Two Rivers Cuts Operating Expenses by 52% in Q1
14 Maio 2014 - 12:00PM
Marketwired
Two Rivers Cuts Operating Expenses by 52% in Q1
Launches Several New Business Initiatives
DENVER, CO--(Marketwired - May 14, 2014) - Two Rivers Water
& Farming Company ("Two Rivers") (OTCBB: TURV) (OTCQB: TURV)
(www.2riverswater.com) announced results for its March 31, 2014
quarter, which showed a 52% decrease in operating expenses for the
same period in 2013. As a result of improved overall operating
efficiencies and a suspension of stock based compensation, the
Company reported a $958,000 operating loss in the first quarter of
2014 compared to a $1,985,000 operating loss for the same period of
2013. The Company generates the majority of its agricultural
revenues in the third and fourth quarters of each year and expects
an operating profit for 2014.
John McKowen, CEO of Two Rivers, stated, "We continue to work on
improving value for our shareholders. In our farming business, we
have doubled the acreage we will plant in 2014 with an emphasis on
expanding our high value fruit and vegetable production. We are
more than 3/4 of the way through our planting season and unlike
other areas of the arid southwest, we have ample supplies of water
in our irrigation systems for 2014. In our water business, we
continue to develop water resources with an emphasis on creating
additional augmentation sources for our farms and our network of
growers. We have also begun several new business initiatives, which
includes a farmland sale/leaseback subsidiary that allows us to
expand our operations, revenues and earnings without further
dilution to our existing shareholder base and a new independent
company which builds and leases infrastructure that supports the
legal growth and sale of marijuana and hemp."
About Two Rivers:
Two Rivers has developed and operates a new farming and water
business model suitable for arid regions in the Southwestern United
States whereby the Company synergistically integrates high value
fruit and vegetable farming and wholesale water distribution into
one company. Two Rivers business model reinvigorates agricultural
communities and provides excess water to municipalities through
market forces. Two Rivers' core business converts irrigated
farmland, which is marginally profitable growing low value feed
crops, into highly profitable irrigated farmland growing high
yield, high value, fruit and vegetable crops. Fruit and vegetable
crops generate six times the revenue of feed crops with better
margins. The Company's initial area of focus is in the Arkansas
River basin and its tributaries on the southern Front Range of
Colorado.
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. Such factors include, among others, the inherent
uncertainties associated with developing and acquiring land and
water resources. There can be no assurance Two Rivers will be able
to raise additional capital, that it will be able to increase the
scale of its business, or that its existing resources will be
sufficient to meet all of its cash needs. These forward-looking
statements are made as of the date of this news release, and Two
Rivers assumes no 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.
Contact: Wayne Harding Two Rivers Water & Farming Company
(303) 222-1000 info@2riverswater.com
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