SCOTTSDALE, Arizona, January 25, 2016 /PRNewswire/ --
Paradise Ridge Hydrocarbons, Inc. (OTC: PRGE) today announces a strategic change in business direction. Having previously operated in energy sector, Paradise Ridge is now shifting direction to focus on the development of a vineyard in the fast growing Texas hill country wine region. Paradise Ridge will phase out its energy operations over the coming months, opting instead to dive into full time vineyard operations including growing and harvesting grape varietals, eventually producing proprietary blends of both red and white wines featuring Texas grown grapes.
David Naylor, Paradise Ridge CEO, explained the rationale behind this decision, "While we have struggled to effectively establish a foothold in the energy industry over the years, the recent downturn in the oil and gas market necessitated our need to change. And while it might seem strange that we would move from the natural gas sector into wine production, this new venture promises huge results, but more importantly capitalizes not only on our love for great wines, but chance has presented us with an incredible opportunity to dive into the Texas hill country wine market through the strategic acquisition of what we consider to be a gateway property for the entire region."
The Texas hill country wine region has quickly become the second largest wine region in the country, and hosts more than five million annual visitors. With more than 50 unique and visually stunning wineries scattered throughout the Hill Country, from Austin to Fredericksburg and Lampasas to New Braunfels, there's someplace new to explore around every bend. Each place has its own personality, terroir and style of winemaking, yet all share a commitment to quality and a fervent passion for what they do.
More news about this exciting change shall be forthcoming from the company in the coming days and weeks.
Forward Looking Statements
This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
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SOURCE Paradise Ridge Hydrocarbons, Inc.