<SEC-DOCUMENT>0001654954-17-005988.txt : 20170629
<SEC-HEADER>0001654954-17-005988.hdr.sgml : 20170629
<ACCEPTANCE-DATETIME>20170629105347
ACCESSION NUMBER:		0001654954-17-005988
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170626
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170629
DATE AS OF CHANGE:		20170629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PURE CYCLE CORP
		CENTRAL INDEX KEY:			0000276720
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				840705083
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08814
		FILM NUMBER:		17937150

	BUSINESS ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
		BUSINESS PHONE:		3032923456

	MAIL ADDRESS:	
		STREET 1:		1490 LAFAYETTE STREET
		STREET 2:		SUITE 203
		CITY:			DENVER
		STATE:			CO
		ZIP:			80218
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>purecycleform8-k.htm
<DESCRIPTION>CURRENT REPORT FOR FORM 8-K
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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Washington, D.C. 20549</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Date of
Report (Date of earliest event reported): <font style="font-weight: bold">June 26, 2017</font></font></div>
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PURE CYCLE CORPORATION</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Exact
name of registrant as specified in its charter)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Colorado</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(State
or other jurisdiction of incorporation)</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
0-8814</font></div>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
84-0705083</font></div>
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</tr><tr>
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<font style="font-family: Times New Roman; font-size: 13px">(Commission
File Number)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(IRS
Employer Identification No.)</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
34501 East Quincy Avenue, Building 34, Box 10, Watkins, CO
80137</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices) (Zip Code)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Registrant&#x2019;s
telephone, including area code&#xA0;<font style="font-weight: bold; text-decoration: underline">(303)
292-3456</font>&#xA0;</font></div>
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N/A</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Former
name or former address, if changed since last report.)</font></div>
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the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions <font style="font-style: italic">(see</font> General Instruction A.2.
below):</font></div>
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pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</font></div>
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#x2610;&#xA0;
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule&#xA0;405 of the Securities Act of 1933
(&#xA7;&#xA0;230.405 of this chapter) or Rule&#xA0;12b-2 of the
Securities Exchange Act of 1934 (&#xA7;&#xA0;240.12b-2 of this
chapter).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x2610;&#xA0;
Emerging growth company<br></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section&#xA0;13(a) of the Exchange Act.
&#x2610;</font></div>
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<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
1.01<br></font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Entry
into a Material Definitive Agreement.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pure
Cycle Corporation announced today that, PCY Holdings, LLC
(&#x201C;PCY Holdings&#x201D;), a Colorado limited liability company
wholly owned by Pure Cycle Corporation, a Colorado corporation
(&#x201C;Pure Cycle&#x201D;), entered into Contracts for Purchase and
Sale of Real Estate (collectively, the &#x201C;Purchase and Sale
Contracts&#x201D;) with each of Richmond American Homes of Colorado,
Inc. (&#x201C;Richmond&#x201D;), KB Home Colorado Inc. (&#x201C;KB
Home&#x201D;), and Taylor Morrison of Colorado, Inc. (&#x201C;Taylor
Morrison,&#x201D; and together with Richmond and KB Home, the
&#x201C;Builders&#x201D;). Each Purchase and Sale Contract provides
that, upon the terms and subject to the conditions set forth in the
Purchase and Sale Contract, PCY Holdings will sell, and the Builder
will purchase, a certain number of platted single-family, detached
residential lots at the Sky Ranch property, located in
unincorporated Arapahoe County, Colorado, approximately four miles
north of the Lowry Range.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
closing of the transactions contemplated by each Purchase and Sale
Contract is subject to customary closing conditions, including,
among others, the Builder&#x2019;s completion to its satisfaction of
a title review and other due diligence of the property, the
accuracy of the representations and warranties made by PCY Holdings
contained in the Purchase and Sale Contract, and a commitment by
the title company to issue to the Builder a title policy, subject
to certain conditions. Each Builder has a 60-day due diligence
period. Within three business days of the execution of each
Purchase and Sale Contract, the Builder is obligated to make an
earnest money deposit. Pursuant to certain Purchase and Sale
Contracts, the Builder is required to make an additional earnest
money deposit or deposits after the due diligence period and/or
final approval of the entitlements for the property. If a Purchase
and Sale Contract is terminated prior to the expiration of the due
diligence period, then the earnest money deposit must be refunded
to the Builder. Otherwise, the earnest money deposit or deposits
will be applied to the payment of the purchase price of the lots at
closing in accordance with a specified takedown schedule or be paid
to PCY Holdings, subject to certain conditions. Pursuant to each
Purchase and Sale Contract, PCY Holdings must use commercially
reasonable efforts to obtain final approval of the entitlements for
the property on or before nine months after the expiration of the
due diligence period, but PCY Holdings will have the right to
extend the date for obtaining final approval of the entitlements
for up to six months after the initial nine-month
period.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">PCY
Holdings has made customary representations and warranties in the
Purchase and Sale Contracts for a transaction of this nature.
