DENVER, July 27, 2012 (GLOBE NEWSWIRE) -- Pure Cycle Corporation (Nasdaq:PCYO) announced it has foreclosed on HP Collateral Interests.
High Plains Default
HP A&M has failed to make balloon payments due on certain promissory notes secured by deeds of trust on properties we acquired pursuant to the Arkansas River Agreement. We notified HP A&M and have commenced exercising our rights under the Arkansas River Agreement, including our right to (i) foreclose on 1,500,000 shares of Pure Cycle common stock issued to HP A&M, (ii) reduce the Tap Participation Fee by two times the amount paid by us to discharge or cure the notes in default, and (iii) terminate the Property Management Agreement.
Pure Cycle owns water rights, storage rights and land in several river basins in the State of Colorado. Pure Cycle provides water and wastewater services, including the design, construction, operation and maintenance of water and wastewater systems, to wholesale customers, which are local governmental entities who provide water and wastewater services to their end-use customers located in the greater Denver metropolitan area.
Additional information including our recent press releases and Annual Reports are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456 or at firstname.lastname@example.org.
CONTACT: Pure Cycle Corporation
President, Mark W. Harding