PHILADELPHIA, Feb. 24, 2015 /PRNewswire/ -- Pardee Resources
Company (OTC: PDER) (the "Company") reports that its subsidiary,
Pardee Solar 1 LLC, recently closed
on an investment in two renewable energy partnerships. One
partnership owns two solar photovoltaic systems in Rhode Island while the other partnership owns
six solar thermal systems in Washington, D.C. The solar thermal
systems are installed on roof tops and use solar energy to heat
water resulting in significant energy savings for the host
buildings. The combined investment in these two partnerships
is approximately $1.2 million.
The funding for these investments, which will be through
available cash, is subject to the systems being successfully placed
in operation which is expected in the near future. "This
investment represents the Company's first solar thermal acquisition
and further diversifies the Company's Alternative Energy Division
portfolio beyond New Jersey,
California and Arizona," 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 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 the
risk that the systems may not be as we currently expect, 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pardee-resources-company-solar-acquisitions-300040505.html
SOURCE Pardee Resources Company