PHILADELPHIA, Oct. 5, 2012 /PRNewswire/ -- Pardee
Resources Company (OTC: PDER) (the "Company") is pleased to
announce that its subsidiary, Kern Solar LLC, recently closed
on a $14.8 million acquisition of a
4.7 MW solar photovoltaic system in California. This
investment was accretive to earnings upon closing. This acquisition
represents the Company's first solar investment outside of
New Jersey, thereby diversifying
its renewable energy portfolio. The acquisition was financed
through available cash.
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 coal reserves 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.
CONTACT: Linda Dougherty,
+1-215-405-1260, Linda.Dougherty@Pardee.com
SOURCE Pardee Resources Company