VIDLER WATER RESOURCES, INC. ANNOUNCES THE EXERCISE OF THE OPTION TO PURCHASE 53,750 LONG-TERM STORAGE CREDITS IN ARIZONA BY AN ALTERNATIVE ENERGY DEVELOPER
(Carson City, Nevada) – December 15, 2021
Vidler Water Resources, Inc. (“Vidler”) today announced that an alternative energy company has exercised its option to purchase 53,750 Long Term Storage Credits (“LTSC”) at the facility. Company recharge in Harquahala Valley, Ariz., for $ 400 through LTSC. The Company expects the sale to close in 2021 and generate revenues of approximately $ 21.5 million.
Vidler President and CEO Dorothy Timian – Palmer said:
“We are extremely pleased to enter into a sale and purchase agreement with this well-respected alternative energy producer for a significant amount of our LTSC in the Harquahala Basin in Arizona. With the pre-sale of 1,250 LTSC to this buyer at the start of the fourth quarter of 2021, we will have sold approximately 22% of our LTSC inventory at our charging facility in Harquahala Valley for total revenue of $ 22 million. We have worked with the buyer on some of our properties in Nevada and Arizona, and have found them to be a great partner with leading innovative and sustainable energy solutions for the communities they serve. The buyer’s parent company is actively involved in the data center and green hydrogen energy space, and at the close of the sale, our water will provide the buyer with a resource needed to manufacture clean energy. We look forward to other opportunities that our business relationship with the buyer may bring that may allow us, over time, to monetize some of our remaining LTSC Harquahala in the basin where they are stored.
“We are in active talks with a number of commercial and residential developers and municipalities regarding the sale of our remaining LTSC, not only our charging facility in Harquahala, but also our current inventory of approximately 27,000 LTSC in the region. Phoenix Active Management Area. ”
About Vidler Water Resources, Inc.
As of September 30, 2021, our principal interest was Vidler Water Company, Inc. (“Vidler”), a water resources and water storage company, with assets and operations primarily in the Southwestern United States. .
Our business is to research, develop and provide sustainable drinking water resources to the rapidly growing communities of the Southwestern United States that lack or lack available water resources.
We operate by working closely with many constituents of these communities: regulators, utilities, Native North American tribes, community leaders, residential and commercial developers, and alternative energy companies. We ensure that the water resources we develop and sell are sustainable and benefit the citizens of the communities and regions we serve.
Right now, we believe the highest potential return to shareholders comes from a return of capital. As we monetize our water and real estate assets, rather than reinvesting the proceeds, we intend to return the capital to shareholders through a share buyback program or through other means such as dividends. specials. Nonetheless, we may, from time to time, reinvest a portion of the proceeds of asset monetization into further development of existing assets, if we believe that the returns on such reinvestment outweigh the benefits of a return of capital. .
As of September 30, 2021, we had a market capitalization of $ 208.6 million and 18,330,910 shares outstanding.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements which may constitute forward-looking statements, which are based on information currently available, generally identified by words such as “plans”, “believes”, “estimates”, “plans”, “, ‘, “. , “” hope “,” intends “,” strategy “,” focus “,” outlook “,” will “,” could “,” should “,” may “,” continue “or similar expressions, and which speak only as of the date the statement was made. These statements are forward-looking statements and are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by these provisions and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, are statements which could be considered as forward-looking statements, including, without limitation, statements regarding our business objectives, our ability to monetize our water resources, future demand for our water resources, our ability to reduce use net of liqui operating income, our ability to generate additional income streams, our ability to preserve and use NOLs to offset taxable income and reduce our federal income obligation, and our ability to monetize assets and return capital to shareholders through share buybacks or other means. Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties.
A number of factors can cause actual results to differ materially from our expectations, including: any slowdown or slowdown in the housing or real estate markets in which Vidler operates; fluctuations in water prices and water rights; physical, governmental and legal restrictions on water and water rights; a decline in certain sectors of the stock market; general economic conditions; the impacts of the global COVID-19 pandemic on the demand for real estate; the pace of real estate development and the demand for water resources to support residential and commercial real estate development; prolonged weakness across the US and global economies; the performance of the companies in which Vidler operates; the continuous service and availability of key management personnel; and potential capital needs and financing alternatives.
For more information on the risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our documents filed with SEC, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, copies of which can be obtained by contacting us at (775) 885-5000 or http://vidlerwater.com.
We assume no obligation (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events or otherwise, to reflect any event or circumstance that may arise after the date of this press release, unless otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
CONTACT: Dorothy Timian-Palmer
President and CEO
# # # # #