Certain of PCY Holdings&#x2019; representations and warranties are
subject to knowledge and other similar qualifications and will
survive for 12 months after each closing of a takedown of lots. The
assertions embodied in the representations and warranties were made
solely for purposes of the Purchase and Sale Contracts between PCY
Holdings and the Builders and may be subject to important
qualifications and limitations agreed to by the parties in
connection with the negotiated terms. Pure Cycle&#x2019;s
shareholders are not third-party beneficiaries under the Purchase
and Sale Contracts and should not rely on the representations and
warranties or any descriptions thereof as characterizations of the
actual state of facts or conditions of PCY Holdings or any of its
affiliates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
Richmond and Taylor Morrison contracts contemplate the sale of
platted lots and PCY Holdings entering into a Lot Development
Agreement with each builder whereby PCY Holdings will construct
certain insfrastructure improvements for the lots.&#xA0; The KB
Home Agreement contemplates the sale of finished lots to KB
Home.<br></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On
June&#xA0;29, 2017, Pure Cycle issued a press release regarding the
Purchase and Sale Contracts. A copy of the press release is
attached hereto as Exhibit&#xA0;99.1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
9.01&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financial
Statements and Exhibits.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="text-decoration: underline">Exhibits</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">See
Exhibit Index.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURE</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Date:
June&#xA0;29, 2017</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 312px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">PURE
CYCLE CORPORATION</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">By:&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
/s/ Mark W. Harding</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">Name:
Mark W. Harding</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Title:
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Exhibit No.</font></div>
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Description</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="exhibit991.htm"><font style="font-family: Times New Roman; font-size: 13px">99.1</font></a></div>
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<font style="font-family: Times New Roman; font-size: 13px">Text of
press release by Pure Cycle, dated June&#xA0;29, 2017.</font></div>
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<TYPE>EX-99.1
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<FILENAME>exhibit991.htm
<DESCRIPTION>PRESS RELEASE
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">Pure
Cycle Corporation Announces</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">Agreements
for Sale of Lots at Sky Ranch</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Denver,
Colorado &#x2013; June 29, 2017 &#x2013; Pure Cycle Corporation
(NASDAQ Capital Market: PCYO) (&#x201C;Pure Cycle&#x201D; or the
&#x201C;Company&#x201D;) announced today that it has entered into
agreements with three national home builders for the sale of lots
at Sky Ranch.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">The
Company has entered into agreements with Richmond American Homes,
KB Home and Taylor Morrison for the sale of all<font style="font-weight: bold">&#xA0;</font>506 single family lots in its
first phase of Sky Ranch. The agreements provide for a 60-day due
diligence investigation, after which the Company will finalize
designs for the community, including the Final Platted lots,
roadways, open space, drainage, water and wastewater systems. Lot
prices range from $67,500 to $75,000 depending on lot size and the
specific terms and conditions of the agreements with each
builder.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">In
addition to lot sales, the Company will collect water and
wastewater tap fees for each lot, which will be paid at the time
the builders obtain building permits. Water tap fees will vary
depending on the projected water demand of each individual lot
based on an average single family equivalent using 0.4 acre feet of
water per year with a corresponding tap fee of $26,650. Wastewater
tap fees are projected to be $4,600 per lot.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x201C;We are
excited to be working with this distinguished group of national
home builders,&#x201D; commented Mark Harding, President and CEO.
&#x201C;The Company is diligently working to complete the planning
and engineering for our initial phase of development, and we hope
to be under construction later this year, with initial homes being
constructed early next year. We are completing the Final Plat and
construction drawings for all 506 lots, and once approved, we plan
to solicit bids for construction of an initial 200 lots. In
addition to our activities at Sky Ranch, we are excited about the
return of oil and gas drilling activity to our area with one rig
currently drilling the third well of the season and a second rig
scheduled to arrive later this summer. Our Board, management, and
dedicated employees could not be more pleased with the start of
development at Sky Ranch and look forward to this exciting time for
our Company.&#x201D;</font></div>
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Company Information</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pure
Cycle owns land and water assets in the Denver, Colorado
metropolitan area. Pure Cycle provides water and wastewater
services to customers located in the Denver metropolitan area
including the design, construction, operation and maintenance of
water and wastewater systems.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Additional
information including our recent press releases and Annual Reports
are available at <font style="text-decoration: underline; color: #0000FF">www.purecyclewater.com</font>,
or you may contact our President, Mark W. Harding, at 303-292-3456
or at <font style="text-decoration: underline; color: #0000FF">info@purecyclewater.com</font>.</font></div>
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<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Forward-Looking Statements</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">This
press release contains forward-looking statements within the
meaning of Section&#xA0;27A of the Securities Act of 1933, as
amended, and Section&#xA0;21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements are all statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that we
expect or anticipate will or may occur in the future, such as
statements about projected water and wastewater tap fees per lot,
timing of bids for construction and commencement of construction,
our plans to solicit bids for construction of 200 lots and the
schedule for a second drilling rig. The words
&#x201C;anticipate,&#x201D; &#x201C;likely,&#x201D; &#x201C;may,&#x201D;
&#x201C;should,&#x201D; &#x201C;could,&#x201D; &#x201C;will,&#x201D;
&#x201C;believe,&#x201D; &#x201C;estimate,&#x201D;
&#x201C;expect,&#x201D; &#x201C;plan,&#x201D; &#x201C;intend&#x201D; and
similar expressions are intended to identify forward-looking
statements. Investors are cautioned that forward-looking statements
are inherently uncertain and involve risks and uncertainties that
could cause actual results to differ materially. Factors that could
cause actual results to differ from projected results include,
without limitation: the results of the 60-day due diligence period
by the builders; delays in obtaining necessary governmental
approvals for the Final Plat, the water and wastewater treatment
systems and building permits; the availability of construction
companies and equipment; the availability of drilling rigs; changes
in the housing and oil and gas markets; the proposed transactions
may involve unexpected costs; the risk factors discussed in
Part&#xA0;I, Item&#xA0;1A of our most recent Annual Report on
Form&#xA0;10-K; and those factors discussed from time to time in
our press releases, public statement and documents filed or
furnished with the U.S. Securities and Exchange Commission. Except
as required by law, we disclaim any obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise.</font></div>
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