2012, Colorado legalized the personal use and cultivation of marijuana. As a result, Two Rivers is providing greenhouses and processing facilities for licensed marijuana growers in Colorado on land with water rights not used for fruit and vegetable crop production. Two Rivers also develops Metropolitan Districts to serve under served communities in rural areas in which Two Rivers' farmland and water rights are located.
The second through fifth paragraphs of this news release contain "forward-looking statements," as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing and acquiring land and water resources. There can be no assurance GrowCo will be able to initiate and operate its grow facilities in accordance with its business plans or will be able to register its securities for public resale in the time frame currently targeted or at all. These forward-looking statements are made as of the date of this news release, and neither Two Rivers nor GrowCo assumes any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.