$TURV Two Rivers Executes Amended Water Supply Agreement Doubling Potential Supply for Development
DENVER, CO--(Marketwired - Sep 21, 2017) - Two Rivers Water & Farming Company ("Two Rivers"
(OTCQB: TURV) and its subsidiaries, including Water Redevelopment Company ("Water Redev"
announced today it has executed a second amendment to its water supply agreement with a real estate developer, Marksheffel-Woodmen Investments, LLC and Family Ranch Holdings, LLC, (together referred to as the "Developer"
This amendment further refines a water service agreement between Two Rivers and the Developer recorded on April 11, 2011. The key provision of this amendment increases the potential water tap demand from 5,000 taps to 10,000 taps. The pricing of the taps remains the same at $6,500 per tap. While dependent on the final engineering of the water system, it is anticipated that one acre foot of water will render three water taps.
These water taps will be supplied by the Orlando Reservoir and associated water rights, such as the Cucharas Valley Reservoir No. 5 Reservoir (the "Cucharas Reservoir"
, pending reconstruction of the Cucharas Reservoir. It is planned that this system will include storage tanks and a pipeline connection between the Cucharas and the Orlando Reservoirs. Water will be delivered to the area of consumption in the Orlando Reservoir area which is just north of Walsenburg, Colorado. The key next step is to begin a change of use of the water from agriculture to municipal use through the Colorado Water Court.
"We are pleased to see our water supply to the Developer potentially double in size for the betterment of the local community. There is strong demand for municipal water in this area. The next step will be the change of use from agricultural use to municipal use. While it is hard to predict the success and length of time this change might take, we are hopeful for a favorable and quick change ruling since we are not moving the water outside of the local basin," commented Wayne Harding, CEO for Two Rivers.
Commented Lindsay Case, CVR Water Company manager, "This amendment will assist us in meeting expected demand of our development efforts and to neighboring communities."
About Two Rivers
Two Rivers assembles its water assets by acquiring land with senior water rights. Two Rivers focuses on development and redevelopment of infrastructure for water management and delivery. Water is one of the most basic, core assets. Two Rivers' first area of focus is in the Huerfano-Cucharas river basin in southeastern Colorado. In November 2012, Colorado legalized the personal use and cultivation of marijuana. As a result, Two Rivers, through its subsidiary GrowCo, Inc., is providing greenhouses and processing facilities for licensed marijuana growers in Colorado on land with water rights not being utilized elsewhere. Two Rivers' long-term strategy focuses on the value of our water assets and how to monetize water for the benefit of its stakeholders, including communities near where its water assets are located.
About Water Redevelopment Company
Water Redevelopment Company is a subsidiary of Two Rivers and focuses on development and redevelopment of infrastructure for water management and delivery. Water is one of the most basic, core assets. Water Redevelopment's first area of focus is in the Huerfano-Cucharas river basin in southeastern Colorado.
The third and fourth paragraph of this news release contains "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, including the inherent uncertainties associated with developing and acquiring land and water resources. There can be no assurance Two Rivers and subsidiaries will be able to initiate and operate its grow facilities in accordance with its business plans. These forward-looking statements are made as of the date of this news release, and Two Rivers and subsidiaries assume 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.
Two Rivers Water & Farming Company